Business (Y13) - Globalisation

What is globalisation?

Economies and cultures becoming more inter-connected through international trade

Why has globalisation increased?

Open trade, political change, lower transport and communication costs, success of multinational organisations, greater migration, population growth, change in structure of economies

What are the advantages of globalisation?

Easier to sell abroad, access to cheaper raw materials and labour, can change locations to be closer to suppliers

What are the disadvantages of globalisation?

Increased competition in the UK, changes in exchange rates, higher UK labour costs, risk of becoming unethical

How can large businesses benefit from globalisation?

They have finance to gain the most out of globalisation

How can small businesses benefit from globalisation?

With technology they can access more international markets