Globalisation

• Globalisation is the process by which countries become more interconnected through trade, investment, migration, communication, and cultural exchange.
• Globalisation encourages innovation and technological advancements through the exchange of ideas and knowledge.
• Globalisation enhances cultural diversity and understanding by facilitating the exchange of ideas, values, and traditions.
• Globalisation promotes economic growth by increasing access to markets and resources.
• Global interaction can impact Equity, Culture, and Disparity to lead the world towards a hopeful future
• Globalization has increased the exchange of goods and services throughout the world.
• By operating on a global scale, firms can enjoy greater economies of scale.
• The internet allows people from different parts of the world to communicate with one another easily.
• Increased trade between countries leads to an increase in demand for products and services.
• International trade increases competition between countries which leads to innovation and efficiency gains.
• • When countries concentrate on the production of certain goods or services due to cost advantages, perhaps due to their abundance of resources it is called international specialisation.
• Some advantages of specialisation are Efficiency Gains, Labour productivity, Increased productive capacity, Economies of Scale, and Improved competitiveness.
• Overspecialisation occurs when an individual, firm, region or country concentrates too much on producing a very limited number of goods and services.
• Disadvantages of specialisation are Lack of variety for consumers, High labour turnover, Low labour mobility and Higher labour costs.
• International trade is the exchange of goods and services between countries.
• Fledging or Infant Industries refers to a company, industry or startup that is young and lacking experience.
• A sunset industry is an industry that has existed for a long time and that is less successful and making less profit than previously.
• If a company exports a product at a price lower than the price it normally charges on its own home market, it is said to be dumping the product. Anti-dumping policies are protectional policy against these situations occurring.
• Protecting jobs, Health, safety & environmental guidelines, Security, Independence, and Preventing loss of culture are reasons that countries restrict trade.
• Tariffs, Price Ceilings, and Price Floorings are ways that countries restrict trade.
• Tariffs are taxes charged on goods that cross national boundaries, usually by the government of the importing country.
• A price ceiling is the maximum amount a seller can charge for a good or service, that is usually enforced by the government.
• A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service.
• Free Trade Areas are formed when countries agree to reduce trade barriers for certain goods. This is called a preferential trade agreement. A free trade area (FTA) goes one step further, with countries promising to remove all barriers to trade in goods and services between participating countries. 
• A Custom Union is an agreement between members of a free trade area that requires members to set exactly the same trade policy with non-member countries.
• A common market has the characteristics of an FTA and a customs union, but with free movement of all goods, people and services across the borders within the common market.
• A currency union is an intergovernmental agreement that involves two or more states sharing the same currency.