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