Global Commerce - fill in blanks

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The increased interconnectedness and interdependence of people and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.

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globalisation

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Demonstrates how money moves through society. Money flows from firms to households as wages and flows back to firms as payment for products.

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circular flow

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Is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated?

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economy

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Refers to a product or service produced in one country but sold to a buyer abroad

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export

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Is a good or service bought in one country that was produced in another.

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import

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The inputs needed for creating a good or service, which include: land, labour, entrepreneurship and capital

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factors of production

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GDP is an acronym for...

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Gross Domestic Product

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Refers to a basic economic problem—the gap between limited resources and theoretically limitless wants.

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scarcity

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Is the forgone benefit that would have been derived from an option not chosen.

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opportunity cost

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Is a network between a company and its suppliers to produce and distribute a specific product to the final buyer. This network includes different activities, people, entities, information, and resources.

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supply chain