JA Global Marketplace

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JA Global Marketplace
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Session One
Key Terms
Market A place where trade occurs.
Domestic trade When people and businesses
exchange goods or services within their own
country
Exports Good or services sold to another country
International trade When people exchange goods
or services with people in other countries.
Imports Goods or services sold to another
country.
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Session Two
Subsidy A government action that decreases as
industrys production costs, which also
decreases the price of its good(s).
Tariff A tax on goods imported into a country.
Embargo A ban on trade with another country for
a single good or all goods.
Quota A control on the amount of a product that
can be imported into a country.
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Session Two
Producers People who make or produce goods or
services.
Consumers People who buy products or services.
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Trade Barrier
Session Two
A regulation or law that slows or prevents
trading with another nation.
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NAFTA
Session Two
North American Free Trade Act
Free trade A belief that products should be free
to move from country to country without barriers.
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Session Two
Two or more nations have a trade dispute.
The problem is resolved and trade continues.
Each Nation tries to resolve the problem through
compromise, negotiation, and mediation.
The problem is NOT resolved and is presented to
the WTO.
General Agreement on Tariffs and Trade
(GATT) This is the basic law of international
trade. Countries that are members of the World
Trade Organization (WTO) agree to obey GATT
rules.
World Trade Organization (WTO) This is an
international organization that acts as a court
to hear trade disputes and Enforce GATT trade
laws.
WTO
A panel of trade experts studies the dispute and,
according to GATT rules, makes a decision.
World Trade Organization
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Session Three
Trade An exchange of goods or services.
Exports Goods or services sold to another
country.
Imports Good or services bought from another
country.
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Session Two
Culture The way of life a group of people who
share traditions, interests, beliefs, and
everyday activities.
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Session Three
Franchise A special right given to a
businessperson to sell a companys products.
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DelegationA group of people sent to speak and
act for others.
Session Three
Clam Chowder .99
Milkshake .99
Southern Fried Chicken 3.50
Hotdog Fries 3.50
Hamburger and Fries 3.50
Spaghetti and Meatballs 3.50
Apple Pie .99
BBQ Ribs 3.50
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Session Four
Immigrate When people permanently enter a new
country from another.
Emigrate When people permanently leave a
country for another.
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Human ResourcesThe people who work at a company,
business, or organization.
Session Four

• Global Trade
• Occurs when services or goods are
• marketed around the world.
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• Immigration
• Entering and settling in a country or
• region in which one is not native.
• ______________
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• ______________

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Session Four
EntrepreneurA person who starts his or her own
business in hope of earning a profit.
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Session Four
What are your top 5 items to pack?
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Session 5
Scribe
Scribe
Scribe
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Session Five
Productivity The amount of goods produced
(output) by a certain number of workers, their
resources, and the length of time worked (input).
Output
Productivity
Worker Hour
100 pages
One Scribe
?
160 worker hours
Output Books x Pages per Book
500 books x 100 pages per book ?
50,000 pages
?
Productivity
40 worker hours
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Session 6
Currency A nations money.
Exchange Rate The price of one nations currency
in terms of another nations currency.
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Funny Money
Namero