Unit 3: Globalization

the process in which countries are increasingly linked to each other through culture and trade

• interdependence

• globalization

• tarriff

• import

Companies that operate in multiple different countries

• interdependence

• globalization

• multinational corporations

• popular culture

the removal of trade barriers between nations

• interdependence

• globalization

• trade barrier

• free trade

any law that limits free trade between nations

• tariff

• free trade

• exports

• trade barrier

a tax that must be paid on imported items

• tariff

• free trade

• exports

• imports

goods brought in from other regions/countries

• embargo

• imports

• tariff

• exports

a restriction or ban on trade with a country for political purposes

• tariff

• free trade

• embargo

• quota

a limit on the amount of product imported or a limit on the amount of product imported at a lower tariff

• tariff

• free trade

• embargo

• quota

when a nation SELLS more than it buys

• trade deficit

• tariff

• free trade

• trade surplus

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

• exports

• interdependence

• globalization

• trade barrier