Key Terms & Concepts
This term refers to the increasing connections between countries through trade, technology, and communication.
What is globalization?
This is a tax a government charges on goods imported from other countries.
What is a tariff?
When companies move jobs to countries with cheaper labour.
What is outsourcing?
This term measures how much land, water, and resources a person or country uses to support their lifestyle.
What is an ecological footprint?
These businesses often have the most influence over global economic decisions.
Who are multinational corporations?
This type of globalization focuses on trade, multinational corporations, and global markets.
What is economic globalization?
Governments use tariffs to make imported goods more expensive so that people buy more of this.
What is domestic / local products?
Definition: Workers in developing countries may face unsafe conditions and this unfair treatment.
What is exploitation?
Access to basic needs like food, shelter, and healthcare are included in this
What is quality of life?
This shows the steps a product takes from raw materials to the consumer.
What is a global supply chain?
An organization that operates in more than one country and often seeks low production costs.
What is a multinational corporation (MNC)?
If a country raises tariffs too high, it can lead to this, where countries raise tariffs against each other.
What is a trade war?
Definition: When globalization benefits wealthy countries more than poorer ones.
What is inequality?
This measures wealth using income, employment, and access to goods.
What is standard of living?
Supporters argue that economic globalization gives consumers more of this.
What is choice? OR Options.
This type of organization works to improve human rights, the environment, or fair labour practices—not to make profit.
What are non-governmental organizations (NGOs)?
Supporters argue globalization can reduce poverty by creating this.
What are jobs/employment opportunities?
This system aims to ensure workers are paid fairly and work in safe conditions. You might find the logo on your bag of coffee.
What is fair trade?
Low wages and long hours can negatively impact this for workers.
What is quality of life?
Governments can sign this to supports economic globalization by reducing barriers to trade.
What are free trade agreements?
This economic idea supports free markets, competition, and limited government involvement.
What is economic liberalism/ Free Trade?
Economic globalization can increase this by expanding markets for businesses.
What is economic growth?
This term describes the loss of local cultures due to global brands and media.
What is cultural homogenization?
Globalization can improve quality of life by increasing access to this.
What are goods and services OR jobs.
This idea focuses on economic growth while protecting people and the environment.
What is sustainable prosperity?