Business Chapter 23

Question 1

Division of labour

Answer 1

Different workers specialising in different productive activities

Question 2

Exports

Answer 2

Goods or services that a firm produces in its home market but sells in a foreign market

Question 3

FDI

Answer 3

Investing by setting up operations or buying assets in businesses in another country

Question 4

Imports

Answer 4

Goods and services that are bought into one country from another

Question 5

International trade

Answer 5

Exporting (selling abroad) and importing (buying from abroad)

Question 6

invisible trade

Answer 6

Trade in services rather than physical products

Question 7

Specialisation

Answer 7

A production strategy where a business or country focuses on a limited number of products or services.
This results in greater efficiency , allowing for goods on a services to be produced as a lower cost per
unit.

Question 8

Tariffs

Answer 8

Taxes that are imposed on imports

Question 9

Visible trade

Answer 9

Trade in physical goods