Globalisation and Trade

Question 1

Define Globilisation.

Answer 1

Globilisation is the growing of interconnectedness of countries around the world.

Question 2

In what ways is Australia and the Global Economy connected to other countries.

Answer 2

Australia is connected to other countries in ways such as trades with other nations (importing and exporting goods and services), foreign investment (funding business), International labour market (working overseas), technology (global communication) and migration (people move to Australia for new opportunities)

Question 3

Define competitive advantage.

Answer 3

Competitive advantage is what puts a country or business in a favourable position against their competitors or other trading nations.

Question 4

What is a commodity?

Answer 4

A commodity is a natural resource that that is bought and sold for production or consumption and is usually traded in bulk. Some examples of a commodity is products such as wheat, coffee, iron and gold.