Global Commerce - fill in blanks

The increased interconnectedness and interdependence of people and countries. It is generally understood to include two inter-related elements: the opening of international borders to increasingly fast flows of goods, services, finance, people and ideas; and the changes in institutions and policies at national and international levels that facilitate or promote such flows.”

Demonstrates how money moves through society. Money flows from firms to households as wages and flows back to firms as payment for products.

Is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated.

Refers to a product or service produced in one country but sold to a buyer abroad

Is a good or service bought in one country that was produced in another.

The inputs needed for creating a good or service, which include: land, labour, entrepreneurship and captial.

GDP is an acronym for...

Refers to a basic economic problem—the gap between limited resources and theoretically limitless wants.

Is the forgone benefit that would have been derived from an option not chosen.

Is a network between a company and its suppliers to produce and distribute a specific product to the final buyer. This network includes different activities, people, entities, information, and resources.