Growing Economies
This measures the total value of goods and services a country produces in a given year.
What is GDP?
Goods brought into a country from abroad are called this.
What are imports?
This global organisation oversees trade agreements and resolves trade disputes.
What is the World Trade Organization (WTO)?
Government actions that restrict imports in order to support domestic industries are known as this.
What is protectionism?
A group of countries that agree to reduce trade barriers between them is known as this.
What is a trading bloc?
This group of emerging economies includes Brazil, Russia, India, China, and South Africa.
What is BRICS?
When a country becomes highly skilled in producing a particular good or service, it is practicing this.
What is specialisation?
Reduced transport costs, political change, and MNC expansion are all factors contributing to this worldwide process.
What is globalisation?
A tax placed on imported goods to make them more expensive is known as this.
What is a tariff?
This European group forms a single market that allows free movement of goods, services, and labour.
What is the European Union (EU)?
Countries with low income, low GDP, and lower education levels are referred to as this type of economy.
What is a developing economy?
This type of investment occurs when a company invests in business operations in another country.
What is Foreign Direct Investment (FDI)?
A business with operations in multiple countries is known by this three-letter abbreviation.
What is an MNC (Multinational Corporation)?
A limit on the quantity of a product that may be imported is called this.
What is an import quota?
This agreement replaced NAFTA in 2018.
What is the USMCA?
This indicator measures well-being using health, education, and income.
What is the Human Development Index (HDI)
Increased jobs, higher tax revenue, and new technology are examples of advantages for a host nation receiving this.
What are the benefits of FDI?
Faster global communication due to the internet contributes to this trend by linking economies more closely.
What is increased globalisation?
Higher consumer prices and potential trade retaliation are disadvantages of this protectionist tool.
What are the disadvantages of tariffs?
Access to larger markets and reduced tariffs are benefits businesses gain from membership in one of these.
What are the benefits of trading blocs?
Economic growth can expand consumer demand and create new overseas market opportunities for firms.
What are trade opportunities created by economic growth?
Depending heavily on one industry can make a country vulnerable to changes in global demand.
What is over-specialisation?
Investment across borders helps link economies and spread technology, increasing global economic integration.
What is the role of FDI in globalisation?
Government financial support given to local businesses to reduce production costs is known as this.
What is a domestic subsidy?
Firms may struggle with increased competition or become too reliant on the bloc, representing this drawback.
What are negative impacts of trading bloc membership?