Globalisation

Question 1

What is the globalisation of markets?

Answer 1

Merging of distinct or separate national markets into one huge global marketplace.

Question 2

What factors made globalisation easier?

Answer 2

Falling trade barriers mAkes it easier to sell overseas.

The preferences of customers are converging on some global norm.

Question 3

Explain the global community

Answer 3

Doing international business is faced with challenges. There are supporters and critics.

Question 4

What are the pros and cons of globalisation.

Answer 4

Pros: countries will specialise in what they’re good at.
Countries can get tougher environmental regulations.

Cons: destroys manufacturing jobs in advance counties.
Avoiding costly efforts to adhere labour and environment costs of moving production.

Question 5

What are the two macro factors of globalisation

Answer 5

Decline of barriers since WW1
Technology: 
 Telecommunication
 Transportation technology
 Lower transport cost 
 Global communication(Internet)

Question 6

How does globalisation effect businesses? Define globalisation

Answer 6

It enhances the power of businesses (however they’re still dependant on their government)
Refers to a shift toward a more integrated and independent world economy.