Economic and Globalization Vocab

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Globalization

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The way countries and people of the world interact and integrate economically, politically and socially and can have both benefits and costs for a nation.

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Tariff

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A tax or charge to be paid on a particular good or service being brought in or sold out of a country.

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Economic benefit

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A benefit gained from making certain business or political decisions usually described in the increase of money.

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Economic cost

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The costs or sacrifices that are given for making certain business or political decisions.

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Import

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

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Export

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

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Interdependence

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People, businesses, and nations depend on the goods and services of others.

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Specialization

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Goods and services are produced in better quality and at faster speeds when people focus on producing a few things.

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Scarcity

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Wants are unlimited. Resources are limited.

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Producers

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The people that make the goods and provide the services that are sold in the economy.