Globalization Vocabulary

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the action of buying and selling goods and services.

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Trade

Front

a minimum price that an employer can pay a worker for an hour of labor

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Minimum Wage

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a raw material or primary agricultural product that can be bought and sold, such as copper or coffee.

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Commodity

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The connection of different parts of the world resulting in the expansion of international, cultural, economic, and political activities

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Globalization

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Trade in which fair prices are paid to producers in developing countries.

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Fair Trade

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send (goods or services) to another country for sale.

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Export

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A relationship between countries in which they rely on one another for resources, goods, or services

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Interdependence

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The international exchange of goods and services without taxes or other fees

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Free Trade

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bring (goods or services) into a country from abroad for sale.

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Import

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The total market value of all final goods and services produced annually in an economy.

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GDP