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 the EU?
The European Union (EU) is a group of 27 countries that have an agreement in place just for political reasons.
The European Union (EU) is a group of 27 countries that have an agreement in place for political and economic purposes.
The European Union (EU) is a group of businesses that operate in a number of different countries.
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
What does the free movement of labour mean?
Businesses are able to hire employees in other countries
People are able to freely move to live and work in another country
Businesses are able to buy and sell products to and from other countries
What is an advantage to international trade?
Language barriers
Currencies
Spreading risk
What is a disadvantage of multinationals setting up in the UK?
Creation of more jobs
Exploitation of labour
Increased consumer choice