General welfare
| The health, happiness, prosperity, and well-being in general of a group of
people.
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Free trade
| The flow of goods, services, and money across national boundaries without
government-imposed barriers.
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Free Trade Agreement (FTA)
| A contract between two or more countries to reduce or
eliminate any government imposed barriers to the free flow of goods, services, and money
across national boundaries.
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Globalization
| A combination of the words “globalization” and “localization, ” used to describe
the concept that local identities must be protected in the process of globalization
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Glocalization
| A combination of the words “globalization” and “localization, ” used to describe
the concept that local identities must be protected in the process of globalization.
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Multinational corporation
| A corporation that has facilities and assets in more than one
country. Examples are Nike, Coca-Cola, Wal-Mart, AOL, Toshiba, Honda, and BMW
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National sovereignty
| The power of a nation to govern itself
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Quotas
| A government-imposed limit on the number of foreign imports that can enter the
country.
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Subsidies
| Financial aid granted by a government to an industry, which helps the industry stay
competitive in the world market.
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Tariffs
| A government tax placed on imports
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