Retrieval Activity - Globalisation
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