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11 Cards in this Set
- Front
- Back
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free-trade
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trade between countries, without government control (no taxes)
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distribution (n.)
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the economic activity of transporting and selling goods from producer to consumer
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interdependence (n.)
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when countries rely on each other for resources, technology, and trade
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multinational corporation(n.)
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a large company that operates in more than one country; they produce and sell goods and services around the world
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wages (n.)
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a fixed regular payment earned for work or services
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sweatshop (n.)
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a workshop where employees work long hours, under bad conditions, for low wages
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outsource (n.)
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to obtain goods or services from an outside source to cut costs
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standard of living (n.)
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the level of wealth, comfort, material goods and services available to a certain socio-economic class. Includes factors such as income, housing, safety, education, healthcare, etc
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infrastructure (n.)
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services and facilities necessary for an economy to function; includes things such as water supply, roads, sewers, electrical lines, internet etc.
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developed country (n.)
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a country that has a highly developed economy, high standard of living, and advanced infrastructure compared to other less industrialized nations
(ex. USA, Australia, Germany, Japan) |
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developing country (n.)
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a nation with a lower living standard and underdeveloped industrial base
(ex. Countries in S East Asia, most of Latin America, much of Africa) |
