A Global Economy

Explain the following statement from your book.

"Your community is connected to the whole world in a web of trade".

________ is what makes trade and services between different places possible.

• Globalization

• Transportation

• Businesses

• Horses

What is innovation? Choose all which applies.

• It's a new invention.

• It's an old product.

• It's a tradition.

• It's a new way to do things.

How have innovations in transportation improved the exchange of goods and services?

• They've made it faster, but more expensive.

• They've made it slower and more expensive.

• They've made it faster and cheaper.

• They've made it slower but cheaper.

Which type of innovation has made communications easier in the past 30 years?

• The invention of the car.

• The telephone.

• Computers, the Internet, and emails.

• Television

How is the process through which goods and ideas spread through the world?

• Specialization

• Globalization

• Import

• Innovation

_____________ are the goods that are taken out to a different country.

• Globalization

• Imports

• Exports

• Interdependence

_____________ are the goods that are brought in into our country.

• Globalization

• Imports

• Exports

• Interdependence

Explain the concept of interdependence.

The separation of a work process into a number of different jobs is called...

• separation of work

• separation of labor

• separation of workers

• division of labor