Globalisation

Question 1

GDP

Answer 1

The value of all products and services produced within a set period of time

Question 2

Per capita

Answer 2

Looking at data per head of population

Question 3

Balance of payments deficit

Answer 3

Imports outweigh exports

Question 4

Fixed capital formation

Answer 4

Investments in long term assets such as roads and buildings

Question 5

Invisible export

Answer 5

The sale of a service to an overseas customer

Question 6

Free trade

Answer 6

When countries can export to each other without hurdles such as tariffs or quotas

Question 7

Purchasing power parity

Answer 7

Adjusting income levels to allow for differences in the cost of living

Question 8

Trading bloc

Answer 8

A regional group of countries agreeing to free trade and sometimes free movement of labour

Question 9

Inward foreign direct investment

Answer 9

Investment into a country such as the uk from companies abroad

Question 10

Outward foreign direct investment

Answer 10

Investment from a country such as the UK renting property in Brazil

Question 11

Saturated market

Answer 11

Almost every demand for a product has been fulfilled

Question 12

Scientific management

Answer 12

Fw Taylor suggested managers maximize their productivity by calculating how best to divide up tasks into smaller fragments, then incentivize workers to produce exactly what is set out by managers

Question 13

Liberalization

Answer 13

Minimizing the rules and regulations faced by businesses; on a global scale, reducing the barriers to freely moving international trade

Question 14

Regulations

Answer 14

Rules created as a result of laws passedby parliament

Question 15

Counter cyclical

Answer 15

Expansionary government policies to counter a downturn in the economic cycle

Question 16

Keynesian

Answer 16

An economic policy based on john Keynes urging the government to boost economies when hit by recession

Question 17

Structural unemployment

Answer 17

Long term unemployment as a fundamental economic shift makes an industry obselete

Question 18

Trade war

Answer 18

Economic battle between two countries based on protectionist measures.

Question 19

Home market

Answer 19

The number of customers that can be reached without needing to jump administrative hurdles

Question 20

Single market

Answer 20

Dismantling trade barriers within Europe so that all 28 countries can treat the whole region as their home market

Question 21

Globalization

Answer 21

The growth of international trade that has made an increasing number of markets global rather than national.