Globalization and Global Economy Overview

The increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and ideas.

The integration of national economies into a global market through the free flow of goods and capital.

Worldwide production and distribution of goods and materials.

Five interconnected flows (ethno, media, techno, finance, and ideo) shaping globalization.

International agreements designed to reduce trade barriers between countries.

The movement of money between countries (investments, loans, etc.),

Changes in where people live internationally, affecting economies.

The worldwide integration of financial markets, enabling easier access to global investment opportunities.

Lacking income to maintain the average living standard in a society.

Lacking income to meet basic needs for an extended time.

Poverty based on income not meeting expectations.

System of international relations, foundation of global trade.

Countries relying on each other for goods/services.

Countries cooperate to reduce trade barriers.

Group formed by treaty, has own legal status.

Organization of states or other IGOs.

A communication trend that helps fix the imbalances in markets and economies.

Rapid change in methods of producing goods and services due to technology.

A worldwide system of trade and industry formed by globalization.

Growing integration of economies, moving goods, services, and capital

A basic physical item used in making goods and services.

Wealth, often measured in money, for economic growth.

Supply (workers) and demand (jobs) for labor.

Hierarchical arrangement of people and groups around the world.

Combining separate national economies into larger ones, boosting trade and labor division.

A firm gaining control over similar marketing firms at the same level, reducing competition.

A firm performing multiple activities in the marketing process under one ownership.

A business operating in more than one country.

Non-governmental organization with members from multiple countries.

1994 trade agreement creating a large free trade zone between Canada, US, and Mexico.

Economic growth that balances the needs of the present without compromising future generations.

The EU aims for freedom, security, and justice without borders, along with economic stability, environmental protection, and social/territorial cohesion. It also respects cultural diversity.

A type of integration where a firm takes over a function closer to the consumer in the marketing chain, for example, a wholesaler taking over retail.

When a processing firm takes control of its supply sources, like assembling or purchasing produce directly from the source (e.g., farms).

A group of unrelated businesses or activities run under the same management.

A trade pact giving special access to certain products from participating countries.

Trade pact with zero trade barriers between members but each holds control over tariffs with non-members.

A global organization that establishes rules for international trade.

A short-term credit institution that assists countries with exchange rate adjustments.

The cultural shift from hunting and gathering to agriculture and animal domestication.

A period of change from hand-produced goods to machine-made ones. It involved new manufacturing processes, improved power sources, and the rise of factories.

An economic system where individuals own businesses and resources. Free markets and minimal government regulation are key aspects.

A type of capitalism with minimal government intervention in the economy.

An economic system concentrating on shared ownership and resource distribution.

A period of significant change driven by advancements in computer technology.

Jobs with good benefits, higher pay, and security.

Jobs with fewer benefits, lower pay and often require less skills.

Rules and regulations used to solve global problems and provide common goods.