Unit 3: Globalisation and the UK economy 0.0 / 5 ? EconomicsWhy do countries trade?GCSEOCR Created by: al2000Created on: 05-05-15 22:04 Globalisation The expansion of world trade in goods and services leading to greater international interdependence 1 of 8 Multinational company A company that has operations all over the world 2 of 8 Specialisation Being better than another country at providing a good or service 3 of 8 Absolute Advantage Being able to provide with fewer resources and at a lower cost 4 of 8 International Trade The exchange of goods and services across international boundaries 5 of 8 Free Trade Absence of tariffs, quotas & regulations used to reduce or prevent trade among nations 6 of 8 Protection Where an action is taken that reduces international trade 7 of 8 Tariff A tax placed on imports to increase the price and reduce the quantity demanded 8 of 8
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