Here is a new Quizlet revision activity covers the economics of globalisation.
Closed economy: Economy operating without imports and exports
Comparative advantage: 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
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