Globalisation Flashcards
Resources
Items such as land, water, time and skills which people use to live, or to make other items
Trade
The exchanging of goods and services between individuals or countries
Cash Crop
Agricultural product offered for sale (rather than consumed by the grower)
Colonisation
Countries under the control of another “mother” country
Free Trade
Untaxed flow of goods and services between countries - also the name given to economic and social development
Multinational Company
Companies that conduct their business in more than one country
Import
Goods and services produced overseas and bought by a country for its use
Export
Goods and services produced in a country but sold overseas
Trade Barrier
Government restriction on trade with other countries
Subsidy
Money given by government to a producer to help lower production costs and make it cheaper (and more attractive) to local customers
Tariff
A tax payed on an imported good adding an additional cost that the same product in your country doesn’t have to pay
Quota
A limit on the quantity of a product that can be imported into a country
Globalisation
Increasing interconnectedness of the world because of improved technology, leading to more communication, trade and travel between countries
G. D. P
Gross Domestic Product - measures a nations output
Developing country
A country that is trying to achieve a high standard of living
