Product/Market conditions that may prompt a business to trade internationally 4.5 / 5 based on 2 ratings ? Business StudiesOperations managementA2/A-levelEdexcel Created by: hannahangelCreated on: 21-04-16 14:40 What is a benefit of global sourcing? Potentially significant labour cost reductions 1 of 8 What is the definition of offshoring? The relocation of a business process from one county to another 2 of 8 What is Protectionism? Shielding a country's domestic industries from foreign competition by taxing imports 3 of 8 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 4 of 8 Give some examples of trading blocs: The EU, ASEAN, & NAFTA 5 of 8 Advantages of being in a trading bloc: Firms inside the bloc are protected from cheaper imports from outside e.g. EU shoe industry from China/Vietnam imports 6 of 8 What is backwards innovation? Strategy of innovating in developing markets and then distributing in developed markets e.g. wind-up radios 7 of 8 Definition of globalisation? "The increased freedom and capacity of individuals and firms to undertake economic transactions with residents of other countries on a global scale" 8 of 8
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