Specialization and Interdependence

Goods and services produced in other countries and sold at home

Good and services produced at home and sold in other countries

A focus on developing only certain skills or producing only certain goods/services

The process by which people and economies around the world are becoming increasingly interconnected

When one person or group depends on or relies on another

Which of these is not a cost of global trade? American workers lose jobs, Workers in foreign country get less pay, Local companies lose business, Allows people to buy things from all over the world

The largest of the earth's seven continents

Which of these is not a benefit of global trade?   Options: Allows people to buy things from all over the world, Allows people to enjoy quality goods, Allows people to pay less for goods, People stop buying things made locally

Lowest point on the Earth's surface: Dead Sea, Mount Everest, Death Valley, Dead Space

Form of government in which the government owns or controls almost all of the means of production, industries, wages, and prices.