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Business > Unit 7: The International Environment > Flashcards

Unit 7: The International Environment Flashcards

1
Q

Open economy

A

an economy that engages in international trade

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2
Q

International trade

A

the buying and selling of goods and services between countries

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3
Q

Imports

A

goods and services bought from other countries eg cars, lemons, oil, wine. Imports cause money to leave Ireland

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4
Q

Visible imports

A

businesses or people based in Ireland buying physical products from foreign countries

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5
Q

Invisible imports

A

businesses or people based in Ireland buying services from other countries eg insurance, banking, tourism

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6
Q

Exports

A

goods and services sold to other countries eg food, beverages, pharamceutical products. Exports bring money into Ireland

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7
Q

Visible Exports

A

physical goods sold by businesses and people based in Ireland to customers based in other countries

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8
Q

Invisible exports

A

services sold by businesses and people in Ireland to customers in other countries

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9
Q

Balance of trade

A

the difference between visible exports and visible imports

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10
Q

Balance of invisible trade

A

the difference between invisible exports and invisible imports

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11
Q

Balance of payments

A

the difference between total exports and total imports. It shows the total amount of money entering or leaving a country in the course of a year

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12
Q

Import substitution

A

a trade policy that replaces imports with domestically produced goods or services eg bachelor’s baked beans instead of heinz

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13
Q

Free trade

A

when countries can buy and sell goods and services without any barriers to trade such as tariffs or embargoes

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14
Q

Trading bloc

A

a group of participating countries that allow free trade between them eg the european union

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15
Q

World Trade Organisation (WTO)

A

the organisation responsible for promoting fair trade between countries. It negotiates between member states by encouraging the removal of barriers to trade

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16
Q

Protectionism

A

government actions and policies intended to protect domestic industries from foreign competition by imposing barriers to trade eg tariffs, quotas, embargoes

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17
Q

Tariff

A

a tax on an import eg customs duty

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18
Q

Quota

A

a limit on the number of units of a good that can be imported or exported

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19
Q

Embargo

A

a total ban on the import of goods from a particular country

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20
Q

Subsidy

A

a payment made by national governments to domestic firms to help them with their day-to-day operating costs, allowing them to be more competitive and to give them a price advantage over exports

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21
Q

Administrative regulations

A

governments may deliberately create customs delays or demand excessively paperwork (informally called ‘red tape)to make importing as difficult as possible

22
Q

Deregulation

A

the removal of legal barriers to allow firms to enter and trade in a market. It usually creates more competition within the industry

23
Q

European Union

A

a trading bloc of 27 countries that have formed a policitcal and economic union with an international single market and the same laws applying to all member states

24
Q

European Commission

A

the executive body of the EU, responsible for its day to day management

25
Q

European Parliament

A

the EU’s law-making body with legislative, supervisory and budgetary responsibilities. There are 705 MEPs who are directly elected by European Citizens every 5 years

26
Q

Council of the European Union

A

the main decision making body in the EU. Government ministers from each EU country gather according to the policy area to be discussed. It is often referred to as the council of ministers or just ‘the Council’

27
Q

European Court of Auditors (ECA)

A

the guardian of EU finances. The main role of the ECA is to check that EU funds are correctly accounted for and properly collected and allocated. Each member state has one representative in the ECA

28
Q

Court of Justice of the European Union (CJEU)

A

an independent court that ensures that the EU states and institutions abide by EU law, and that the EU law is interpreted and applied to the same standard in every EU member state

29
Q

European Central Bank (ECB)

A

manages the euro, keeps prices stable and conducts EU economic and monetary policy

30
Q

European Council

A

brings together the national leaders of the EU member states to set the EU’s political agenda and main priorities. It represents the highest level of political co-operation between member states. Ireland is represented on the European council by the Taoiseach

31
Q

EU directive

A

a legislative act of the EU that requires all member states to achieve a particular result within a set timeframe eg the Work-Life Balance Directive 2019

32
Q

EU regulation

A

a legislative act that becomes enforcable immediately as law in its entirety in all member states simulatneously eg GDPR2018

33
Q

EU decision

A

a binding legal instrument that may apply to individuals, companies or some or all member states eg google being fined €50 million for breaking GDPR laws

34
Q

EU recommendation

A

a non-binding way for the EU to voice its opinions on how countries can improve the way they operate

35
Q

Special Interest Groups

A

groups that attempt to influence the political or decision-making process but are not part of the political structure

36
Q

Lobbying

A

the deliberate effort to influence the decision-making process by promoting aparticular point of view or pressurising decision makers to alter their positions in a certain way

37
Q

Policy

A

a set of principles, rules and guidelines used to reach a specific goal and is implemented through agreed procedures

38
Q

European Single Market (ESM)

A

refers to the EU as one territory without internal borders or other regulatory obstacles to the ‘four freedoms’ - free movement of people, goods, services, capital

39
Q

Economic and Monetary Union (EMU)

A

the coordination of economic and fiscal policies, a common monetary policy and common currency

40
Q

EU competition policy

A

applying rules to make sure companies compete fairy with each other

41
Q

European Social Charter

A

includes fundamental rights in the field of social policy generally ( health, social security, welfare) and specifically in the fields of employment and industrial relations

42
Q

Common Fisheries Policy (CFP)

A

sets rules that give European fishing fleets access to EU waters, allowing national fleets to compete while aiming to conserve fish stocks for the future

43
Q

Common Agricultural Policy (CAP)

A

aims to support farmers and improve agricultural porductivity, ensuring a stable supply of affordable food. Income support through direct payments ensures income stability and pays farmers for environmentally friendly farming

44
Q

European Union Regional/ Cohesion Policy

A

an investment policy that suports job creation, competitiveness, economic growth, improved quality of life and sustainable development

45
Q

Transnational company TNC

A

produces or markets goods in more than one country. It has its controlling headquarters in one country and branches in other countries. It operates on a workldwide scale eg Dell

46
Q

Globalisation

A

the increasing integration of economies, cultures and societies around the world. This has comea bout due to increases in worldwide communication, trade, transport and migration over time. One outcome of globalisation is that the world is increasingly becoming one large marketplace

47
Q

Global business

A

sells its goods or services worldwide and regards the world as one giant market. It can choose its location, service provider and so on based on what best suits, eg factories in a low income country, loans from a foreign bank with low interest rates. eg Google

48
Q

Global marketing

A

uses standard or an adapted marketing mix to market its products throughout the world and build a loyal global brand

49
Q

Adapted marketing mix

A

it is common for businesses to adjust some elements of their marketing mix to reflect local customs, the local language or cultural, geographical or economic dofferences present in the market

50
Q

Product adaptation

A

when a product is customised to meet particular market requirements ef left or right hand drive vehicles

51
Q

Global product

A

a product that is sold worldwide

52
Q

Trade show

A

an exhibition organised so that a business in a specific industry can exhibit and demonstrate their products and services to customers

Business (5 decks)

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