1. What is the definition of offshoring?
- The relocation of a business process from one county to another
- Producing products on a boat off shore
- Distributing products in a different country than the one you produce in
- Purchasing products from a different country
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Other questions in this quiz
2. Give some examples of trading blocs:
- BFC, NFFC, & SMO
- PTO, the BU, & AZEAN
- The EU, ASEAN, & NAFTA
- EQ, HTO, & TSFC
3. Why would Protectionism be negative in the long term?
- It weakens the protected industry because there would be no reason to innovate due to lack of competitors
- It means that business will get less revenue
- The revenue from tariffs may become too big for the government
- It can be expensive for a business to upkeep
4. What is a benefit of global sourcing?
- The cost of training the new workers
- Potentially significant labour cost reductions
- Impact on existing workers
- Higher risk of loss of intellectual know-how
5. What is backwards innovation?
- Innovating in developed markets and distributing in developing markets e.g. computer
- Strategy of innovating in developing markets and then distributing in developed markets e.g. wind-up radios
- Innovation by walking backwards
- Producing products backwards
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