The World Trade Organization (WTO) - An international organization made up of member countries who agree to reduce or eliminate barriers to trade., Globalists are people who... - support free trade with other countries with little or no restrictions., Protectionists are people who... - support trade restrictions that favor domestic industries., Free trade is when... - international trade occurs without tariffs, quotas, or other barriers to trade., A protective tariff is... - a tax on imported goods that is so high that it makes it too expensive to import in many cases. Designed to provide protection for domestic industries by making cheaper foreign goods about as expensive as those produced at home., A revenue tariff is... - a tax on imported goods designed to create revenue for the government. The tax is not so high that imports stop., A quota... - establishes limits on the number or value of certain goods imported into a country. , A multinational corporation is... - a business that manages production or provides services in more than one country., A sweatshop is... - a factory or workshop where laborers are employed at very low wages for long hours and under poor working conditions. Sweatshops are associated mainly with the clothing industry in developing countries., A living wage is... - the minimum hourly wage necessary for an individual to meet their basic needs. It is different depending on where one lives., Outsourcing is when... - a company hires an outside firm to provide some business function (for example, customer service) to lower operating costs., Subsidies are - money paid by the government to businesses in order to keep the cost of a good or service competitive in a market., Exporting American culture means... - that through trade with other nations, American culture is affecting other nations by crowding out local options., A "mom and pop" shop... - refers to a small, family-owned, or independent business. / usually struggles to compete on price with big box stores that sell similar products. , A "big box" store... - refers to a physically large retail business, usually part of a chain of stores., The International Monetary Fund (IMF)... - ensures the stability of the international monetary system, The World Bank... - provides loans and grants to low- and middle-income countries for development projects.,

Reader Theater Vocabulary

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