SOM 122 Lecture Notes - Lecture 23: Foreign Direct Investment, General Agreement On Tariffs And Trade
23 Oct 2018
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Document Summary
Globalization: process by which the world economy is becoming a single interdependent system. Globalization of markets: the development of historically distinct and separate national markets into one huge global marketplace. Globalization of production: the sourcing of goods and services from locations around the globe to take advantage of national differences in quality and cost of factors of production (such as labor, energy, land, and capital). Import: products made or grown abroad but sold domestically. Export: product made or grown domestically but shipped and sold abroad. Gatt (general agreement on trade and tariffs): international trade agreement to encourage the multilateral reduction or elimination of trade barriers. Wto (world trade organization): organization through which member nations negotiate trading agreements and resolve disputes about trade policies and practices.
