JAY ROME D.

ABOROT
BSCS 2nd Year

Briefly define the following terms. You may cite sources from the web.

1. Economic Globalization
Economic globalization refers to the increasing interdependence of world economies as a result of the
growing scale of cross-border trade of commodities and services, flow of international capital and
wide and rapid spread of technologies.
2. IMF
The International Monetary Fund (IMF) is an organization of 190 countries, working to foster global
monetary cooperation, secure financial stability, facilitate international trade, promote high
employment and sustainable economic growth, and reduce poverty around the world.
3. WTO
The World Trade Organization (WTO) is the only global international organization dealing with the
rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the
bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of
goods and services, exporters, and importers conduct their business.
4. Global Corporations
Global Corporation is a large company that operates in many different countries. Global corporations
in a sense are multinational corporations having many units operating, in overseas countries. They
operate in two or more countries and face many challenges in their quest to capture value in the
global market
5. International Monetary System
International monetary system. refers to the system and rules that govern the use and exchange of
money around the world and between countries. Each country has its own currency as money and
the international monetary system governs the rules for valuing and exchanging these currencies.