2.4 Globalisation Key Words

Question	Answer
Globalisation	The trend for markets to become worldwide in scope (when a multinational company has different parts of the manufacturing process or all of the processes in different countries).
Economies of Scale	When a business' unit costs of production fall as is output rises and the business expands (the more of something you produce, the cheaper it becomes to produce).
Multinational Company (MNC)	A company that produces goods and services in more than one country (also called transnational corporations).
Takeover	When one business buys control of another one.
International Trade	The selling of goods and services internationally across different national frontiers.
Product Design	Translates the needs of consumers or inventiveness of entrepreneurs and turns it into a sale-able product.
Exchange Rate	How much £1 is worth compared to another currency (such as the Euro or Dollar).
Quality	How well your customer perceives your product to have been made or the level of service they feel they have received.
Exports	Goods and services produced by a business in this country and sold to a different country.
Imports	Goods and services purchased from overseas by consumers and businesses in this country.
Price	The amount of money a business asks customers to pay for a product

Resource summary

	Created by Ethan Neale-Buckley over 6 years ago