Edexcel A-Level Business Theme 4.1 Globalisation overview quiz quiz

The total output of an economy added up across every firm, with no adjustment for the size of the population

A country's total exports of goods and services to the rest of the world over the course of a single year

The overall level of protectionism in an economy, measured by the average tariff charged on imported goods

Output divided by the population, a guide to average living standards

A rapidly growing, developing economy such as those in the BRICS group

A fully developed, high-income economy whose growth has slowed to a low and steady mature rate

An economy stuck in permanent recession, with output shrinking year after year and no prospect of growth

A trading bloc of neighbouring countries that have removed tariffs on goods traded between members

Rising transport costs, which have made shipping goods between continents steadily more expensive over time

Reduced communication costs through the internet and mobile technology

Higher tariffs worldwide, as governments have raised import taxes to shield domestic firms from competition

Less foreign direct investment, with firms increasingly choosing to keep all production within their home country

Buying finished goods from abroad and importing them to sell on in the firm's own domestic market

A tax charged on imports as they enter the country, raising their price relative to home-made goods

Investing in business operations or assets in another country

A government limit on the quantity of goods a firm is permitted to export to foreign markets each year

A limit on the physical quantity of a good that may be imported into the country in a given year

A subsidy paid by the government to domestic exporters to help them sell more cheaply in foreign markets

A free-trade agreement between countries that removes the taxes charged on goods crossing their borders

A tax on imports that raises their price

It raises prices for consumers and can provoke retaliation

It always lowers prices for consumers, because shielding domestic firms makes the whole market more efficient

It guarantees a permanent rise in a country's exports, since protected home industries inevitably sell more abroad

It removes all competition fairly, ensuring every domestic and foreign firm competes on exactly equal terms

A single large multinational company that operates and sells across many different countries at once

A group of countries that trade freely with each other, such as the EU

A particular type of tariff charged at a flat rate on every good imported from outside the country

A government department responsible for negotiating a country's trade deals and setting its import taxes

It forces every country to produce the full range of goods for itself, regardless of how inefficient that is

It removes the need for trade, because each country becomes able to make everything it needs by itself

Countries and firms focus on what they do most efficiently, then trade for the rest

It raises average costs for everyone by spreading production too thinly across many different industries

Access to much larger overseas markets for its goods

Lower-cost supply of components from overseas

Greater economies of scale from selling to the world

Stronger foreign competition in its home market

They raise its prices abroad and cut its competitiveness

They lower the firm's costs by reducing the taxes it pays at home

They have no effect at all on a firm that already exports overseas

They guarantee higher sales by forcing rival foreign firms out of that market