Unit 1:Globalization Vocabulary Flashcards
Define globalization.
The trend towards greater interconnectedness in the world. This can take place in social, political, and economic realms.
Define sustainability.
The degree to which earth is able to provide the resources necessary to meet people’s needs. Sustainability practices aim to meet people’s needs in the present without compromising the ability of future generations to meet their needs.
Define Interdependence.
The dependence of two or more people or things on each other. Globalization has created a state of economic interdependence.
Define Multinational/transnational corporation.
A company that is based in one country while developing and manufacturing its products, or delivering its goods and services in more than one country.
Define Tariff.
A tariff is a tax imposed by the government of a country on imported foreign goods to encourage/safeguard the domestic industry.
Define Free trade.
The trade that occurs when two or more countries eliminate tariffs and taxes on the goods and services they trade with one another.
Define International trade.
International trade is the exchange of capital, goods and services across international borders or territories because there is a need or want of goods or services.
Define subsidy.
A subsidy is a benefit given to an individual, business, or institution, usually by the government. Usually in the form of a cash payment or a tax reduction to remove some type of burden, and it is often considered to be in the overall interest of the public, given to promote a social good or an economic policy.
Define Imports.
The goods and services that are purchased from the rest of the world, rather than buying domestically produced items. The foreign good is imported into the resident’s country.
Define Exports.
Goods and services that are produced domestically, but then sold to customers residing in other countries.
Define Privatization.
The selling of a public service, such as electricity delivery or health care, to a private company so that the service is no longer owned by the government.
Define International Monetary Fund.
An organization of 190 countries, working to foster global financial cooperation, financial stability, facilitate international trade, and reduce global poverty.
Define industrialization.
The period of social and economic change that transforms a human group from an agrarian society into an industrial society.
Define remittance.
A transfer of money, often by a foreign worker to an individual in their home country.
