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Globalisation has transformed the business landscape. Businesses now operate in a global marketplace, trading with customers and suppliers around the world. This lesson explores the causes and effects of globalisation and the key concepts of international trade.
Globalisation is the process by which the world's economies, businesses, and people become increasingly interconnected and interdependent.
| Term | Definition |
|---|---|
| Globalisation | The increasing interconnection of the world's economies and cultures |
| Imports | Goods and services bought from other countries |
| Exports | Goods and services sold to other countries |
| Free trade | Trade between countries with few or no restrictions (tariffs, quotas) |
| Tariff | A tax imposed on imported goods to make them more expensive |
| Quota | A limit on the quantity of a product that can be imported |
| Trade barrier | Any restriction on international trade (tariffs, quotas, regulations) |
| Multinational corporation (MNC) | A business that operates in more than one country |
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