1. Globalization Terms

3. Globalization
The growing worldwide connection (interdependence) between different parts of the world.
expansion of international cultural, economic, and political activities
as people, ideas, knowledge, and goods move more easily around the globe, the experiences of people around the world become more similar
facilitated by rapid advances in communication and lower labor costs in some parts of the world.

4. Globalization Defintions
Product/Good – something that is manufactured and can be sold/purchased
Service – assistance that can be purchased
Westernization – influencing a country or culture to recognize the rights of individuals, the importance of democracy and the superiority of capitalism (as used in the US, Canada, Europe . . .)

5. Globalization Definitions
Domestic – inside the home country
Foreign – outside the home country
Export – goods sold to another country
Import – goods purchased from another country

6. Globalization Definitions
Outsourcing – sending jobs to countries where wages are lower, hiring foreign workers to do a job once done by domestic workers
Multinational Corporation – a business with locations in more than one country

7. Globalization definitions
Gross Domestic Product (GDP)–
Gross means “total”
Domestic means “inside a country”
Product is “things that are produced or made”
So GDP is the total amount of goods and services produced by a country in one year
GDP per capita –
Per capita means per person, so GDP per capita is the average amount a person in a country produces in a year

8. Globalization Definitions
Developed country – a country with a high level of resources (finance, education, utilities, etc.) and a high standard of living (people are wealthy on average)
Developing country – a country whose economy is growing quickly but whose economy has not yet reached that of developed status (Brazil, Russia, India, China, South Africa – BRICS) Also called “less developed”
Underdeveloped country – country with a low level of resources, making economic growth extremely difficult

9. Did You Know 2009

10. Did You Know 2013