Week 2 - Globalization Vocabulary

Products meant to satisfy the wants and needs of buyers.

• Goods

• Trade

• Commodity

• Outsourcing

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

• Globalization

• Economy

• GDP

• Economic Independence

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

Government closes schools for the month of March.

• GDP decreases
• GDP increases 
• No change

What is inflation?

• rise in all prices
• rise in most prices
• rise in some prices
• rise in general prices

An action or activity that one person performs for another

• Want

• Need

• Good

• Service

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

• Time

• Money

• Food

• Oil

Scarcity forces us to make economic decisions

• True

• False

Money received on a regular basis for work or through investments

• Values

• Taxes

• Income

• Fixed Cost