Business chapter 24

Question 1

Brain drain

Answer 1

When highly educated and tolented people find jobs overseas

Question 2

Economic globalisation index ( EGI )

Answer 2

First measures the economic flows between a country and the rest of the world in terms of international trade and international investment. This shows whether a country exchanges a lot of goods, services and investments with other countries. Second, it measures the restrictions to trade and investment, such as tariffs and capital controls on international investment - each dimension is based on several variables that ore combined in the overall index that ranges from 0 to 100.

Question 3

Free trade

Answer 3

Trade between nations without restrictions from barriers

Question 4

Globalisation

Answer 4

The growing integration of the world’s economies.

Question 5

Multinational companies ( MNCs)

Answer 5

Companies that own or control production or service facilities outside the country in which
they are based

Question 6

Remittances

Answer 6

The money sent back to their country of origin by overseas workers

Question 7

Trade liberalisation

Answer 7

The removal of rules and regulations that restrict free trade

Question 8

WTO

Answer 8

An international organisation that promotes free trade by persuading countries to liquidate tariffs and other barriers. It polices free trade agreements, settles trade disputes between governments and organises trade negotiations