Global economy - It refers to the economy of the world, Sweatshop - A workplace with unacceptably severe conditions and usually extremely low wages., Developing countries - Little industrial and economic activity, low incomes, Outsourcing - Hiring workers or companies outside of one’s own business to perform services or create goods., Global trade - It means exchange of goods between countries, Developed countries - A lot of industrial and economic activity, high incomes, Offshoring - When a company moves some of its business operations offshore to another country, Emerging economy - A nation’s economy progressing towards becoming developed and advanced, Advantages of globalization - Increased communication, trade, wages, and standard of living., Prosperity - Being successful, especially in making money, Cultural convergence - Different cultures blending together, Standard of living - Factors like quality of health care and housing, Disadvantages of globalization - Increased income inequality and loss of some jobs,

Globalization Vocabulary (4.1)

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