World economy

High school (ages 12+)
People & Society

Name:

Date:

Step 1 · Read the article

Open the article and read it at the level above. Then answer the questions below in your own words.

https://smallwhale.org/articles/world-economy

Write what each word means, using the article.

Do not copy the article. Write two things you learned, the way you would explain them to a friend.

Answers below are taken from the article’s stored facts, so they match what the student read.

1. What is the world economy?It is all the buying and selling that happens between countries, like a giant shopping basket where goods, services, money, and people move around the world.
2. How does international trade help countries?Trade lets each country make the things it does best and then share them, so everyone can get more choices and often cheaper products.

Globalization: The increasing interconnectedness and interdependence of world economies, cultures, and populations.
Comparative Advantage: The ability of a country to produce a particular good or service at a lower marginal and opportunity cost than another country.
Multinational Corporation (MNC): A company that operates in more than one country, often with headquarters in one nation and subsidiaries in others.