Economic Globalization

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

A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (money to assist an industry so prices can remain low).

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

Who typically ends up paying tariffs?

If a country is better at making a certain product than other countries then they have ______ .

An amount of something left over when requirements have been met is called a ____________ situation.

A state or situation in which something needed cannot be obtained in sufficient amounts is called a ......

If a producer has too much of a good that nobody wants then the price of that good will be ____________ if the producer wants to try to make their money back.

A surplus of a product is most beneficial to a .....