Chapter 16, Globalization Key Terms

globalization The process of integrating the worlds peoples economically, socially, politically, and culturally into a single world system or community. global trade The direct or indirect exchange of good and services in an integrated global market.

global economy The buying and selling of goods and services in an integrated global market. transnational corporations A corporation that has most of its employees, produces and sells most of its products or services and generates most of its gross revenues outside the national boundaries of its “home” country.

refugees Individuals and families who temporarily take up residence in another region or country to escape famine, warfare, or some other life threatening event.