The main characteristics of globalisation
Globalisation means the world's economies are becoming more connected. Countries trade more, money moves across borders more freely, and large companies operate in many countries at once.
Real World
Apple designs products in California, manufactures components in Taiwan and South Korea, assembles in China, and sells globally — a single product embodying all key characteristics of globalisation: trade, FDI, and global value chains.
Exam Focus
Use data where possible — 'world trade as a share of GDP roughly doubled between 1990 and 2008' signals evaluative awareness and scores AO3 marks.
Price Elasticity of Demand
PED = % change in quantity demanded ÷ % change in price
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