International Trade And Globalisation Flashcards
1
Q
What is globalisation?
A
Where businesses operate internationally and the different economies of the world become more integrated (i.e. merged into one)
2
Q
What are MNC’s?
A
A multinational company is a large company with facilities and markets all over the world
3
Q
What is free trade?
A
Where there are no barriers to international trade (i.e. trade between countries)
4
Q
What is protectionism?
A
When countries take action to restrict the flow of imports into their country
5
Q
What are some examples of protectionism? (3)
A
- Tariffs
- Quotes
- NTB’s
6
Q
What are trade blocs?
A
Trade blocs promote free trade between a small group of countries but impose protectionalist policies on outside countries (e.g. the EU)
