Have an account?
No student devices needed. Know more
Goods and Services sold by local businesses to overseas consumers
Goods and Services bought by local consumers from overseas businesses
Services purchased outside a country eg tourism
Services sold to consumers outside a country eg. education
Define Factors of Production.
Resources used in the process of production - natural, labour, capital, enterprise
limited resources and unlimited needs and wants
The raw materials to final delivery of producing a product or service
A system that coordinates the production and distribution of goods and services
Define a Transnational Corporation.
An organisation with interests and offices in several countries
An organisation that has a home base in one country but wholly owned subsidiaries in other countries
An organised exchange of goods and services between buyer and seller
A process of growing interdependence between countries on trade
Define an economy.
The total value of all goods and services produced in a year
The difference between the value of a country's export and the value of its imports
A person/group that is the final user of a good/service produced
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region/area
Define Gross Domestic Product.
The difference between the value of a country's exports and the value of its imports over a specific period of time
A pact between two or more nations to reduce barriers to imports and exports
The total value of all goods and services produced in a country in a given year
The process of growing interdependence
Define Opportunity Cost.
The economic problem of having unlimited needs and wants with only limited resources to satisfy them
The resources used in production of goods/services
The value of the next best alternative that is given up wen a choice is made
Purchase of services from outside the country
Good/service purchased by local consumers from overseas businesses
Good/service sold to overseas consumers by local businesses
Service purchased from overseas businesses
A tax on imported goods/services
What is an example of a barrier to trade?
Factors of Production
None of the above
Which is an example of an invisible export for Australia
Australian tourists in the UK
Chinese student studying at an Australian university
Australians spending money online
Consumers buying goods from local businesses
Define a Supply Chain.
An entire system of producing and delivering a product or service, from the very beginning stage of sourcing the raw materials to the final delivery of the product or service to end-users
The part of international trade that does not involve the transfer of goods or tangible objects, which mostly include service sectors like banking, advertising, copyrights, insurance, consultancy etc. invisible export also known as invisible trade is basically associated with the person’s own skill and knowledge is what is 'sold' rather than a piece of software or books.
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
The process of growing interdependence between countries
Key elements of a supply chain include:
Imports and exports
Raw materials, production and assembly
Natural, land, labour, capital
Quota, Subsidy, Tariff
The aim of global supply chain management is to:
Exploit developing country resources
Make TNCs more powerful
Maximize customer value and achieve a sustainable competitive advantage
What is the aim on the International Monetary Fund?
It is an influential organisation that has the power to rule on international trade disputes. Works with governments to bring its economic and trade policies in line with the rules and negotiate its terms of entry with membership
Promote international monetary cooperation; facilitate the expansion and balanced growth of international trade; promote exchange stability; assist in the establishment of a multilateral system of payments; and make resources available (with adequate safeguards) to members experiencing balance-of-payments difficulties
To shape policies that foster prosperity, equality, opportunity and well-being for all. To work with governments and citizens to establish evidence based international standards. Focuses on is creating jobs, developing education, fighting tax invasion, exchange experiences, knowledge hug for data and analysis
None of the above
The World Trade Organisation....
administers the rules of international trade
settles trade disputes between its members and it supports the needs of developing countries
works with governments to bring its economic and trade policies in line with WTO rules
All of the responses
One benefit for Australian individuals due to globalisation is:
Loss of jobs when Australian businesses go bankrupt
Greater choice in products/services
Strengthens ties with other nations
Find ways to adapt
One disadvantage of globalisation for Australian businessess is:
Loss of industries due to great competition
Emergence of new markets
One benefit from globalisation for the Australian Government is:
Improves standard of living and economic growth
Loss of jobs
When TNCs behave ethically and respect human rights in the countries they operate they can (select ALL that apply) :
Change working conditions for the people in those countries
Promote themselves favourably to consumers worldwide
Discover new target markets of customers who prefer and believe in what they do
Create sustainable environmental solutions
TNCs can do harm in developing countries when they do not act responsibly. This includes:
Exploiting worker conditions
Evading taxes in the countries they operate
Depleting natural resources
Exerting power on less wealthy governments
How does covid19 impact on the Australian economy?
Injects more money into the economy
Increases profits for businesses
Increased standard of living
What is the measurement of economic production and growth?
Gross Domestic Product
What would indicate a high standard of living?
Low unemployment rates and steady inflation
High unemployment rates and high inflation
High unemployment and low GDP
High inflation and High imports
What is one way to determine how important a country is to Australia's for trade?
Ranking of imports and exports
Type of items we import/export
Which sector in the circular flow model is the total of all consumers in an economy?
This is a limit a government can put on imports of certain items into a country to assist local producers.