Define globalisation.
The process of increased interconnectedness and interdependence among countries.
True or false: Globalisation only affects developed countries.
FALSE
Globalisation impacts both developed and developing nations through trade and investment.
What is a multinational corporation?
A company that operates in multiple countries, often with headquarters in one.
Fill in the blank: Trade barriers include _______ and tariffs.
Quotas
What does FDI stand for?
Foreign Direct Investment: investment made by a company in one country in business interests in another.
Define trade liberalisation.
The removal or reduction of trade barriers to encourage free trade.
True or false: Outsourcing refers to moving production to another country.
TRUE
Companies often outsource to reduce costs and increase efficiency.
What is the World Trade Organization?
An international body that regulates and facilitates international trade agreements.
Fill in the blank: Global supply chains rely on _______ production.
International
What is a trade bloc?
A group of countries that reduce or eliminate trade barriers among themselves.
Define protectionism.
Economic policy of restricting imports to protect domestic industries.
True or false: Globalisation has no impact on local cultures.
FALSE
Globalisation can lead to cultural homogenization or the blending of cultures.
What is e-commerce?
Buying and selling goods or services over the internet.
Fill in the blank: Tariffs are a type of _______ on imported goods.
Tax
What does GATT stand for?
General Agreement on Tariffs and Trade: an international treaty to promote trade.
Define economic integration.
The process where countries reduce trade barriers to create a unified economy.
True or false: Globalisation only benefits large corporations.
FALSE
Small businesses can also benefit through access to larger markets.
What is a free trade agreement?
A pact between countries to reduce or eliminate trade barriers.
Fill in the blank: Globalisation can lead to _______ job displacement.
Domestic
What is economic disparity?
The unequal distribution of wealth and resources among individuals or groups.
Define foreign exchange market.
A global marketplace for trading national currencies against one another.
True or false: Cultural exchange is a positive aspect of globalisation.
TRUE
It promotes understanding and appreciation of different cultures.
What is import substitution?
An economic policy aimed at replacing foreign imports with domestic production.
Fill in the blank: Globalisation can increase _______ competition.
Market
