Globalisation

2. The social and economic order that encourages the purchase of goods and services in greater amounts which has been amplified by globalisation in the recent century.
6. A tax or duty imposed on foreign goods by local governments in order to protect their local businesses.
7. Cultures spreading beyond their original national borders and became located in new parts of the world.
9. The standard of living that relates to the level of economic wellbeing.
10. When the currency of a country may be exchanged for more of another currency than before.
11. When a country is the most efficient producer of a good or service in the world, it is said that they have ______.
12. A situation where average prices are rising.
16. A poor country that is becoming more advanced socially and economically. Its citizens mostly consist of agricultural workers.
17. The theory that states international trade should be left to its natural course without countries imposing tariffs, quotas or restrictions on imports.
19. The act of contracting jobs etc abroad to cut down on production costs.

1. When the government reduces its ownership of businesses and their sale through shares to private individuals or the public.
3. Cash payment by the government designed to help producers compete by enabling them to sell their products at lower prices than they would do otherwise.
4. International treaty which removes barriers to trade and facilitates stronger trade and commercial ties between participating countries.
5. Company that has offices and factories in many countries and headquarters in one, a centralised office where they coordinate global management.
7. The principle proposing that countries specialise on areas where they are most efficient producers and where their cost disadvantage is relatively least.
8. When the currency of a country may be exchanged for less of another currency than before.
13. A foreign office or factory of a multinational company that is located in a country outside of its headquarters.
14. The spread of business and international trade across national borders as if there was only one large market.
15. Market where the government allows prices to be fully set at equilibrium by the forces of supply and demand.
18. The limit placed by the local government on a quantity of a particular product to be produced, exported or imported.