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4.1 Business - Coggle Diagram
4.1 Business
indicators of growth
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HDI- combines economic statistics (life expectancy, mean years of school and GNI)
protectionsism
involves protecting domestic markets against foreign competition and limiting the number of imports into a country
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RISK- businesses may have to use more expensive suppliers forcing prices upwards making them less competitve
Trading Blocs
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economic unions- aim for integration of economic, political, and cultural factors such as euro zone
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international trade
it creates growth opportunities for nations and buisnesses, there are a number of benefits from trading beyond its borders.
comparative advantage- a countries ability to specialise in the production of goods and services rather than producing multiple products
competitive advantage- can be gained from adding value where other businesses cannot for example using local quality rescouses such as welsh slate, this can not be produced elsewhere for the same price and quaility.
FDI- direct investment into a country such as setting up a production facility or a joint venture. it is much more risky however allows firms to have comparative and competitive advantage
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