Ch. 10 Business in a Global Economy

The development of the global economy is often referred to as

• protectionism

• economoic development

• globalization

• international development

World trade has increased since the 1970's due to

• a healthier economy

• better transportion & telecommunication

• the spread of democracy

• global warning

Another name for money is

• exchange

• currency

• unit

• barter

• euros

NAFTA stands for

• National Assocation for Trade Alliances

• North American Federal Tariff Agreement

• North American Free Trade Agreement

• National Alliance Free Trade Agreement

Goods and services that one counrty sells to another country are

• imports

• products

• quota

• exports

A ban on the import or export of a product

• tariff

• quota

• embargo

• free trade

Goods and services that one country buys from another county

• Exports

• Imports

• Balance of Trade

• Quota

The ability of a country or company to produce a particular good more efficiently than another country or company

• specialization

• exchange

• privatization

• comparative advantage

The practice of the government putting limits on foreign trade to protect businesses at home.

• Sanctions

• Protectionism

• Balance of trade

• Trade surplus

A tax placed on imports to increase their price in the domestic market

• Taxation

• Probate

• Tariff

• Inflation