Unit 3: Globalisation and the UK economy

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  • Created by: al2000
  • Created 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
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Free Trade
Absence of tariffs, quotas & regulations used to reduce or prevent trade among nations
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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

Other cards in this set

Card 2

Front

A company that has operations all over the world

Back

Multinational company

Card 3

Front

Being better than another country at providing a good or service

Back

Preview of the back of card 3

Card 4

Front

Being able to provide with fewer resources and at a lower cost

Back

Preview of the back of card 4

Card 5

Front

The exchange of goods and services across international boundaries

Back

Preview of the back of card 5
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