International Trade & Globalization

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The exchange of goods and services by sale or barter driven by the need for resources.

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Trade

Front

Sending goods to another country to sell.

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export

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Bringing goods in from another country to sell.

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import

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A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (money to assist an industry so prices can remain low).

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Free Trade

Front

A large company such as McDonalds that has operations in more than one country.

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Multinational Corporation

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The development of a worldwide economy where resources flow fairly freely across borders.

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Globalization

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What are some negatives of globalization?

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Workers are exploited in sweatshops, Pollution and deforestation, Low wages for factory workers in Asia and Africa.

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A three-country trade agreement negotiated by the governments of Canada, Mexico, and the United States that took effect in 1989.

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NAFTA

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Who typically ends up paying tariffs?

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Importers and/or consumers

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When the economy of two countries depend on each other, it's called:

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economic interdependence