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International Business and Global Economics
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International Business and Global Economics
International Business and Global Economics
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1
Question
Which economies are considered BRICS?
Page 1
Answer
Brazil, Russia, India, China and South Africa.
2
Question
What is economic growth?
Page 1
Answer
An increase in the GDP - value of output of goods and services produced in an economy over time.
3
Question
What is an economy?
Page 1
Answer
An area or country where goods and services are produced, sold and bought.
4
Question
What defines an emerging economy?
Page 1
Answer
Economies of developing countries where there is rapid growth, but also significant risk.
5
Question
What are employment patterns?
Page 1
Answer
A key indicator of growth looking at unemployment rates, trends, labour costs, productivity, education qualifications and potential employees.
6
Question
What does GDP measure?
Page 1
Answer
Gross Domestic Product measures the output of goods and services in an economy over a period of time.
7
Question
What is the HDI?
Page 1
Answer
Human Development Index is a composite index focusing on life expectancy at birth, mean years of schooling, expected years of schooling, and standard of living measured by gross national income per capita.
8
Question
What does health indicate in development?
Page 1
Answer
A key indicator of development level including life expectancy at birth, mortality, pollution exposure, and clean access to water.
9
Question
What is literacy?
Page 1
Answer
A key indicator of growth where literacy rate looks at the percentage of adults that can read and write.
10
Question
Which economies are MINTS?
Page 1
Answer
Mexico, Indonesia, Nigeria and Turkey.
11
Question
What are exports?
Page 1
Answer
Goods or services produced in home market but sold in a foreign market.
12
Question
What is FDI?
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Answer
Foreign Direct Investment: business invests by setting up operations or buying assets in another country.
13
Question
What are imports?
Page 1
Answer
Goods and services bought into one country from another.
14
Question
What is specialisation?
Page 1
Answer
When an economy or business concentrates on a specific range of products or services.
15
Question
What characterises Foreign Direct Investment (FDI)?
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Answer
Business with head office in one country sets up factories, offices etc. in another country.
16
Question
What is globalisation?
Page 1
Answer
Process by which economies and cultures drawn deeper together through trade networks and rapid technology spread.
17
Question
What are international trade barriers?
Page 1
Answer
Regulations or policies restricting trade: tariffs, quotas, customs duties, rules and regulations.
18
Question
What is migration?
Page 1
Answer
Movement of people from one country to another to seek employment or better life.
19
Question
What is structural change?
Page 1
Answer
Where some businesses grow while others shrink or close, e.g. primary, secondary, tertiary sectors.
20
Question
What is trade liberalisation?
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Answer
Reduction, sometimes removal, of trade barriers between countries.
21
Question
What are transnational companies?
Page 1
Answer
Companies owning or controlling production/service facilities outside their base country.
22
Question
What are domestic subsidies?
Page 1
Answer
Financial support to domestic producer to compete with overseas firms.
23
Question
What is an import quota?
Page 1
Answer
Physical limit on quantity of imports allowed into a country.
24
Question
What is protectionism?
Page 2
Answer
Government policies protecting domestic businesses by making foreign products less attractive, e.g. tariffs, quotas, subsidies, regulation.
25
Question
What are tariffs?
Page 2
Answer
Tax on imports to make them more expensive.
26
Question
What are trade barriers?
Page 2
Answer
Measures designed to restrict trade.
27
Question
What is ASEAN?
Page 2
Answer
Association of Southeast Asian Nations.
28
Question
What is the EU?
Page 2
Answer
European Union: most powerful trading bloc, single market with free movement of people, goods, services, capital.
29
Question
What was NAFTA?
Page 2
Answer
North American Free Trade Area, replaced by USMCA.
30
Question
What is a single market?
Page 2
Answer
Market where almost all trade barriers between members removed; common laws ease goods, services, capital, labour movement.