Business Unit 3.3.1 2.0 / 5 based on 1 rating ? Business Studies & EconomicsBusinessA2/A-levelEdexcel Created by: alexrat97Created on: 29-04-15 09:31 Tax on Imports Tariffs 1 of 9 The process of eliminating trade barriers so that economies gradually move closer to free trade Trade Liberalisation 2 of 9 Groups of countries where barriers to trade are reduced between member states Trade Blocs 3 of 9 Where a business cannot expand any further in it's home market Market saturation 4 of 9 Phases a product goes through between its first introduction and discontinuation Product Life Cycle 5 of 9 Increase in the amount of goods and services traded Trade Creation 6 of 9 When a trading bloc reduces imports from non-member countries Trade Diversion 7 of 9 When businesses/governments invest in other countries FDI 8 of 9 Developing low cost products that will appeal to people with relatively low incomes Backward innovation 9 of 9
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