Unit 3 - Keywords

All Edexcel Unit 3 Keywords

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Multinationals Business
A business that has operatiobns in more than one country
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Trade Liberalisation
The removal of trade barriers
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Tariffs
Indirect taxes paid on imports
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Quotas
A physical limit on the quantity of imports
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Trade Bloc
An agreement between a group of states, regions or countries to reduce or remove trade barriers between them
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Free Trade Areas
No trade restrictions between member countries
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Custom Unions
There are no trade restrictions between member countries
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Single Markets
Essentially a free trade area with common policies
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World trade organisations
Promote free trade between all countries & to police trade agreements
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Bureaucracy
An administrative or social system that relies on a set of rules and procedures, separation of functions and a hierarchical structure in implementing controls over an organization, government or social system
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Commodity
A good that is supplies and interchanged without any noticable differentiation across the market
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Democracy
A system that allows individuals to participate in government
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Republic
A system where the government remains mostly subject to those governed
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Monarchy
A ruler who is head of state, and final word in government
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Communist
Often single party, authoritan states, based on central plans
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Dictatorship
A country ruled by an authoritarian often with military support
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GDP (Gross Domestic product)
This calculates the balue of production per person
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Opportunity cost
The cost of giving up the next best alternative whenever a decision is made. It is usually expressed in terms of what has been given up
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Stakeholders
They have an interest in the success/actions of a business
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Corporate Social Responsibility (CSR)
An ongoing commitment by business to behave ethically and contribute to the economic development while improving the quality of life for workers and their families as well as the local community and society at large
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Capital Intensive
Using more machinery based work within the business
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Labour intensive
Using more labour based work within the business
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Globalisation
The process through thich the experience of everyday life is becoming standardised around the world
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Merger
The joining of two business, often under a new name
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Joint Venture
A formal agreement with another business
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Takeover
Where one business buys control in another business
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Global Strategy
The same strategy is used in all countries
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Global localisaion
This means adapting to local circumstances in each country
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Niche Market
A small segment of a market, which can be created by identifying and meeting the specific needs of consumers within it
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Other cards in this set

Card 2

Front

The removal of trade barriers

Back

Trade Liberalisation

Card 3

Front

Indirect taxes paid on imports

Back

Preview of the back of card 3

Card 4

Front

A physical limit on the quantity of imports

Back

Preview of the back of card 4

Card 5

Front

An agreement between a group of states, regions or countries to reduce or remove trade barriers between them

Back

Preview of the back of card 5
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