Definitions
The increasing interconnections of people, businesses, countries and economies through trade, communication, tech and transport?
Globalisation
When an economy can produce goods or services at a lower opportunity cost than its trade partner.
Comparative advantage
A business that produces and sells its product in multiple countries throughout the world
TNC - transnational company
The flow of money, goods and services between different sectors of the economy
The circular flow
When a country strategically focuses its resources on the production of specialised goods and services, it can produce more efficiently and competitively than others.
Specialisation