4.1.2

Cards (8)

what are exports? 
the sale of a product or service overseas
what is an import? 
the purchase of a product or service from overseas
what is a balance of payment?
the difference between import and exports
(want more imports)
what is specialisation? 
economic units focus on producing a specific good or service
why is specialistion more efficient and effective? 
empoyees have greater understanding
specialise what they are best at
technical economies of scale
what are the advantages of specialisation?
increased output per worker
competitive advantage
what is FDI? 
investment by setting up operations or buying business assets in another country
what are the benefits of FDI? 
quick growth
cheaper
tighter control
government lending to increase FDI