LESSON 1

• Globalization - It describes the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange in specifically economic contexts, it refers almost exclusively to the effects of trade, particularly trade liberalization or“ Free Trade’’
• ADAM SMITH - father of capitalism, early economic theorist
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• Global Village - Closer contact between different parts of the world, with increasing possibilities of personal exchange ,mutual understanding and friendship between “world citizens”.
• Economic Globalization - “Free Trade “ and increasing relations among members of an industry in different parts of the world (globalization of an industry),with a corresponding erosion of National Sovereignty in the economic sphere.
• Business Process Outsourcing (BPO) - is a subset of outsourcing that involves contracting the operations and responsibilities for a particular business process to a third-party service provider.
• BLUE COLLAR JOB

  -        is a working class person who performs manual labor
• WHITE COLLAR JOB

  -        person who performs professional, managerial, or administrative work.
• PINK COLLAR JOB

  -        refers to someone working in the care-oriented career field or in jobs historically considered to be women’s work.