2.2 Thinking Globally, Acting Locally

Business activity in which goods and services are sent from a country and sold to foreign consumers.

• Fair Trade

• Exporting

• Tariff

• Quota

• Local Economy

Policy of ensuring that small producers in developing nations earn sufficient profit on their exported goods to improve their working, environmental, and social conditions.

• Fair Trade

• Exporting

• Tariff

• Quota

• Local Economy

Value of one currency unit in relation to another.

• Tariff

• Importing

• Exporting

• Foreign Exchange Rate

• Quota

Flow of goods services around the whole world.

• Exporting

• Global Economy

• Sustainable Economic Development

• Importing

• Foreign Exchange Rate

Business activity in which goods and services are brought into a country from foreign suppliers.

• Exporting

• Global Economy

• Sustainable Economic Development

• Importing

• Foreign Exchange Rate

Economy that covers a limited area, such as a community or town.

• Fair Trade

• Foreign Exchange Rate

• Sustainable Economic Development

• Local Economy

• Trade Barrier

Limit on the quantity of a product that can be imported into a country

• Fair Trade

• Exporting

• Tariff

• Quota

• Local Economy

Another term for sustainable economic development

• Trade Barrier

• Sustainability

• Exporting

• Tariff

• Fair Trade

Economic development that does not harm society or the environment. It ensures that human and natural resources are maintained for future generations

• Exporting

• Global Economy

• Sustainable Economic Development

• Importing

• Foreign Exchange Rate

Fee, similar to a tax, that importers must pay on the goods they import.

• Tariff

• Importing

• Exporting

• Foreign Exchange Rate

• Quota