International trade and access to markets

Question 1

Agglomeration

Answer 1

When companies in similar industries locate near to each other because of the benefits gained by sharing ideas and resources.

Question 2

Multiplier

Answer 2

A situation where an initial injection of investment or capital into an economy (at any scale) in turn creates additional income by, for example, increasing employment, wages, spending and tax revenues.

Question 3

Glocalisation

Answer 3

A term used to describe products or services that are distributed globally but which are fashioned to appeal to the consumers in a local market.