L1-Global+Economy

=Chapter 1 - We Live in a Global Economy=

**Important terms for this chapter:**
Domestic Business: making, buying, selling, goods and services within a country International Business: all business activities needed to create, ship, and sell goods and services across national borders Global Dependency: a condition that exists when items consumers need and want are created in other countries Imports: products bought from businesses in other countries Exports: products sold in other countries Trade Barriers: restrictions that reduce free trade among countries Culture: accepted behaviors, customs, and values of a society

Important Concepts from this chapter:
Global business is important because it allows you to purchase popular items made in other countries. Without it, your choices would be very limited. Global business provides greater opportunity for career success. Global business activities can help to improve political relations between countries.