chapter 6- business structure kw

Question 1

free trade

Answer 1

no restrictions or trade barriers exist that might prevent or limit trade between countries

Question 2

tariffs

Answer 2

taxes imposed on imported goods to make them more expensive than they otherwise would be

Question 3

quotas

Answer 3

limits on the physical quantity or value of certain that may be imported

Question 4

voluntary export limits

Answer 4

an exporting country agrees to limit the quantity of certain goods sold to one country (possibly to discourage the setting of tariffs/quotas)

Question 5

protectionism

Answer 5

using barriers to free trade to protect a country own domestic industries

Question 6

globalisation

Answer 6

the increasing freedom of movement of goods, capital and people around the world

Question 7

multinational businesses

Answer 7

business organisation that has its headquarters in one country but with operating branches, factories and assembly plants in other countries

Question 8

privatisation

Answer 8

selling state owned and controlled business organisations to investors in the private sector