4.1 Globalisation

Question 1

Imports

Answer 1

Purchase goods and services from abroad

Question 2

Exports

Answer 2

Sell goods and services abroad

Question 3

Foreign Direct Investment

Answer 3

Investments in another country

Question 4

Business Specialisation

Answer 4

Produce narrow product range

Question 5

Emerging Markets

Answer 5

Low to middle income countries

Question 6

GDP

Answer 6

Gross Domestic Product
Total value of all goods and services in country

Question 7

Trading Blocs

Answer 7

Intergovernment agreements to reduce trade barriers

Question 8

EU Trade Bloc

Answer 8

Free movement of people money, goods between 27 European countries

Question 9

ASEAN Trade Bloc

Answer 9

Free trade and eased travel in Thailand, Malaysia, Singapore etc

Question 10

NAFTA / USMCA Trade Bloc

Answer 10

US, Canada, Mexico
No import tariffs so cheaper for customers

Question 11

Protectionism

Answer 11

Shielding countries domestic industry

Question 12

Import Quota

Answer 12

Limites of goods imported or exported

Question 13

Domestic Subsidies

Answer 13

Money given to local producers

Question 14

Tariff

Answer 14

Tex on import to increase price therefore decrease demand of non domestic products

Question 15

Trade Liberalisation

Answer 15

Relaxation of tariffs and barriers