globalisation 2.4

what is globalisation

Globalisation is the process by which businesses, cultures, and economies become interconnected and integrated on a global scale, facilitated by trade, investment, and technology.

mulltination company

A multinational company is a corporation that operates in multiple countries, managing production or delivering services in more than one national border.

international trade

The exchange of goods and services between countries, allowing for economic growth and market expansion.

exports

The goods and services that a country sells to other countries, contributing to its economic output and trade balance.

tariff

A tariff is a tax imposed by a government on imported goods, aimed at protecting domestic industries and generating revenue.

benefits of globalisation

The advantages that arise from increased interconnectedness among countries, including economic growth, access to a wider variety of goods, and cultural exchange.

growth

that occurs in an economy as a result of globalisation, leading to increased productivity and higher standards of living.

economies of scale

Cost advantages gained by producing goods in larger quantities, leading to lower per-unit costs and increased efficiency.

inward investments

refers to the flow of foreign capital into a country's economy to invest in local businesses, infrastructure, and projects, promoting economic development.

what is takeover

occurs when one business buys control of another one

what are some drawbacks of globalisation

Drawbacks include job displacement in developed countries, increased income inequality, environmental degradation due to increased production and transport, exploitation of labor in developing countries, and cultural homogenization.

product design

Product design involves the creative process of developing new product

quality

The inherent characteristics of a product or service that determine its ability to satisfy stated or implied needs. This includes aspects like durability, functionality, reliability, and aesthetic appeal.

exchange rates

The value of one country's currency in relation to another country's currency, influencing international trade and investment.

imports

Goods and services brought into a country from another country, contributing

profits

amount by which a businesses revenue from all its sales exceeds its total costs