2.4 Globalisation

Question 1

Globalisation

Answer 1

Operating on an international scale to provide or produce goods and services

Question 2

Importing

Answer 2

The process of purchasing goods or services from overseas and bringing them into another country

Question 3

Exporting

Answer 3

A country selling products and services to other countries around the world

Question 4

SPICED

Answer 4

Is good for businesses that import goods and services from overseas as it means products are cheaper because of the exchange rate

Question 5

WPIDEC

Answer 5

Importing goods and services becomes more expensive due to the exchange rate, and this extra expense is often passed on to customers

Question 6

Multinational companies

Answer 6

Companies that operate in a number of countries around the world

Question 7

Tariffs

Answer 7

A tariff is a tax on imported goods and services

Question 8

Trading blocs

Answer 8

A trading bloc is another potential barrier to international trade

Question 9

E-commerce

Answer 9

Any business transaction that takes place using the internet

Question 10

The marketing mix

Answer 10

Refers to product, price, place and promotion