Global Business Key Terms

Globalization is ...

• the interaction between the various countries of the world.

• a country relying on itself to produce what it needs.

• the term that describes pollution created when products are produced.

Interdependence is...

• the dependence upon other countries resulting in the trade for goods and services.

• the interaction between the various countries of the world.

• the dependence on only your family to help you.

A system of economics based on the private ownership of businesses and the products (goods and services) made and sold

• Chain Of Production

• Economics

• Capitalism

• Scarcity

A process to control the amount of goods and services being used; typically when there is scarcity

• Scarcity

• Rationing

• Chain Of Production

• Economics

A condition of limited resources and unlimited wants

• Scarcity

• Capital

• Capitalism

• Rationing

an economic system based on public or collective (such as government) ownership of resources and production

• Rationing

• GDP

• Scarcity

• Socialism

Refers to Money: specifically financial assets or the financial value of someone's assets

• Capital

• Scarcity

• GDP

• Chain Of Production

The total market value of all the goods and services produced by a country during a specified period

• Rationing

• Socialism

• GDP

• Globalization

The study of how a society manages all of its resources to produce and distribute goods and services

• Socialism

• Scarcity

• GDP

• Economics

The development and movement of goods and services through an economic system

• Economics

• Chain of Production

• scarcity

• Socialism