This document contains three sections. The first section defines globalization as the reduction or elimination of restrictions imposed by states on markets through borders as the global system becomes more integrated and complex. The second section provides vocabulary related to economics, including terms like wealth, production, distribution, consumption, finances, commerce, calculation, stock market, investment, and flow. The third section discusses how economics refers to improvements in quality of life and how it closely relates to development by studying resources and focusing on improvements to accommodate society.