2.4 Globalisation Flashcards
International trade
The selling of goods and services across national borders
Exports
Goods and services produced by a business in one country and sold in another
Tariff
A tax on foreign goods imported into a country
Growth
When a business sells increased quantities of its products
Economies of scale
When the cost of producing a single unit falls as its output increases
Inward investment
When governments, businesses and individuals invest capital into another country
Takeover
When one business takes control of another
Product Design
translates the needs of consumers, or the inventiveness of entrepreneurs, into a saleable product.
Quality
the extent to which a consumer is satisfied with a product.
Price
is the amount a business asks a customer to pay for a single product.
Exchange rate
is the price of one currency expressed in terms of another
Imports
are goods and services purchased from overseas customers in
the domestic market.
Profit
The amount by which a business’ revenue from all its sales exceeds its costs
