Unit Two Globalization Vocabulary

Economic goods or products before they are processed and/or given a brand name, such as a product of agriculture.

• Terms of Trade

• Economic Power

• Commodities

• Allocation

Bring (goods or services) into a country from abroad for sale.

• Export

• Import

• Gross Domestic Product (GDP)

• Real Gross Domestic Product (RGDP)

A poor agricultural country that is seeking to become more advanced economically and socially.

• Developed Countries

• Economic Resources

• Globalization

• Developing Countries

The ratio at which a country can trade its exports for imports from other countries.

• Multinational Organization

• International Monetary Fund (IMF)

• Comparative Advantage

• Terms of Trade

A measure of the value of all the goods and services newly produced in a country during some period of time, adjusted for changes in prices over time.

• Gross Domestic Product (GDP)

• Real Gross Domestic Product (RGDP)

• Productive Process

• Economic Power

A measurement of the total goods and services produced within a country.

• Gross Domestic Product (GDP)

• Real Gross Domestic Product (RGDP)

• Globalization

• Multinational Organization

The process by which businesses or other organizations develop international influence or start operating on an international scale.

• Economic Power

• Comparative Advantage

• Globalization

• Productive Process

To carry out of the country.

• Import

• Comparative Advantage

• Commodities

• Export

Allows open trade between the US, Mexico, and Canada.

• Central American Free Trade Agreement (CAFTA)

• International Monetary Fund (IMF)

• North American Free Trade Agreement (NAFTA)

• World Bank

The world's largest common market, composed of 28 European nations.

• Central American Free Trade Agreement (CAFTA)

• North American Free Trade Agreement (NAFTA)

• Multinational Organization

• European Union (EU)