Chapter 9-10 Vocabulary Practice Quiz

A process in which individuals become increasingly connected and interdependent, in which it links to the beliefs of global trade, transportation, and communication systems.

The act of making amends that are for wrongdoing. Usually described as payments for war damages.

An economic and political system whose purpose is to eliminate class distinctions.

An event when workers were forced unemployed from a low level of economic activity from many countries.

An economy in which individuals were freer to make their own decisions with little intervention from the government.

A Business strategy that involves reducing costs by using suppliers of goods and services in countries with cheap labour and lenient governments.

Transporting of goods in standard-sized shipping containers.

The process that involves the reduction of various trade barriers in countries, so trade can move more freely.

A trade that occurs when two or more countries remove tariffs and taxes on the goods and services they trade with one another.

Define the term, Consensus?

An economic action or penalty, such as trade boycott, to enforce the government's decisions.

An agreement was signed during the Bretton Woods Conference, in which resulted to the creation of the General Agreement on Tariffs and Trade, which was signed in 1947. Its purpose was to gradually lower the rate of trade barriers, such as tariffs in order to make trade freer. This example mainly connects to...