Business Studies Year 13 revision Day 26 - Globalisation
On day 26 of the Year 13 Recap we turn our attention towards the global aspect of business and a good place to start is with the concept of globalisation.
Globalisation is a term which is used to explain how individual economies have moved away from their localised specialities towards a more global approach. Globalisation has fielded a series of advantages for firms, be that small or large, through the reduction in transportation costs and trade barriers.
Even though you could argue that the biggest recipients of the benefits of globalisation are the largest firms (MNCs) it is also important to stress the role that globalisation has had on helping economies develop and progress. The art of answering a question on globalisation is to avoid getting into the “fluff” that comes around this topic and directly address the winners and losers of this ongoing process of integration.
Here Jack talks you through the revision slide on globalisation: