Teaching activity

Retrieval Activity - Globalisation

Geoff Riley

19th September 2022

This retrieval activity contains 18 key terms linked to the key topic of globalisation.

  • Closed economy - Economy operating without imports and exports
  • Comparative advantage - Refers to the relative cost advantage that one country or producer has over another
  • Competitiveness - Sustained ability to sell goods and services profitably at competitive prices in a foreign country
  • Containerisation - System of freight sea shipping that has reduced transport costs across the globe
  • Customs union - Group of countries that abolish tariffs and quotas to encourage free trade & adopt a common external tariff from non-members countries
  • De-globalisation - Diminishing interdependence and integration between economies
  • Dumping - When a producer exports at a price which is below below average costs of production
  • Emerging markets - Term used to describe the financial markets of fast-growing developing countries.
  • FDI - Acquisition of a controlling interest in operations abroad by businesses resident in the home economy.
  • Globalisation - Process in which countries have become increasingly integrated and inter-dependent
  • Intra-regional trade - Exchange of virtually identical products between countries within the same region.
  • Mercantilism - Notion applied to countries accumulating huge trade surpluses and focusing on export-led growth.
  • Single market - Deep integration between nations involving free trade in goods and services and free movement of labour and capital.
  • Specialisation - When individuals, regions or countries concentrate on making one product to create a surplus to trade.
  • Trade liberalisation - Reductions in tariff and non-tariff import barriers between nations
  • Trading bloc - Group of countries co-operating to liberalise trade
  • Transnational Corporation - Businesses basing manufacturing, assembly, research and retail operations in a number of countries
  • World Trade Organisation - Polices free trade agreements and decides on trade disputes between countries

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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