Unit 1: Lesson 2 Globalization

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Trade

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The action of buying, selling, or exchanging goods and services between people, firms, or countries.

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Import

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The act of bringing goods or services into a country from abroad for sale.

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Export

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The act of sending goods or services to another country for sale.

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Globalization

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The growth in the international exchange of goods, services, and capital, and the increasing levels of integration that characterize economic activity.

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Economic Union

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An agreement between countries allowing products, services, and workers to cross borders freely.