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