Exports, imports and the balance of trade, specialisation and competitive advantage, and inward and outward FDI, its benefits and its forms, including greenfield investment, acquisitions and joint ventures.

What you need to know

Answer each one before you reveal it.

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Key term

Define exports, imports and the balance of trade.

Evaluation

How does specialisation create competitive advantage?

Process

How does specialisation improve product quality?

Key term

What strategic assets might a business acquire through FDI?

Questions from this subtopic

Each one with the model answer underneath.

1
What are exports?
Model answer
Goods or services produced domestically and sold to buyers in other countries.
2
Define imports in the context of international trade.
Model answer
Goods or services purchased from producers in other countries for use domestically.
3
What does the balance of trade measure?
Model answer
The difference between the value of a country's exports and imports.
4
When does a trade surplus occur?
Model answer
When the value of exports exceeds the value of imports.
5
What is a trade deficit?
Model answer
A situation where the value of imports exceeds the value of exports.
6
Define business specialisation.
Model answer
A firm focusing on producing a limited range of goods or services where it has particular expertise or efficiency.

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International trade and business growth

Overview