Unit 3 KEY TERMS - economics and business

trade liberalisation

extension strategy

offshoring

common markets

trade creation

backward innovation

PPP

human development index (HDI)

commodities

specialisation

absolute advantage

comparative advantage

corporate culture

corporate social responsibility

social/cultural differences

protectionism

quota

globalisation

uncertainty

diversifying

inorganic growth

horizontal integration

vertical integration

synergy

glocalisation

ethnocentric model

geocentric approach

polycentric model

subcultures

cultural imperialism

transfer pricing

race to the bottom