7.1 - 9.2 0.0 / 5 ? EconomicsUnit 3GCSEOCR Created by: AshvaryaCreated on: 19-11-14 20:27 Globalisation an expansion of world trade in goods and services, leading to greater international interdependence 1 of 6 Multinational company (MNC) a company that has operations all over the world 2 of 6 Absolute advantage when a country is able to provide a good or service using fewer resources and at a lower cost than another country 3 of 6 Specialisation being better than another country at providing a good or service, in terms of the quantity of output and lower cost 4 of 6 International trade the exchange of goods and services across international boundaries 5 of 6 Free trade an absence of tariffs, quotas and regulations designed to reduce or prevent trade among nations 6 of 6
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