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Economics SAC 3
Fichas del conjunto (13)
- 1GlobalisationFundamentally, the closer integration, or linking together and interdependence of the countries and peoples of the world
- 2Economic GlobalisationInvolves the integration of the world’s economy towards operating as one single market, brought about by the removal of trade and other barriers between the economies of countries all around the globe
- 3Economies of ScaleThe benefits that are enjoyed by firms when an increase in the volume of output leads to a reduction in average (or unit) costs of production. It relates primarily to the fact that fixed costs can be spread over a larger range of output
- 4Fixed CostsCosts of production that do not vary with the quantity of goods and services produced, within the limits of current capacity. Include management costs, the factory and plant (machinery used), and marketing
- 5Variable CostsCosts of production that vary directly with the quantity of goods and services produced, including costs of raw materials, wages and, packaging and shipping.
- 6DeregulationThe removal of government controls from an industry or sector of the economy, to allow for a more freely operating market place
- 7Multination Corporations (transitional)Corporations that operate in more than one country, but are based in one country
- 8InflationRefers to a rise in the general level of prices. Rapid inflation leads to a deterioration of the purchasing power of individuals if their incomes don’t increase at the same rate as prices.
- 9OutsourcingInvolves a company using an external organisation to provide services, or undertake some of the operations of the company
- 10OffshoringRefers to a process whereby jobs are relocated overseas, sometimes by outsourcing, but sometimes by directly relocating company operations to an overseas location, usually for the purposes of reducing labor costs or accessing local markets
- 11Division of LabourTasks in the production process are broken down and divided up, and workers are assigned particular stages or tasks in that process. Internationally, this has been the cause of the relocation of many labor-intensive jobs to low-wage countries
- 12Importance and Impact of Globalization on Australia- Helped contain inflation
- Increased Consumer Choices
- Has impacted Australia’s labor market
- Has affected Australia’s financial markets
- Has affected Australia’s government - 13—
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- Fichas sobre Economics SAC 3, creado por Francis Laurence Arquesa (NDC) el 28/10/2017.
- Creado por
- Francis Laurence Arquesa (NDC)
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