Globalisation and Trade

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15 Terms

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standard of living

the quality and quantity of goods and services available to a population

<p>the quality and quantity of goods and services available to a population</p>
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sweatshop

A shop or factory where workers work long hours at low wages under unhealthy conditions

<p>A shop or factory where workers work long hours at low wages under unhealthy conditions</p>
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exploitation

Taking advantage of a weaker group

<p>Taking advantage of a weaker group</p>
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fair trade

trade in which fair prices are paid to producers in developing countries.

<p>trade in which fair prices are paid to producers in developing countries.</p>
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trade

Exchange of goods and services

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import

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

<p>bring (goods or services) into a country from abroad for sale.</p>
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export

A good or service produced in the home country and sold in another country.

<p>A good or service produced in the home country and sold in another country.</p>
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Globalisation definition

the process by which the world is becoming more interconnected, leading to goods and services being produced and sold all over the world

<p>the process by which the world is becoming more interconnected, leading to goods and services being produced and sold all over the world</p>
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Outsourcing

Factories in different countries around the world

<p>Factories in different countries around the world</p>
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Interdependence

When countries rely on one another for resources, goods, or services

<p>When countries rely on one another for resources, goods, or services</p>
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MNC

multinational company

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TNC

transnational corporation

<p>transnational corporation</p>
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Transnational Corporation

A company that makes and sells products in many countries.

<p>A company that makes and sells products in many countries.</p>
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MEDC

More Economically Developed Country

<p>More Economically Developed Country</p>
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LEDC

Less Economically Developed Country

<p>Less Economically Developed Country</p>