Terms in this set (12)
Gross Domestic Product (GDP)
The total value of goods and services produced within the borders of a country during a specific time period, usually one year.
Gross National Product
total value of all the goods and services produced by a nation during a year
opening an industry to more competition by removing government regulations
the sale of government-owned industries and services to private businesses.
the hiring of one company by another company to fulfill certain tasks in production.
the growth of towns and cities, as people migrate from rural areas in search of work and other opportunities.
The increasing amount of interaction and integration on the international scale through exchange of products, services, ideas, and information.
Balance of Trade
the difference in value between a country's imports and exports.
international trade free of government interference
an organized social movement whose stated goal is to help producers in developing countries produces enough to provide a good wage for workers
Standard of Living
Quality of life based on ownership of necessities and luxuries that make life easier.
a relationship between countries in which they rely on one another for resources, goods, or services
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