Globalization Test Review

The development of an increasingly integrated global market economy marked especially by free trade, free flow of capital, and tapping of cheaper foreign labor markets.

• Globalization

• Free Trade

• Tariffs

Taxes on imports; rarely on exports.

• Globalization

• Free Trade

• Tariffs

Unrestricted sales and purchases between countries.

• Globalization

• Free Trade

• Tariffs

Restrictions on foreign trade.

• Embargo

• Protectionism

• Outsourcing

The theory or practice of shielding a country's domestic industries from foreign competition.

• Embargo

• Protectionism

• Outsourcing

Moving industries from domestic to a foreign country.

• Embargo

• Protectionism

• Outsourcing

An economic condition where GNP declines while unemployment rises.

• Recession

• Shortages

• Inflation

• Scarcity

A rise in the average price level of goods and services and a decrease in currency values.

• Recession

• Shortages

• Inflation

• Scarcity

When a resource is in high demand but is rare in the amount. This usually applies to natural resources.

• Recession

• Shortages

• Inflation

• Scarcity

When demand is higher than the quantity supplied at the existing price. This is usually to do with a man made phenomeno

• Recession

• Shortages

• Inflation

• Scarcity