Globalization

5. liberalization the removal or reduction of trade barriers like tariffs and quotas
7. the use of standardized containers for efficient shipping and handling
9. National Product (GNP) the total market value of all goods and services produced by a country’s residents
11. policies aimed at shielding a country’s domestic industries from foreign competition
12. transmission of information by various types of technologies over distance
15. distribution how income is shared among individuals or groups in a society

1. the increasing integration and interdependence of national economies
2. trade international trade without tariffs, quotas, or other restrictions
3. movement of capital the unrestricted flow of investment and money across borders
4. National Income (GNI) GDP plus net income from abroad
6. taxes on imported goods, used to protect domestic industries
7. crunch a sudden reduction in the availability of loans or credit
8. costs expenses related to transporting goods
9. economy the worldwide economic system formed by the interconnection of national economies
10. costs costs associated with computer use and digital processing, often decreasing over time
13. standards the quality and quantity of goods and services available to a population
14. mutual reliance between economies, especially in trade and finance