Globalization and Global Economy

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it measures the monetary value of final goods and services produced in a country in a given period.

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Gross Domestic Product;

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European countries which links their currencies in an attempt to stabilize the exchange rate

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European Monetary System (EMS)

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A system that forms rules and standards for facilitating international trade among nations.

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International Monetary System (IMS)

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A system of backing a country’s currency with its gold reserves.

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Gold Standard

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A permanent fund created by the EU to provide emergency assistance to member states.

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European Financial Stability Mechanism (EFSM)

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The Silk Road.

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16th century

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The exchange of goods, services, and capital across national borders.

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international trade

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Taxes or duties paid for a particular class of imports or exports.

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tariffs

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Measures introduced by governments to make imported goods less competitive than locally produced goods.

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trade barriers

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An organization that deals with the global rules of trade between nations.

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World Trade Organization (WTO)?