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WYNTL

Although you will have gained an understanding of the national markets, the developing global economy means you need to find out how businesses aim to be competitive internationally. You need to understand the meaning of international competitiveness and how multinationals and other businesses operating in international markets try to be competitive. You also need to be able to explain how the following factors can affect the competitiveness of an international business:

• the trend towards increased freedom of trade and the role of the World Trade Organisation
• the effects of barriers to trade e.g. trading blocks, tariffs, quotas
• the European Union, European Monetary Union and the single market.

You need to be able to analyse the extent of the influence of these factors on businesses and how businesses respond to them.