Economy Vocabulary

What does economic interdependence mean?

• the flow of goods and services across national borders, with little or no government control

• a large company that has operations in more than one country

• the development of a global, or worldwide, society in which people, money, information, and goods flow fairly freely across national borders

• a condition in which countries have strong economic ties and depend on each other for resources, technology, trade, and investment

• the way people spend money and the way people make money.

What does globalization mean?

• the flow of goods and services across national borders, with little or no government control

• a large company that has operations in more than one country

• the development of a global, or worldwide, society in which people, money, information, and goods flow fairly freely across national borders

• a condition in which countries have strong economic ties and depend on each other for resources, technology, trade, and investment

• the way people spend money and the way people make money.

What is a multinational corporation?

• the flow of goods and services across national borders, with little or no government control

• a large company that has operations in more than one country

• the development of a global, or worldwide, society in which people, money, information, and goods flow fairly freely across national borders

• a condition in which countries have strong economic ties and depend on each other for resources, technology, trade, and investment

• the way people spend money and the way people make money.

What does free trade mean?

• the flow of goods and services across national borders, with little or no government control

• a large company that has operations in more than one country

• the development of a global, or worldwide, society in which people, money, information, and goods flow fairly freely across national borders

• a condition in which countries have strong economic ties and depend on each other for resources, technology, trade, and investment

• the way people spend money and the way people make money.

What does the word consumption mean?

• a wealthy country with an advanced economy

• a poorer country with a less advanced economy

• the total value of goods and services produced in a country each year

• by or for each person

• the using up of goods and services. This term is also used to describe the purchase and use of goods and services by consumers.

What does per capita mean?

• a wealthy country with an advanced economy

• a poorer country with a less advanced economy

• the total value of goods and services produced in a country each year

• by or for each person

• the using up of goods and services. This term is also used to describe the purchase and use of goods and services by consumers.

What is a developing country?

• a wealthy country with an advanced economy

• a poorer country with a less advanced economy

• the total value of goods and services produced in a country each year

• by or for each person

• the using up of goods and services. This term is also used to describe the purchase and use of goods and services by consumers.

What does gross domestic product (GDP) mean?

• a wealthy country with an advanced economy

• a poorer country with a less advanced economy

• the total value of goods and services produced in a country each year

• by or for each person

• the using up of goods and services. This term is also used to describe the purchase and use of goods and services by consumers.

What is a developed country?

• a wealthy country with an advanced economy

• a poorer country with a less advanced economy

• the total value of goods and services produced in a country each year

• by or for each person

• the using up of goods and services. This term is also used to describe the purchase and use of goods and services by consumers.

What does the word economy mean?

• the flow of goods and services across national borders, with little or no government control

• a large company that has operations in more than one country

• the development of a global, or worldwide, society in which people, money, information, and goods flow fairly freely across national borders

• a condition in which countries have strong economic ties and depend on each other for resources, technology, trade, and investment

• the way people spend money and the way people make money.