Globalization and Trade

What term is used to describe goods/services coming into a country?

• Trade

• Imports

• Exports

• Globalization

_________ is the process by which most regions of the world have become connected by economics, culture, and financial services.

Why do developed countries, such as Canada, purchase goods from developing (poorer) countries?

• It is safer

• Canada does not have the goods that we import

• It is cheaper

• It is more expensive

the act allowing domestic consumers to buy goods and services from other countries

• Protectionism

• Free Trade

• Tariffs

• Trade Wars

the act of shielding a country's domestic industries from foreign competition

• Protectionism

• Free Trade

• Tariffs

• Trade Wars

 a tax to be paid on imports

• Protectionism

• Free Trade

• Tariffs

• Trade Wars

 Exporting more than is imported:

• Trade Deficit

• Trade War

• Trade Surplus

• Trade Exchange

Exporting less than is imported.

• Trade Deficit

• Trade War

• Trade Surplus

• Trade Exchange

A formal agreement among the governments of the U.S., Canada, and Mexico to form a free trade zone in North America and eliminate taxes on the buying and selling of each other’s products

• North American Free Trade Agreement

• North Atlantic Treaty Organization

• World Trade Organization

• World Bank

An international body founded in 1995 to promote international trade and economic development by reducing taxes and other restrictions

• United Nations

• North American Free Trade Agreement

• World Trade Organization

• World Bank