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| the process by which all parts of the world are coming together into a single global economy and community. This is causing countries to become more and more alike.. Improvements in communications, transportation and information technology, as well as lowering trades barriers have made globalization possible. |
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| When a company hires other companies to perform some of its work due to cheap labor costs. |
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| When a company moves some or all of its production to a country overseas, where the cost of production (labor, taxes, etc) are lower. |
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| Resources provided by nature that people use to create goods and services, such as air water, lumber, iron ore and minerals. |
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| The human labor required to produce something. It includes all the planning, studying, and training required to produce a good or service. |
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| Goods that are made to make other goods and services, such as machines, tools, and factories, etc. |
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| The people who bring together and organize all the other productive resources, such as business owners & managers. |
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| The wise and prudent management of natural resources, such as water. Proper resource management aims at conservation, efficiency, the fair allocation of resources and avoiding pollution. |
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| The average weather conditions in an area over a long period of time. |
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| Roads, railroad lines, canals, port facilities, airports, buildings, telephones & cable lines, etc. This provides the foundation that make it possible to live and do business in a place. |
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| The process by which each region tends to make certain types of goods based on the natural and human resources it has available. |
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| Any exchange of goods and services between two or more individuals, groups, businesses, or countries. |
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| Productive Resources (factors of production) |
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| natural & human resources that are used to produce goods & services. |
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| Goods from foreign countries that are brought into a country for use or sale. |
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| Goods and services sold from one country to other countries. |
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| one of the world's most important resources, a fossil fuel that is non-renewable, used to produce energy but has been linked to global warming & pollution. |
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| the advantage a region has in producing a particular goods and services. |
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| an organization formed around establish a free trade zone, eliminated restrictions on goods moving from one member nation to another. This organization was originally known as the European Economic Community until 1993. The EU introduced a common currency, the euro and the European Parliament. |
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| GATT (General Agreement on Tariff & Trade) |
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| An agreement signed in 1947 between member countries to promote world trade and to remove trade barriers. |
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| NAFTA (North American Free Trade Agreement) |
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| An agreement reached in the 1990s to foster trade between the United States, Canada, & Mexico |
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| a region formed when several countries join together and agree to eliminate tariffs or quotas between themselves. |
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| Goods packed into standard truck-like containers and loaded onto a cargo ship. When the ship docks, the containers are unloaded and easily converted into railroad freight cars or truck trailers, which has improved the ease and speed of shipping. |
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| Communication has improved around the world due to the Internet, email, cell phones, Skpe, and social media like Facebook. |
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| World Trade Organization (WTO) |
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| In 1995, the WTO replaced GATT. The WTO oversees the administration of trade agreements and provides a framework for trade negotiations and a place for settling trade disputes between nations. |
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| A special tax added to imported goods to make them more expensive than domestic goods (goods produced locally). |
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