THE GLOBAL ECONOMY

Globalization

is the process by which countries become more connected and interdependent through trade, technology, communication, and culture.

decades

periods of 10 years

repercussions

negative consequences or results of an action

misconception

a wrong idea or misunderstanding

comprise

to include or be made up of

hamper

to slow down or make something difficult

disrupt

to interrupt or stop something from continuing normally

barrier

something that blocks or prevents progress

barriers represented by

trade tariffs and trade quotas

tariff

synonym of “tax“

duty

synonym of “tax“

levy

synonym of “tax“

comparative advantage

ability of someone to carry out a particular economic activity more efficiently than another activity