Company or individual production
rather than by the government
Goods, services, and capital are exchanged
in a free market.
Developing countries
countries classified by the World Bank
as low- or middle-income nations.
E-commerce
economic transactions that take place electronically, including
Internet-based transactions and direct electronic connections
Homogenization
Making something uniform or similar.
International Monetary Fund (IMF)
international organization of 189 countries, established in 1947
with the goal of promoting cooperation and exchange between
nations
Mercantilism
nations whose major mode of accumulating wealth is through merchant
trading with other nations.
Multilateral
A system involving the participation of more
than two countries.
Multinational corporation
A corporation that conducts business in
more than one nation.
Offshoring
Transferring organizational functions to other country
Outsourcing
Transferring noncentral functions to another entity to complete
Protectionism
import and export regulations and government support for
domestic production.
World Bank
A union of international organizations established
in 1945 to provide aid to countries seeking to
participate in international exchange and to
reduce poverty around the world.