US Economy and Globalization

What drives the US economy today?

• service industries

• manufacturing services

• exporting to other countries

• none of the above

What is a service industry?

• any kind of economic activity that provides a service rather than a product.

• any kind of economic activity that provides a product rather than a service.

• any kind of economic activity that deals with agricultural products

• none of the above

What is a postindustrial economy?

• An economy in which manufacturing no longer plays a major role. That economy now produces money based on the services its citizens provide

• An economy that relies solely on manufacturing . That economy now produces money based on what its citizens manufacture.

• An economy that is struggling after a war.

• None of the above

Many American corporations engage in business worldwide and are called multinationals. Globalization is directly related to this because globalization deals with how the world is connected. With American corporations engaging in business in other countries, this is globalization at work.

• True

• False

What three factors contributed to US economic success?

• An abundance of natural resources.

• A skilled labor force.

• A stable political system that has allowed the economy to develop.

• All of the above.

Increasing interdependence of nations and peoples across the globe.

• Infrastructure

• Globalization

• Interdependence

• Specialization

The exchange of goods and services by sale or barter driven by the need for resources.

• Fair Trade

• Globalization

• Trade

• Standard of Living

Sending goods to another country to sell.

• import

• export