Some examples from this set of practice questions
1.
What is globalisation?
Answer: Globalisation is the idea that people around the world are more connected through international trade and faster communications
2.
How does globalisation affect people around the world?
Answer: 1) Businesses can transport goods to and from many places in the world quite cheaply. As a result, we can buy goods from nearly anywhere in the world. 2) More people are travelling to foreign countries. As a result, we can have a better understanding of what life is like in each other\'s countries. 3) News travels faster than ever before and inventions like the WWW help to connect people all around the world.
3.
What does the World Wide Web (WWW) do?
Answer: World Wide Web. Through websites, companies can advertise worldwide and consumers can research and buy goods and services.
4.
What are transnational companies? Examples.
Answer: These are large companies that set up their shops, factories, customer call centres, manufacturing plants or restaurant chains in more than one country. Examples: Google, Apple, Pfizer, Intel
5.
Transnational companies are also called.......
Answer: Multinational companies
6.
What is FDI (also known as inward investment)?
Answer: This is when foreign companies set up and spend money in other countries
7.
Why do TNCs invest in countries like Ireland?
Answer: *Low company tax rates *Skilled, educated workforce *Good infrastructure for transport, communication and energy
8.
Advantages of inward investment/FDI?
Answer: *Creates new jobs and skills in the local workforce *Brings money into the local and national economy *Payment of taxation gives extra money to be used to improve public services. Examples; Schools, hospitals, roads
Some examples from this set of practice questions
1.
What is bartering?
Answer: Bartering is the swapping of goods and services without the use of money
2.
Define domestic trade
Answer: Is the trading of goods and services within a country
3.
Domestic trade example
Answer: Ireland
4.
Define international trade
Answer: Is the exchange of goods and services between people in Ireland and other countries
5.
International trade example
Answer: Ireland and the UK
6.
Main differences between domestic trade and international trade
Answer: *Language *Currency *Transport
7.
How is the country\'s international trade measured?
Answer: *Balance of trade *Balance of invisible trade *Balance of payments
8.
Trade with Northern Ireland is........
Answer: Trade with Northern Ireland is International Trade because we use different currency than the UK
9.
Importing definition
Answer: The purchasing of goods and services by people and businesses in Ireland from people and businesses in other countries. Importing goods and services means the money goes OUT of Ireland
10.
Define Visible imports
Answer: Visible imports are imports that can be seen and measured. They are physical things going into a country.
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