Economic and Globalization Vocab

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Globalization

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Countries and people interact and integrate economically, politically, and socially, with both benefits and costs.

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Tariff

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A tax on goods/services imported or exported.

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Economic benefit

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A benefit from business or political decisions, often seen as an increase in money.

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Economic cost

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The costs or sacrifices given for making certain business or political decisions.

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Import: Bringing goods/services into a country for sale.

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To bring (goods or services) into a country from another country for sale.

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Export

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To send goods/services to another country for sale.

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Interdependence: The reliance of people, businesses, and nations on each other's goods and services.

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People, businesses, and nations depend on the goods and services of others.

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Specialization

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Goods and services are produced in better quality and faster when focusing on a few things.

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Scarcity

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Wants are unlimited. Resources are limited.

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Producers

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The people that make goods and provide services sold in the economy.