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JA Global Marketplace. Session One. Key Terms. Domestic trade: When people and businesses exchange goods or services within their own country. Market: A place where trade occurs. Exports: Good or services sold to another country. International trade:
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Session One Key Terms Domestic trade: When people and businesses exchange goods or services within their own country Market: A place where trade occurs. Exports: Good or services sold to another country International trade: When people exchange goods or services with people in other countries. Imports: Goods or services sold to another country.
Session Two Subsidy: A government action that decreases as industry’s production costs, which also decreases the price of its good(s). Tariff: A tax on goods imported into a country. Embargo: A ban on trade with another country for a single good or all goods. Quota: A control on the amount of a product that can be imported into a country.
Session Two Producers: People who make or produce goods or services. Consumers: People who buy products or services.
Session Two Trade Barrier A regulation or law that slows or prevents trading with another nation.
Session Two NAFTA North American Free Trade Act Free trade: A belief that products should be free to move from country to country without barriers.
Session Two Two or more nations have a trade dispute. The problem is resolved and trade continues. Each Nation tries to resolve the problem through compromise, negotiation, and mediation. The problem is NOT resolved and is presented to the WTO. General Agreement on Tariffs and Trade (GATT) This is the basic law of international trade. Countries that are members of the World Trade Organization (WTO) agree to obey GATT rules. World Trade Organization (WTO) This is an international organization that acts as a court to hear trade disputes and Enforce GATT trade laws. WTO A panel of trade experts studies the dispute and, according to GATT rules, makes a decision. World Trade Organization
Session Three Trade: An exchange of goods or services. Exports: Goods or services sold to another country. Imports: Good or services bought from another country.
Session Two Culture: The way of life a group of people who share traditions, interests, beliefs, and everyday activities.
Session Three Franchise: A special right given to a businessperson to sell a company’s products.
Session Three Delegation:A group of people sent to speak and act for others. Clam Chowder $.99 Milkshake $.99 Southern Fried Chicken $3.50 Hotdog & Fries $3.50 Hamburger and Fries $3.50 Spaghetti and Meatballs $3.50 Apple Pie $.99 BBQ Ribs $3.50
Session Four Emigrate: When people permanently leave a country for another. Immigrate: When people permanently enter a new country from another.
Global Trade: Occurs when services or goods are marketed around the world. ______________ ______________ ______________ ______________ ______________ ______________ ______________ Immigration: Entering and settling in a country or region in which one is not native. ______________ ______________ ______________ ______________ ______________ ______________ ______________ Session Four Human ResourcesThe people who work at a company, business, or organization.
Session Four Entrepreneur:A person who starts his or her own business in hope of earning a profit.
Session Four What are your top 5 items to pack?
Session5 Scribe Scribe Scribe
Session Five Productivity: The amount of goods produced (output) by a certain number of workers, their resources, and the length of time worked (input). Output Productivity = Worker Hour 100 pages One Scribe = = ? 160 worker hours Output = Books x Pages per Book 500 books x 100 pages per book = ? 50,000 pages = ? Productivity = 40 worker hours
Session 6 Currency: A nation’s money. Exchange Rate: The price of one nation’s currency in terms of another nation’s currency.
Funny Money Namero
