Unit 3: Economic Globalization

Increasing interdependence of nations and peoples across the globe.

• Infrastructure

• Globalization

• Interdependence

• Specialization

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

• Fair Trade

• Globalization

• Trade

• Standard of Living

Sending goods to another country to sell.

• import

• export

Bringing goods in from another country to sell.

• import

• export

A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (taxes on exports).

• Free Trade

• Trade

• Goods

• Supply and Demand

Products meant to satisfy the wants and needs of buyers.

• Goods

• Trade

• Commodity

• Outsourcing

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

• Domestic Corporation
• Multinational Corporation
• Foreign Corporation
• State Corporation

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

• Globalization

• Economy

• GDP

• Economic Independence

What are some negatives of globalization?

• Workers are exploited in sweatshops

• Pollution and deforestation

• Low wages for factory workers in Asia and Africa

• All of the answers are correct

What are some positives of globalization?

• Cheap sneakers and clothes

• Cheap electronics

• Information is easy to access and it travels quickly (internet and social media)

• All of the answers are correct