| A | B |
|---|
| Globalization | The global exchange of products, services and ideas around the world. |
| International trade | the exchange of goods and services between different countries |
| Favorable Balance of trade | when a country’s exports are greater than imports |
| comparative advantage | When a country focuses on creating the goods and services it can provide at a lower cost than other countries |
| outsourcing | Hiring a person or company outside of your own business to provide a good or service for your business to lower costs |
| import | To buy goods from another country |
| export | To sell goods to another country |
| tariff | A tax on imported goods |
