Caribbean Business Environment and Globalisation

What characterizes the Caribbean business environment?

Mostly small developing economies, open to trade but vulnerable to external shocks and competition from developed nations.

What are the types of business organizations in the Caribbean?

Ranges from small local firms to multinational corporations (MNCs)

List 3 economic challenges Caribbean businesses face.

• High unemployment

• Low literacy rates and poor infrastructure

• Dependence on agriculture

How does high unemployment affect businesses?

Less consumer spending, lower business revenue, and reduced economic growth.

Why is agriculture a challenge in the Caribbean economy?

Reliance on outdated techniques, low yields, vulnerability to natural disasters, and poor competitiveness globally.

What factors influence business culture?

• Environment

• Communication networks

• Leadership style

• Employees’ attitudes

• Daily procedures

Why is a strong business culture important?

• Boosts employee and customer loyalty

• Improves productivity

• Minimises miscommunication

Define trade liberalisation.

The removal of barriers to trade, allowing free access to markets.

What is the CSME and its purpose?

The Caribbean Single Market and Economy aims to create a single economic space for the free movement of goods, services, people, and capital.

Name two benefits of trade liberalisation and globalisation.

• Improved standards of living

• Increased trade and economic integration

What is the impact of outdated technology on Caribbean businesses?

Low productivity, high costs, and inability to compete internationally.

How does globalisation affect Caribbean businesses?

Increases competition from international companies due to open economies and internet access.

What is business culture?

The beliefs, attitudes, and values of employees in an organisation.

What are some risks of globalisation for Caribbean businesses?

Intense foreign competition, cultural erosion, and economic dependence.