HIES Klingman Globalization Terms
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Created by:
susannahjg on February 16, 2010
Subjects:
Modern World History & Cultures
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7 terms
Terms | Definitions |
|---|---|
 Globalization | when countries interact with each other to make the world a smaller place. Makes the world a smaller place by connecting economies, businesses, and cultures through the application of innovative technology and trade. |
| Outsourcing | when a company or business contracts a separate company based in another country, to carry out a certain function or service. Companies participate to save money. |
| Insourcing | when a company creates jobs inside of the corporation that specialize in a certain field. The jobs created do not necessarily relate to the trade that the cooporation is involved in. |
| Open Sourcing | when the source code of computer soft ware is made available to the public for free so that any individual can download the software and improve the software. |
| Off Shoring | when a company, either the entire corporation, or just a certain branch of that company is moved to another country. The company retains control over the branch that is moving. |
| Free Trade | when there is no governmental involvement in international trade. This means that no tariffs are imposed on imported or exported goods. |
| Supply Chain | the system of companies that help to store, transport, distribute raw materials and the finished product so that the product can reach the consumers faster and more efficiently. |
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