Globalization — Flashcards

Grade 10 · Social Studies · Flashcards

Essential terms and concepts for understanding globalization and its global impact.

Flashcards

Globalization: The growing integration and interdependence of the world's economies, cultures, and governments.
World Trade Organization (WTO): International body established in 1995 to regulate global trade rules and resolve trade disputes.
Free Trade Agreement: Treaty between two or more nations that lowers tariffs and reduces trade barriers.
USMCA: United States-Mexico-Canada Agreement, the 2020 replacement for NAFTA governing North American trade.
Multinational Corporation: A business with operations in multiple countries, such as Apple, Toyota, or Nestlé.
Outsourcing: Practice of relocating business functions (often manufacturing) to another country to reduce costs.
Cultural Homogenization: Tendency of global cultures to become more alike as media and products spread worldwide.
Brexit: Britain's 2020 exit from the European Union following the 2016 referendum vote to leave.
Interdependence: Mutual reliance between countries for goods, services, and resources.
Tariff: A tax imposed on imported goods, used to protect domestic industries or generate revenue.
Digital Divide: The global gap between those with internet/technology access and those without.
World Bank: International financial institution providing loans to developing nations for economic development.
Protectionism: Economic policy of restricting imports to protect domestic industries from foreign competition.