Match each influence of the global economy to the correct description. outsourcing regulatory bodies nongovernmental organizations free trade agreement removing barriers to exchange of goods and services focusing on solutions to specific problems, like poverty relocating jobs in other countries setting rules for international trade and resolving disputes

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Rory Frost

6 May, 02:46

Match each influence of the global economy to the correct description. outsourcing regulatory bodies nongovernmental organizations free trade agreement removing barriers to exchange of goods and services focusing on solutions to specific problems, like poverty relocating jobs in other countries setting rules for international trade and resolving disputes

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Outsourcing - relocating jobs in other countries.

The goal of outsourcing is to make use of a country's comparative advantage. For example, an American company that outsources production to a country with lower wages, its using that country's comparative advantage in the wage department.

Trade agreement - removing barriers to exchange of goods and services.

The goal of a trade agreement is to allow for a freer exchage of goods and services, mainly by removing tariffs and other barriers to trade.

Regulatory bodies - setting rules for international trade and resolving disputes

Regulatory bodies are in charge of setting the rules, and applying those rules. The most important regulatory body in international trade is the World Trade Organization (WTO), founded in 1995. It has 164 member countries.

Nongovernmental organizations - focusing on solutions to specific problems, like poverty

Nongovermental organizations (NGOs) focused on specific issues outside of government intervention. For example, Amnesty international focuses on human rights, Greenpeace on enviromental issues, and the World Wildlife Fund (WWF), on the protection of endangered species.