Globalization Vocabulary Review

The development of a worldwide economy where resources flow fairly freely across borders.

• Globalization

• Economy

• GDP

• Economic Independence

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

• tariff

• quota

• subsidy

• embargo

Who is Canada's main trade partner?

• France

• Mexico

• The U.S.

• Great Britain

The political cartoon above is objecting to what economic controversy?

• The rapid expansion of jobs in the service industry.

• the unequal distribution fo wealth around the world.

• the increase of tariffs on American made product

• the outsourcing of jobs to foreign countries.

A policy in which a nation does not try to limit imports or exports by enacting tariffs (taxes on imports) or subsidies (money to assist an industry so prices can remain low).

• Free Trade

• Trade War

• Goods and Services

• Supply and Demand

The Trump administration renegotiated NAFTA with Mexico and Canada. President Trump's renegotiated free trade agreement is called

• YMCA

• USMCA

• NAFTA 2.0

• NASCAR

Free trade means 

• the countries use the same currency
• No trade barriers
• there is a quota on some goods
• trade is quick and easy

Moving work outside your company is called

• outsourcing

• globalization

• downsizing

• free trade

Globalization involves the interaction and integration among people, companies, and governments worldwide.

• True

• False

When WTO members disagree on trade issues, the WTO makes decisions to resolve the differences on the basis of the legal foundations of the trade agreement. What is this function?

• It facilitates co-operation with other international organisations

• It monitors national trade policies

• It administers WTO trade agreements

• It provides a forum for trade negotiations

• It handles trade disputes