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Terms on Globalization
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Foreign trade- exchange of capital, goods, and services across international borders or territories.
Free Trade Area- a designated group of countries that have agreed to eliminate tariffs, on most (if not all) goods between them.
Tariffs- a tax imposed on goods when they are moved across a political boundary.
Trade liberalization- movement towards a system in which the trade of goods and services between or within countries flows unhindered by government-imposed restrictions.
GDP- total market value of all final goods and services produced within the country in a given period of time (usually a calendar year).
Supranational entity- an international organization, or union, whereby member states transcend national boundariesor interests to share in the decision-making and vote on issues pertaining to the wider grouping.
Butterfly effect- the phrase refers to the idea that a butterfly's wings might create tiny changes in the atmosphere that may ultimately alter the path of a tornado or delay, accelerate or even prevent the occurrence of a tornado in a certain location. The flapping wing represents a small change in the initial condition of the system, which causes a chain of events leading to large-scale alterations of events. It illustrates the tendency of certain systems to be sensitive to initial conditions.
Foreign trade- exchange of capital, goods, and services across international borders or territories.
Free Trade Area- a designated group of countries that have agreed to eliminate tariffs, on most (if not all) goods between them.
Tariffs- a tax imposed on goods when they are moved across a political boundary.
Trade liberalization- movement towards a system in which the trade of goods and services between or within countries flows unhindered by government-imposed restrictions.
GDP- total market value of all final goods and services produced within the country in a given period of time (usually a calendar year).
Supranational entity- an international organization, or union, whereby member states transcend national boundariesor interests to share in the decision-making and vote on issues pertaining to the wider grouping.
Butterfly effect- the phrase refers to the idea that a butterfly's wings might create tiny changes in the atmosphere that may ultimately alter the path of a tornado or delay, accelerate or even prevent the occurrence of a tornado in a certain location. The flapping wing represents a small change in the initial condition of the system, which causes a chain of events leading to large-scale alterations of events. It illustrates the tendency of certain systems to be sensitive to initial conditions.
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