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GOLBALISATION 1. What is meant by the phrase 'Globalisation'? With reference to appendix 1, explain why this makes domestic economic management more difficult. (8 marks) Globalisation is difficult to define; it is the development of the world into just one market i.e. a global market. Quite simply businesses have moved from producing and selling their goods in just their national markets, to producing and selling their goods and services all over the world. It is bringing the world closer to Homogenization. Therefore they are spread across international boundaries. It is firms using the world as one giant market, with the possibility of having parts of production in different countries, leading to the fragmentation of production, whereby materials and components are sourced from different countries. This has lead to increasing 'interdependence', where a countries economic performance can affect other countries that may be using that country for a part...

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