Chapter 1 notes - Chapter 1 Globalization Globalization-...

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Chapter 1 Globalization Globalization - trend away from distinct national economic units and toward one huge global market Globalization of markets - the merging of historically distinct and separate national markets into one huge global marketplace Globalization of production - the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production. Factors of production - inputs into the productive processes of a firm, including labor, management, land, capital, and technological know-how. General Agreement on Tariffs and Trade (GATT) - international treaty that committed signatories to lowering barriers to the free flow of goods across national borders and led to the WTO World Trade Organization (WTO) - responsible for policing the world trading system and making sure nation-states adhere to the rules laid down in trade treaties signed by WTO members. Without WTO the globalization of markets and production is unlikely to have
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Chapter 1 notes - Chapter 1 Globalization Globalization-...

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