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9.The Global Village: The Economy

1. Economy This is made up of all the organisations that provide goods
and services and all the individuals and organisations that
buy them.
2. Consumers A person who buys goods and services for their own needs;
for example some one who buys a CD…

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Economic Concepts
Meaning Example
Competition Businesses battle with McDonalds and Burger King.
other businesses to sell Microsoft and Apple.
products or provide Tesco and Morrison's.
services. They compete on
price and service quality.
Supply (what is If people buy less of a There are lots of mobile phone
produced) and…

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The Global Economy
You need to know what is meant by global inequality and how this can be affected
by trading practices, the impact of multinational companies and aid programmes.

LEDC Less Economically Developed Country
MEDC More Economically Developed Country
Ethical business Business that behaves responsibly towards the
environment and…

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Advantages of globalisation Criticism
Companies are able to produce Multinational companies are very difficult to
goods anywhere in the world from control and regulate because they operate in more
materials from anywhere, so they than one country. Smaller businesses can not
can look for the best deal. compete.

Trade between…

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What is fair-trade?
Fairtrade is a trading scheme that was set up in the 1990s to try to improve the situation for
small farmers in LEDCs. The problem was that big companies had forced down the prices paid
to small producers for food products such as coffee, cocoa and bananas.…


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