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11 Cards in this Set
- Front
- Back
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Globalization:
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the trend towards a more integrated global economic system.
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Globalization of Markets
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The merging of historically distinct and separate national markets into one huge marketplace.
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Globalization of Production
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Sourcing goods and services from locations around the globe to take
advantage of national differences in the cost and quality of various factors of production. |
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4 Factors of Production
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Land
Labor Capital Energy |
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(GATT) stands for...
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General Agreement on Tariffs and Trade
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(WTO) stands for...
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World Trade Organization
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(IMF) stands for...
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International Monetary Fund
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(WB) stands for...
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World Bank
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2 Drivers of Globalization
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1. The decline in barriers to the free flow of goods, services, and capital
2. Technological change |
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International Trade
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When a firm exports goods or services to consumers in another country
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Foreign Direct Investment
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Occurs when a firm invests resources in business activities
outside its home country. |
