JA Global Marketplace

Session One Key Terms Market: A place where trade occurs. Domestic trade: When people and businesses exchange goods or services within their own country International trade: When people exchange goods or services with people in other countries. Imports: Goods or services sold to another country. Exports: Good or services sold to another country

Session Two Tariff: A tax on goods imported into a country. Subsidy: A government action that decreases as industry’s production costs, which also decreases the price of its good(s). 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.

Consumers: People who buy products or services. Producers: People who make or produce goods 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. 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. A panel of trade experts studies the dispute and, according to GATT rules, makes a decision. Each Nation tries to resolve the problem through compromise, negotiation, and mediation. World Trade Organization WTO Session Two

Trade: An exchange of goods or services. Imports: Good or services bought from another country. Session Three Exports: Goods or services sold to another country.

Culture: The way of life a group of people who share traditions, interests, beliefs, and everyday activities. Session Two

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. Milkshake $.99 Hotdog & Fries $3.50 Session Three Hamburger and Fries $3.50 BBQ Ribs $3.50 Clam Chowder $.99 Southern Fried Chicken $3.50 Spaghetti and Meatballs $3.50 Apple Pie $.99

Immigrate: When people permanently enter a new country from another. Emigrate: When people permanently leave a country for another. Session Four

Human Resources The people who work at a company, business, or organization. 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

Entrepreneur: A person who starts his or her own business in hope of earning a profit. Session Four

Session 5 Scribe

Productivity: The amount of goods produced (output) by a certain number of workers, their resources, and the length of time worked (input). Productivity = Output Worker Hour One Scribe = 100 pages 160 worker hours = ? Output = Books x Pages per Book 500 books x 100 pages per book = ? Productivity = 50,000 pages 40 worker hours = ? Session Five

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