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Definitions:
Tariffs: these are taxes on imported goods
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Trade liberalisation: process of reducing barriers to trade so that economies can move gradually
closer to free trade
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Market saturation: occurs when it becomes impossible to expand sales further in that particular
market
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Extension strategy: extending the product life cycle either by making small changes in it, finding
new uses or finding new markets
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They have seen big
increases in manufacturing output and standards of living are rising
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Aiming to exploit cost savings
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Tries to keep the system stable and
provide adequate finance for world trade to continue without interruption
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WTO: started out as GATT(general agreement on Tariffs and Trade)
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Free trade areas: groups of countries that trade completely free with each other, with no trade
barriers
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Trade creation: occurs when there is an increase in the total amount of goods and services
traded because of reduced restrictions
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FDI: occurs when business’ or governments invest in other countries
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BRICS: Brazil, Russia, India, China and newly South Africa
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Backward innovation: involves developing low cost products that will appeal to people with
relatively low incomes
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Supply chain management: organising the sequence of processes that leads to the sale of the
final product
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Typically one will provide finance
from abroad, while the other provides the local contacts and know-how to get the business
going
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State owned enterprises(SOEs): business’ run by the government (local or national)
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Open economy: one in which exports and imports form a significant proportion of GDP
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Centrally planned economies: all or most economic decisions were taken by governments