Globalization Vocabulary

the action of buying and selling goods and services.

• Globalization

• Commodity

• Free Trade

• Trade

a minimum price that an employer can pay a worker for an hour of labor

• Commodity

• GDP

• GDP per capita

• Minimum Wage

a raw material or primary agricultural product that can be bought and sold, such as copper or coffee.

• Commodity

• GDP

• GDP per capita

• Minimum Wage

The connection of different parts of the world resulting in the expansion of international, cultural, economic, and political activities

• Free Trade

• Globalization

• Fair Trade

• Commodities

trade in which fair prices are paid to producers in developing countries.

• Globalization

• Commodity

• Fair Trade

• Trade

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

• Interdependence

• Import

• Cash Crop

• Export

A relationship between countries in which they rely on one another for resources, goods, or services

• Interdependence

• Import

• Cash Crop

• Export

The international exchange of goods and services without taxes or other fees

• Globalization

• Commodity

• Free Trade

• Trade

bring (goods or services) into a country from abroad for sale.

• Interdependence

• Import

• Cash Crop

• Export

the total market value of all final goods and services produced annually in an economy

• Commodity

• GDP

• GDP per capita

• Minimum Wage