Unit 2 Review Game - Economic Globalization

What is the definition of globalization?

• Method of exchanging goods or services that helped both parties get something they needed

• Sharing of goods, ideas, culture, systems of government and people among states and regions in all parts of the world

• Trade – buying and selling

• World institutions and treaties involving trade

Define barter system.

• Companies owning factories, mines, land in other countries

• Measure of goods and services produced in a country

• Method of exchanging goods or services that helped both parties get something they needed

• Trade – buying and selling

Define commerce.

• World institutions and treaties involving trade

• Trade – buying and selling

• Something needed to survive

• Companies owning factories, mines, land in other countries

What is the definition of currency?

• Medium for trade

• Companies owning factories, mines, land in other countries

• Companies that have production facilities, investments, or offer services in more than one nation

• Something needed to survive

Define human trafficking.

• World institutions and treaties involving trade

• People trick others into slave-like working conditions

• Someone fleeing wars or natural disasters

• Measure of goods and services produced in a country

What is foreign direct investment?

• Companies that have production facilities, investments, or offer services in more than one nation

• Companies owning factories, mines, land in other countries

• Measure of goods and services produced in a country

• World institutions and treaties involving trade

What are multinational corporations?

• Companies that have production facilities, investments, or offer services in more than one nation

• Companies owning factories, mines, land in other countries

• Measure of goods and services produced in a country

• World institutions and treaties involving trade

Define Gross Domestic Product.

• World institutions and treaties involving trade

• Sharing of goods, ideas, culture, systems of government and people among states and regions in all parts of the world

• Method of exchanging goods or services that helped both parties get something they needed

• Measure of goods and services produced in a country

Which best describes Bretton Woods (1944)?

• Promote the integration and interdependence of the economies of all nations in the hopes of achieving lasting world peace

• Increases international trade by promoting lower trade barriers and provides an area to negotiate trade agreements and settle disputes

• Establishes a code of legal rules governing the formation of contracts for the international sale of goods, the obligations of the buyer and seller, and remedies for breaches of contract

• Created conventions dealing with commercial law

Which best describes The UN Commission on International Trade Law?

• Promote the integration and interdependence of the economies of all nations in the hopes of achieving lasting world peace

• Increases international trade by promoting lower trade barriers and provides an area to negotiate trade agreements and settle disputes

• Establishes a code of legal rules governing the formation of contracts for the international sale of goods, the obligations of the buyer and seller, and remedies for breaches of contract

• Created conventions dealing with commercial law