U7L3

What is the term used to describe the growing interdependence of the world's economies, cultures, and population?

• Modernization

• Globalization

• Industrialization

• Urbanization

Which of the following is NOT a benefit of globalization?

• Businesses have access to new markets

• More/larger variety of goods and ideas

• Increased cooperation between countries

• Exploitation of poor workers/countries

What economic strategy calls for free markets, free trade, and minimal government intervention?

• Capitalism

• Protectionism

• Socialism

• Neoliberalism

What is the term used to describe a country that ranks between developing and highly developed countries?

• Underdeveloped Country

• Newly Industrialized Country

• Developing Country

• Highly Developed Country

What is the idea that a country should specialize in producing products for export that they hold an advantage in producing?

• Specialization

• Diversification

• Absolute Advantage

• Comparative Advantage

What is the term used to describe the dependence of two or more people or things on each other?

• Interdependence

• Independence

• Dependence

• Reliance

What is the name for areas in which business/trade laws are different from other parts of the country?

• Special Economic Zones

• Free Trade Zones

• Export Processing Zones

• Economic Development Zones

What is the method of manufacturing where materials are sent to a factory moments before they are needed?

• Mass Production

• Just-in-Time Delivery

• Lean Manufacturing

• Batch Production

What is the term used to describe the spatial grouping of businesses in order to share costs?

• Segregation

• Agglomeration

• Dispersion

• Isolation

What is the US region hit hardest by post-industrialization, located in the Northeast and lands around the Great Lakes?

• Rust Belt

• Sun Belt

• Bible Belt

• Snow Belt