2.1.3 Business & Globalisation Flashcards
1
Q
What is a trade bloc?
A
An agreement between countries to trade freely with each other behind a tariff wall.This means that goods and services can be moved freely between these countries.
2
Q
What is globalisation?
A
Trading on an international scale.
3
Q
What is a tariff?
A
Tax on imported items.
4
Q
What is a quota?
A
When the government gives businesses money to cover costs.
5
Q
What is a import?
A
Goods or services brought from overseas.
6
Q
Whats an advantage of an quota?
A
The economy of the country is growing.
