The increasing integration and interdependence of economies around the world.

Improvements in technology, transport, communication, and trade liberalisation.

Access to larger markets, more consumer choice, lower production costs, and increased investment.

Job losses in some industries, exploitation of labour, environmental damage, and loss of cultural identity.

When a country focuses on producing goods and services it is most efficient at making.

To access goods they cannot produce efficiently and to sell off unwanted/excess goods.

Increased variety of goods, lower prices, economies of scale, and more competition.

Dependence on other countries, risk of over-specialisation, and potential job losses in uncompetitive sectors.

It makes exports more expensive and imports cheaper.

It makes exports cheaper and imports more expensive.

Uncertainty in pricing, profit margins, and international competitiveness.

A record of all financial transactions between one country and the rest of the world.

Trade in goods and services, investment income, and transfers.

More imports than exports, lower competitiveness, or high domestic consumption.

Borrowing from abroad, falling currency value, and reduced confidence in the economy.

Government actions to restrict international trade to protect domestic industries.

Tariffs, quotas, subsidies, and regulations.

Protects jobs and industries, allows new industries to grow, and reduces trade deficits.

Higher prices for consumers, less choice, trade wars, and reduced efficiency.

A group of countries in a region that agree to reduce or eliminate trade barriers among themselves.

A major trading bloc that allows free trade, movement of people, and a shared currency (for some members).

Access to a larger market, economies of scale, and increased cooperation.

Loss of independence in trade policy and potential exclusion of non members.

When a firm invests directly in facilities or operations in another country.

To gain capital, technology, employment, and access to global markets.

Boosts economic growth, provides jobs, and improves infrastructure.

Profits may leave the country, and local businesses may struggle to compete.