Economic Globalization

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

• Fair Trade

• Globalization

• Trade

• Standard of Living

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).

• Free Trade

• Trade War

• Goods and Services

• Supply and Demand

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

• Domestic Corporation

• Multinational Corporation

• Foreign Corporation

• State Corporation

Who typically ends up paying tariffs?

• Importers and/or consumers

• The International Monetary Fund

• Congress

• Exporters

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

• Comparative advantage

• Specialization

• Absolute advantage

• developed nation

This is a tax on imports that is used to increase price of foreign products and raise government revenue. 

• tariff
• quota
• subsidy
• embargo

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

• Shortage

• Surplus

• Equilibrium

• Supply

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

• Shortage

• Surplus

• Equilibrium Equation

• Supply Equation

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.

• Raised

• Lowered

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

• Producer

• Consumer