Back to the full dot-point answer
QLDBusiness StudiesQuick questions
Unit 4: Business evolution
Quick questions on Globalisation and the evolving business (QCE Business Unit 4)
7short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What are global supply chains?Show answer
A global supply chain spreads the stages of production across countries - inputs from one place, manufacturing in another, assembly and distribution elsewhere - to use the most cost-effective or capable source for each stage.
What are trade agreements?Show answer
Free-trade and economic-partnership agreements reduce tariffs and ease market access, lowering the cost and barriers of trading internationally. Australia is party to numerous agreements covering its major trading partners across Asia, the UK and the Americas, which make exporting and importing cheaper and more predictable. For an evolving business, a relevant trade agreement can open a new export market or cut input costs.
What is implications for the evolving business?Show answer
Globalisation pushes a business to evolve in several ways: it may reposition to compete with global rivals, redesign its supply chain for cost or resilience, enter export markets to grow beyond a small domestic base, and build the capability to manage currency and cross-border risk. Whether globalisation is net positive depends on the business - an exporter or input-importer with the capability to manage the risks gains, while a purely domestic business with no global advantage may mostly face the threat of new competition.
What are only listing opportunities?Show answer
Globalisation is genuinely double-edged; an evaluative answer needs both sides and a judgement.
What is q1?Show answer
Define globalisation and identify one opportunity and one threat it creates for an Australian business. [3 marks]
What is q2?Show answer
Explain the difference between offshoring and outsourcing, with an example of each. [3 marks]
What is q3?Show answer
Explain how a fall in the Australian dollar affects an Australian business that exports goods but imports its raw materials. [4 marks]
Have a question we have not covered?
This dot-point answer is short enough that we have not extracted many short questions yet. Read the full dot-point answer or ask Mo, our study assistant, in the chat for follow ups.