Unit 4 - Economic Interdependence Quizlet

Internet

A global network connecting millions of computers, making it possible to exchange information.

Tarriff

A tax on imported goods

primary economic activity

An economic activity that takes something from the ground (farming, mining, forestry, etc.)

economic interdependence

Economic activities in one part of the country or world affect what happens elsewhere

tertiary economic activity

Economic activity associated with the provision of services - such as transportation, banking, retailing, education, and routine office-based jobs.

trade

Exchange of goods and services

Globalized Economy

The economies of different nations are increasingly tied together by independent relationships

Manufacturing

The process of making a raw material into a finished product; especially in large quantities.

service sector

The sector of the economy that provides services--such as health care, banking, and education--contrast to the sector that produces goods.

Intercontinental Trade

Trade between continents

United Nations (UN)

an organization of the world's countries that promotes peace and security around the globe

Economic Activity

any action that relates to the making, buying, and selling of goods and services

Globalization

growth to a global or worldwide scale

export

send (goods or services) to another country for sale.

raw materials

the basic material from which a product is made.

Economics

the branch of knowledge concerned with the production, consumption, and transfer of wealth.

Interdependence

the dependence of two or more people or things on each other.

Specialization

the focus of a worker on only one or a few aspects of production in order to improve efficiency

goods and services

the objects that people value and produce to satisfy wants

economy

the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

import

to bring a product into a country to be sold

secondary economic activity

when people use raw materials to produce or manufacture new products of greater value

global

worldwide