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The vocab...
Globalisation ­ growing to a worldwide scale
WTO ­ The world trade organisation deals
with the trade between nations
International trade ­ trade of capital, goods
or services across international borders…read more

Slide 3

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The vocab...
Trading Bloc ­ an agreement between governments that
creates barriers to international trade
Trade Barriers ­ Regulations or policies that restrict
international trade
European Union ­ A economic an political association of
some European countries that have internal free trade
and common external tariffs
Trade Liberalisation ­ A removal or reduction of
government barriers/interference on trade…read more

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What is globalisation
"The ability to produce any good or service
anywhere in the world using raw materials,
components, capital and technology from
anywhere, sell the resulting output
anywhere, and place the profits anywhere"…read more

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Benefits of globalisation
Increased competition forces local producers to be efficient,
thereby cutting prices and increasing the standards of living as
peoples incomes go further
Provide the opportunity for the best ideas to be spread across
the globe e.g. Aids medicines, water irrigation
If mnc's open within a country it may provide employment and
training opportunities and allow local entrepreneurs to learn
from the experience
Providing outlets for exports, which can allow a country to boost
its standards of living by reducing dependence on subsistence
farming (growing enough to feed the family).…read more

Slide 6

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What is international trade?
It's the exchange of goods and services
between countries
E.G. Cars from abroad
1% of the things you use or consume in a day
are actually British…read more

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