Costs and benefits of Globalization
Globalization
Costs and Benefits of Globalization 2
US and International Trade
US and International Trade part 2
100
Countries around the world depend on each other for finances and instant communication.
global integration
100
When foreigners buy real estate and businesses in another country
Direct Foreign Investment (DFI)
100
Engineers, teachers, technicians who teach skills to others in other countries.
Technological assistance
100
The goods and services a nation buys from other nations.
import
100
Agreement signed in 1993 between the United States, Canada, and Mexico
North American Free Trade Agreement (NAFTA)
200
Nations in the process of improving how well they take care of themselves: rely on agriculture
Developing nations
200
A country's ability to produce more of a product than another country can
absolute advantage
200
nations are already able to take care of themselves: rely on industry
Developed nations
200
The goods and services a nation produces then sells to other nations is called
exports
200
a country's focus in production and exporting in order to use resources in the most efficient way possible
specialization
300
A situation that keeps a country trapped in poverty because it cannot specialize and trade at the same rate as more developed countries.
vicious cycle of poverty
300
limit on the amount of a good that is allowed into a country
import quota
300
Money, goods, and services that countries give to other countries to help its people.
Foreign aid
300
Companies that do business and have offices and/or factories in many countries
multinational
300
Tax on an import
tariff
400
Death rate of infants who die before they turn 1.
Infant Mortality Rate
400
One country can produce something at a slightly less opportunity cost than another country.
Comparative advantage
400
Loaning or giving money/equipment to other countries.
Economic Assistance
400
international agency that keeps an eye on the trade between countries
World Trade Organization
400
International Organization that gives advice and financial aid to nations
International Monetary Fund (IMF)
500
Farming only enough to take care of my own family.
subsistence agriculture
500
Movement to combine and integrate countries dependence on each other
Globalization
500
Giving aid such as military training to another country.
military assistance
500
governments take over businesses and industries without paying for them
confiscation
500
the deficit that occurs when a country spends more on imports than it earns in exports
Trade deficit
M
e
n
u