Globalization and Economic Vocabulary

Vocabulary terms and definitions related to globalization, trade, and economic concepts from the lecture.

Ramifications

The results of an action, decision, etc.

Interdependent

Depending on each other.

Stakeholders

People that are involved in a process.

Affordable

Not too expensive for someone to pay for.

Remote area

A place far away from bigger cities.

Freight charge

Sum to pay for the transport of goods.

Trade barrier

A restriction that makes the international exchange of goods more difficult and expensive.

Tariff

A sum that has to be paid when goods are imported into a country.

Quota

A fixed, limited amount that is officially allowed.

Catalyst

An event or person that helps to cause a great change.

Direct investments

Money that is invested directly in a company.

Multinational corporations

Large companies that are active in many different countries.

McWorld

A term that expresses criticism of the worldwide spread of western culture.

Sufficient

Enough.

White goods

Large electrical goods for the house.

Globalization

The process of interaction and integration between people, businesses and governments on a global scale.

Reverse

To turn around.

Customer

Consumer.

Contested

Controversial.