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Business Documents (Fach) / DAY 1 (Lektion)
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- definition: globalization Globalization is the worldwide process in which goods, services and capital move across national borders to other markets resulting in an interconnected international market.
- definition: free trade Free trade is a policy in international markets in which governments do not restrict imports or exports.
- forms of protectionism norms and standards subsidies tariffs quotas
- reasons for protectionism reduction of balance of payment deficit retaliation against other countries' restrictions special interest of domestic industries
- competitor Mitbewerber
- prospect potentieller Kunde
- positive consequences of globalization drop in price of goods economic growth travel and tourism
- negative consequences of globalization economic inequality environmental pollution spread of materialism sweatshops terrorism
- definition watershed a turning point
- definition pact agreement between two or more parties
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- ripple effect series of consequences resulting from a single event
- definition raw materials materials before processed or manufactured into a final form
- definition social safety net government services such as health care, old age pensions and unemployment benefits