
Economic Terms Definitions
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Easy
Justin Wood
Used 2+ times
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17 questions
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1.
FLASHCARD QUESTION
Front
Comparative Advantage
Back
The ability of a country to produce a good at a lower opportunity cost than another country.
2.
FLASHCARD QUESTION
Front
Trading Blocs
Back
Groups of countries that have agreed to reduce or eliminate trade barriers among themselves.
3.
FLASHCARD QUESTION
Front
Globalization
Back
The process by which businesses or other organizations develop international influence or start operating on an international scale.
4.
FLASHCARD QUESTION
Front
Transnational Corporations
Back
Companies that operate in multiple countries but are managed from one (home) country.
5.
FLASHCARD QUESTION
Front
Newly Industrialized Country
Back
A country that has recently transitioned from an agrarian economy to an industrialized economy.
6.
FLASHCARD QUESTION
Front
Outsourcing
Back
The practice of obtaining goods or services from an outside supplier.
7.
FLASHCARD QUESTION
Front
Offshoring
Back
The relocation of a business process from one country to another.
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