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Business > Theme 4 > Flashcards

Theme 4 Flashcards

1
Q

Exchange rate

A

The value of one currency against another

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2
Q

Economies of scale

A

Increasing the scale of production leads to the cost benefit of lower cost per unit of output

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3
Q

Push factor

A

Factors in the existing market that encourage a business to seek international opportunities

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4
Q

Pull factor

A

Factors that notice firms into new markets that act as an opportunity

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5
Q

GDP

A

A measure of the size and health of a country’s economy over a period of time

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6
Q

Emerging economy

A

A country with rapid growth and industrialisation

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7
Q

Ethnocentric approach

A

A firm making little or no attempt to adapt their products for the local market

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8
Q

Polycentric approach

A

A firm that adapts products to suit the local markets that they intend to sell to

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9
Q

Geocentric approach

A

‘The glocalisation approach’
Uses a combination of polycentric and ethnocentric to maintain the global brand name but tailor its products to local markets

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10
Q

Indicators of growth

A

GDP
literacy rate
Health
HDI

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11
Q

Offshoring

A

Moving manufacturing or service industries to a part of the world with lower production costs

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12
Q

Outsourcing

A

Moving a business function to a specialist external provider

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13
Q

BRICS

A

Brazil Russia India China South Africa

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14
Q

Economic growth

A

An increase in the GDP of a country

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15
Q

Emerging economy

A

economies where there is rapid growth of gdp and infrastructure

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16
Q

GDP

A

Measures the output of goods and services in an economy over a period of time

17
Q

HDI

A

an index focusing on 3 basic measures of human development

Life expectancy
Literacy rate
Standard of living

18
Q

Literacy rate

A

A measure of growth the percentage of adults that can read and write

19
Q

MINT

A

Mexico Indonesia Nigeria Turkey

20
Q

FDI

A

Foreign direct investment
When a business invests by setting up operations or buying assets in another country

21
Q

Globalisation

A

The process of economies becoming more integrated through trade and technology

22
Q

Trade liberalisation

A

The reduction or removal of trade barriers between countries

23
Q

Domestic subsidies

A

Financial support given to a domestic producer to help compete with overseas firms

24
Q

Import quotas

A

A physical limit on the quantity of imports allowed into a country

25
Q

Tariffs

A

A tax on imports to make them more expensive

26
Q

ASEAN

A

The South East Asian Nation trading bloc

27
Q

EU

A

The European Union
The most powerful trading bloc
A single market that guarantees free movement of people, goods, services and capital

28
Q

NAFTA

A

The North American trading bloc
Canada
USA
Mexico

29
Q

Single market

A

A market where this is minimal or no trading barriers

30
Q

Trading bloc

A

A group of countries with an agreement on having reduced or no protectionist methods

31
Q

Saturated market

A

A market that is highly competitive with little room for growth

32
Q

Ease of doing business

A

The number of barriers a business faces when entering a market

33
Q

Subsidy

A

A payment made to a producer to lower the cost of production

34
Q

Global merger

A

When two companies from different countries combine businesses

35
Q

Joint venture

A

When two or more businesses come together for a project but remain their own seperate entity

36
Q

Glocalisation

A

A marketing strategy that adapts a global product to suit tastes of different regions

37
Q

Global niche market

A

Smaller specialised parts of the market where there are specific customer needs

38
Q

MNC

A

A multinational company
Operates in more than one country

39
Q

WTO

A

World trade organisation
Supervises world trading arrangements and promotes the benefits of free trade

Business (7 decks)

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