Globalisation The process by which the world is becoming

increasingly interconnected as a result of

massively increased trade and cultural
exchange.
Global Economy Economy of humans in the world, considered
together as a single economic system.
International Trade International trade is the exchange of capital,
goods, and services across international
borders or territories. In most countries, such
trade represents a significant share of gross
domestic product.
Domestic Trade the exchange of domestic goods within the
boundaries of a country. This may be sub-
divided into two categories, wholesale and
retail.
Global consumer Rising world population and increased
production and consumption raise concerns
about sustainability, which refers to meeting
humanity's needs without harming future
generations
Import bring (goods or services) into a country
from abroad for sale.
Export send (goods or services) to another country
for sale.
Transnational Corporations (TNC’s) A transnational corporation (TNC) is "any
enterprise that undertakes foreign direct
investment, owns or controls income-
gathering assets in more than one country,
produces goods or services outside its
country of origin, or engages in international
production
Global interdependence One country depends on another country
for something and that country may depend
on another country, which eventually
creates global interdependence. Importing
and exporting of goods and services highly
contributes to global interdependence.
Aid a voluntary transfer of resources from one
country to another.
Absolute Advantage the principle of absolute advantage refers
to the ability of a party to produce a greater
quantity of a good, product, or service than
competitors, using the same amount of
resources.
Comparative Advantage comparative advantage holds that under
free trade, an agent will produce more of
and consume less of a good for which they
have a comparative advantage
Tourism travel for pleasure or business; also the
theory and practice of touring, the business
of attracting, accommodating, and
entertaining tourists, and the business of
operating tours. Tourism may be
international, or within the traveller's
country.