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Chapter 19 Globalization A phenomenon by which economic agents in any given part of the world are more affected by events elsewhere in the world than before; the growing integration of the national economies of the world to the degree that we may be witnessing the emergence and operation of a single worldwide economy. Tariff A tax on imports. Offshoring Work done for a company by persons other than the original company’s employees in a country other than the one in which the company is located. J-Curve The curve that shows a short-run worsening in net exports after a currency depreciation, followed by an improvement. Closed Economy An economy that does not trade goods and services with other countries. Open Economy An economy that trades goods and services with other countries. © 2010 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.