Meanings Flashcards
l
Ways of transport/travelling
Caravan, Horses, Mules, Donkeys
Items traded along the silk road
Silk, Ivory, Tea, Spices, Cotton
Trade Network
Facilitated the exchange of goods like silk, spices etc
Religious Spread
Introduced and Influenced and spread religions like Christianity, Islam, Buddhism
Cultural exchange
Shared languages, religions, art, customs etc
Trade defecit
When a country’s imports exceed its exports during a specific period
Export
Export refers to the act of selling goods or services produced in one country or another
MEDC
More economically developed country
NIC
Newly Industrialized Country
Examples of MEDC
United States, Japan, Germany
Examples of NIC
South Korea, Taiwan, Mexico
Globalization
The interconnectedness of communities worldwide
Formulate a research question
Interconnectedness
Interconnectedness can lead to various positive things
Example of interconnectedness
Increased interconnectedness leads to greater exchange
Solutions to globalization
The exchange of ideas and technology
Globalization leads to
Economic growth by opening up new markets, increasing trade
Trade barriers
Any regulation/Policy that restricts International trade
Trading blocs
An agreement made between countries to trade
Trade
The action of buying and selling goods and services
Trading organization
A business or an institution that is primarily engaged in the act of trading
Tariffs
Taxes on imported goods or service
Quotas
The limit on the quantity or value of a goods service that can be imported into a country
Subsidy
Any financial support provided by the government to domestic producers
