Economic Globalization

A person who purchase a good or service a ____________.

• Consumer

• Producer

A person, company, or country that makes, grow, or supplies goods or commodities for sale is called a _________.

• consumer

• producer

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

• tariff

• subsidy

• quota

• embargo

Is getting a haircut a good or service?

• Good

• Service

• Neither

Who typically ends up paying tariff?

• Importer and/or costumers

• congress

• The international Monetary Fund

• Exporters

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

• Domestic Corporation

• Foreign Corporation

• Multinational Corporation

• State Corporation

Trading of goods and services between two or more countries without tariffs and taxes.

• Free Trade

• Goods and Services

• Trade War

• Supply and Demand

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

• Raised

• Lowered

The definition of specialization is the process of concentrating on and becoming expert in a particular subject or skill

• True

• False

Selling goods to another country to sell

• Import

• Export