Business and globalisation (Edexcel GCSE Business): Flashcards
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13 cards from this deck
Globalisation definition
Globalisation definition
Companies expand operations internationally, gaining influence worldwide
3 key areas globalisation impacts business
3 key areas globalisation impacts business
Importing, exporting, location decisions
Imports definition
Imports definition
Goods/services flowing into a country
Exports definition
Exports definition
Goods/services flowing out of a country
Multinationals definition
Multinationals definition
Large corporations with facilities across multiple countries
Importing benefit for businesses
Importing benefit for businesses
Source materials at competitive prices from abroad
Importing challenge for local UK businesses
Importing challenge for local UK businesses
Greater competition from international suppliers
Main exporting advantage
Main exporting advantage
Opens new markets with millions of potential customers
Location decision benefit of globalisation
Location decision benefit of globalisation
Lower labour costs, reduced expenses, closer to markets
Positive impacts of multinationals
Positive impacts of multinationals
Job creation, economic development, stimulate local economies
Negative impact of multinationals on local firms
Negative impact of multinationals on local firms
Local businesses struggle to compete with well-funded rivals
Key challenge of globalisation for businesses
Key challenge of globalisation for businesses
Intense competition from foreign companies
Challenge adapting to global markets
Challenge adapting to global markets
Need to adapt products for different market needs & preferences