What does globalisation mean in the context of business?
Globalisation means a business operating within its local area
Globalisation means a business operating internationally or on a global scale
Globalisation means a business buying goods from one overseas country
What is a tariff?
A tax charged on a person’s income
A tax charged on goods and services leaving a country
A tax charged on goods and services coming into a country
What does international trade mean?
The process of buying from or selling to any foreign country
The process of buying from a different part of a country
The process of a business in England selling to a customer in Scotland or Wales
What is the abbreviation for a multinational company?
MNC
LTD
PLC
What is a trading bloc?
A business that operates in many countries around the world
A group of countries that buy from and sell to each other, with no special agreements in place
A group of countries that agree a special trading relationship
What do protectionist measures involve?
Promoting trading with foreign businesses through the use of tariffs on local products
Promoting trading with local businesses through the use of tariffs on imports
Requiring private businesses to pay additional taxes
What is a disadvantage of using e-commerce for a growing business?
Open 24/7
Provides access to a very large potential customer base
It can be expensive to set up
What does free trade mean?
Trading with no tariffs
Trading with large tariffs in place
Trading with small tariffs in place
What is the difference between an import and an export?
An import comes into a country and an export leaves a country
An import leaves a country and an export comes into a country
An import comes from the same area of a country and an export comes from a different part of the country
What does SPICED stand for?
Strong Pound makes Imports Cheaper but Exports Dearer
Strong Pound makes Income Cheaper and Exports Dearer
Weak Pound makes Income Dearer but Exports Cheaper