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Chapter 4 Review

Chapter 4 Review. The 21 Century Global Economy. the bringing together of nations through international trade, foreign investment, migration, and technology. globalization. traded goods and services without money. bartered.

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Chapter 4 Review

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  1. Chapter 4 Review The 21 Century Global Economy

  2. the bringing together of nations through international trade, foreign investment, migration, and technology globalization

  3. traded goods and services without money bartered

  4. an international trade route of more than 5,000 miles that connected China to the countries of the Mediterranean region Silk Road

  5. led many Europeans to hope thatChina’s fabulous riches could be reached by ship Marco Polo’s Travels

  6. The search for shorter trade routes “Age of Exploration.”

  7. a geographical area politically controlled by a distant country colony

  8. are credited with establishing the first actual global trading opportunities. Christopher Columbus Vasco da Gama

  9. By the end of the sixteenth century dominated trade with the Americas Spain

  10. The British government believed the colonies existed to serve the needs of the mother country; that is, they practiced mercantilism

  11. The British government also promoted growing in the American colonies cotton

  12. were brought in to work in the cotton fields African slaves

  13. was one of the main causes of the American Revolution The Tea Act of 1773

  14. are taxes imposed on goods that are imported into a country Tariffs

  15. drove global trade the Industrial Revolution

  16. made it easier to trade with foreign countries Steamships and railroads

  17. became the dominant countries in global trade United States and Japan

  18. Many believed that the lack of free trade was a major cause of the Great Depression and World War II.

  19. NAFTA North American Free Trade Agreement

  20. The effects of global trade include the economic growth and the reduction of poverty in countries like China and India

  21. NGK, which is headquartered in Nagoya, Japan, makes spark plugs

  22. In 1994, NGK Spark Plug Mfg. (USA), Inc., came to Sissonville, West Virginia

  23. West Virginia’s first serious interest in global trade came in the year 1986 when this Governor proposed setting up an overseas office. Arch Moore

  24. West Virginia’s top export market Canada

  25. GDP Gross Domestic Product

  26. Senator that has played an active role in attracting foreign investments to the state John D. Rockefeller IV

  27. Jobs are often classified into eight categories trade; government; manufacturing; construction; transportation and utilities; finance, insurance, and real estate; mining; services

  28. and include workers who do something for someone else Service occupations

  29. include people who work in sales Trade occupations

  30. include governors, mayors, legislators, city council members, judges, and magistrates. Government occupations

  31. have seen the largest decline in workers over the last decade manufacturing

  32. the largest group of skilled workers in the U.S Construction workers

  33. the future of mining hinges on the movement toward clean coal

  34. influences the location of many of the industries in West Virginia Geography

  35. provided a method of transportation to bring raw materials to factories as well as to ship finished products to various marketplaces. The Ohio River

  36. located in the Allegheny Plateau region, state government is a major employer. Charleston Capitol Complex

  37. the location of major wood-related industries The Allegheny Highlands

  38. farmland has been sold to make way for housing developments the Potomac Section

  39. have played a role in the state’s economic success. a skilled workforce and a strong work ethic

  40. when completed, will provide rail transportation between Chicago, Illinois, and Norfolk, Virginia the Heartland Project

  41. the ability to buy things now and pay for them over time Credit

  42. money paid for the use of money Interest

  43. to ensure that you will handle money effectively follow a personal budget

  44. advantage of following a personal budget you can avoid problems caused by too much debt and a poor credit rating.

  45. When developing a budget, you should plan for a whole year

  46. money earned for working, providing services, selling goods or property, or from investments. Income

  47. what you spend on your own needs and wants Expenses

  48. amounts that must be paid each month Fixed expenses

  49. expenses that are not set and may vary from month to month flexible expenses

  50. Budgets are useless if they are not realistic

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