Globalisation and Trade Flashcards

1️⃣ Familiarise yourself with the flashcards:

  • Look through all the flashcards to see what's on both sides.
  • Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

  • Look at the question or prompt on each card and try to remember the answer before flipping it over.
  • Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

  • Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
  • Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What is globalisation?

The growing links between countries that make trade and business across borders easier.

What is an import?

A good or service a business buys from another country.

What is an export?

A good or service a business sells to customers in another country.

How can globalisation help a business increase sales?

It can sell in more countries, so it reaches a larger market.

How can globalisation help cut costs for a business?

It can buy materials or services from countries where they are cheaper.

What is one risk of globalisation for UK businesses?

More competition from foreign firms selling in the UK.

What is another risk of globalisation for a business’s supply chain?

Longer distances can cause delays and higher transport costs.

What is an exchange rate?

The value of one currency compared with another, e.g., how many euros you get for £1.

If the pound gets stronger, what happens to imports and exports?

Imports get cheaper. Exports get dearer for foreign buyers.

If the pound gets weaker, what happens to imports and exports?

Imports get dearer. Exports get cheaper for foreign buyers.

What is a multinational company (MNC)?

A business with operations in more than one country.

How does e-commerce support global trade for small firms?

Selling online lets firms reach customers worldwide and take payments from abroad.