Economic and Globalization Vocab

Globalization

• To bring (goods or services) into a country from another country for sale.

• The way countries and people of the world interact and integrate economically, politically and socially and can have both benefits and costs for a nation.

• People, businesses, and nations depend on the goods and services of others

• Wants are unlimited.  Resources are limited.

Tariff

• A tax or charge to be paid on a particular good or service being brought in or sold out of a country.

• The costs or sacrifices that are given for making certain business or political decisions.

• Goods and services are produced in better quality and at faster speeds when people focus on producing a few things.

• A benefit gained from making certain business or political decisions usually described in the increase of money.

Economic benefit

• The costs or sacrifices that are given for making certain business or political decisions.

• A benefit gained from making certain business or political decisions usually described in the increase of money.

• Goods and services are produced in better quality and at faster speeds when people focus on producing a few things.

• A tax or charge to be paid on a particular good or service being brought in or sold out of a country.

Economic cost

• A tax or charge to be paid on a particular good or service being brought in or sold out of a country.

• A benefit gained from making certain business or political decisions usually described in the increase of money.

• The costs or sacrifices that are given for making certain business or political decisions.

• The people who pay money to consume goods and services produced.

Import

• To bring (goods or services) into a country from another country for sale.

• To send (goods or services) to another country for sale.

• A benefit gained from making certain business or political decisions usually described in the increase of money.

• The costs or sacrifices that are given for making certain business or political decisions.

Export

• To bring (goods or services) into a country from another country for sale.

• To send (goods or services) to another country for sale.

• The costs or sacrifices that are given for making certain business or political decisions.

• A benefit gained from making certain business or political decisions usually described in the increase of money.

Interdependence

• The way countries and people of the world interact and integrate economically, politically and socially and can have both benefits and costs for a nation.

• The people that make the goods and provide the services that are sold in the economy.

• Goods and services are produced in better quality and at faster speeds when people focus on producing a few things.

• People, businesses, and nations depend on the goods and services of others.

Specialization

• Goods and services are produced in better quality and at faster speeds when people focus on producing a few things.

• People, businesses, and nations depend on the goods and services of others.

• Wants are unlimited.  Resources are limited.

• A tax or charge to be paid on a particular good or service being brought in or sold out of a country.

Scarcity

• The costs or sacrifices that are given for making certain business or political decisions.

• A tax or charge to be paid on a particular good or service being brought in or sold out of a country.

• The people who pay money to consume goods and services produced.

• Wants are unlimited.  Resources are limited.

Producers

• The people that make the goods and provide the services that are sold in the economy.

• The people who pay money to consume goods and services produced.

• The amount of resources, goods, or services sellers are willing to sell at possible prices.

• How much people want of a good or service at a certain price at a certain time.