unit 2.4 (quizlet version)

Question 1

globalisation

Answer 1

the process of world economies becoming more interconnected

Question 2

exchange rates

Answer 2

the value of one currency in terms of another

Question 2

interconnected

Answer 2

mutually joined or related

Question 2

currency

Answer 2

the name of the money in a country e.g US Dollars

Question 3

appreciation

Answer 3

the value of the currency is increasing

Question 4

depreciation

Answer 4

the value of the currency is decreasing

Question 5

When there is a weak pound

Answer 5

Imports are expensive (falls in demand) exports are cheap (increases in demand)

Question 6

When there is a strong pound

Answer 6

imports are cheap (rise in demand) exports are expensive (falls in demand)

Question 7

exports

Answer 7

goods that are produced in the UK and are shipped to another country for consumption

Question 8

imports

Answer 8

goods that are produced in another country and are shipped to the UK for consumption

Question 9

domestic good

Answer 9

a good that is produced in the UK

Question 9

raw materials

Answer 9

Unprocessed natural products used when making products