SGS Business 2.1.4 Business and Globalisation

An import is a

• Good/service brought into a country
• Good/service sent to another country
• Good brought into a country

An export is a

• Good/service brought into a country
• Good/service sent to another country
• Good brought into a country

What is a tariff?

• A fee added to imports
• A certain quantity of goods that are allowed to be brought in
• Government giving money to or helping manufacturers

Foreign exchange is

• Buying goods in a foreign country
• A company that buys and sells currency
• Buying and selling the currencies used in other countries

Something people use is called  ____________.

• a Need
• a Resource
• an Export

The definition of TRADE is __________________.

• Importing goods
• to buy or sell goods or services
• Exporting goods

Define the acronym for W. T. O. 

• World Top Organizatioin
• World Trade Organization 
• Warehouse Trade Operation 

Why does the United States need to import products?

• The US does not import products
• Some are easier and cheaper to make in other countries
• The US makes all of its own products

Which option best describes the term globalisation?

• Goods purchased from overseas by UK businesses and consumers

• The process by which the world is increasingly becoming one market

• When a business produces goods in more than one country

• When goods and services are made in one country and sold in another

ASEAN (Association of South East Asian Nations) is an example of which of the following?

• Tariff

• Import

• Trade bloc

• Export