1. Chapter 18 : Lesson 2 Globalization

2. Essential Question: Why is economic integration important in a global economy

3. Globalization : movement toward a more integrated and interdependent world economy

4. Multinationals : corporations producing and selling without regard to national boundaries and whose business activities are located in several different countries

6. Outsourcing : hiring outside firms to perform non-core operations to lower operating cost

7. World Trade Organization : international agency that administers trade agreements, settles trade disputes between governments, and organizes trade negotiations

10. Free-Trade Area : group of countries that have agreed to reduce or remove trade among themselves.

12. European Union : established in 1993, its 28 member countries make it the largest single unified market in the world

13. Euro : Single currency of the European Union

14. ASEAN : Group of ten Southeast Asian nations working to promote regional cooperation, economic growth, and trade

16. COMESA : a trading organization consisting of nineteen nations that pools its resources to produce peace and security

18. Cartel : group of sellers or producers acting together to raise prices be restricting availability of a product

19. Organization of Petroleum Exporting Countries (OPEC) : organization formed to oversee a common policy for sale of petroleum

21. Review Question:
Chapter 18 : Lesson 2
Read pages and answer Review Questions on page 539. Hand in Google Class Room.