dimensions of Globalisation

Question 1

what is globalisation? (short)

Answer 1

the growing interdependence of countries between the exchange of goods and services

Question 2

what is globalisation (long)?

Answer 2

a process by which national conomies, societies and cultures have become increasingly intgrated through the global network of trade communication transportation and immigration.

Question 3

what are the 4 dimensions of globalisation?

Answer 3

flows of information, technology and capital
flows of products and labour
flows of services and gloal marketing
patterns of production, distribution and consmption

Question 4

what are captial flows?

Answer 4

the movement of money for the purpose of trade

Question 5

what is money moved between countries used for?

Answer 5

all money moved between countries is used for investment, trade and production

Question 6

what are BRIC countries?

Answer 6

a group of 4 countries whos economies have gorwn rapidly since the 1990''s 
brazil 
russia
india 
china

Question 7

what are MINT countries?

Answer 7

more recently emerging economies of mexico, indonesia, nigeria and turkey

Question 8

foreign direct investment

Answer 8

investment is made mainly by TNC’S based in one country into the physical capital or assets of foreign enterprises

Question 9

repatriation of TNC’S

Answer 9

TNC’s investing in overseas production will normally take any profit made from that investment back to their home ountry

Question 10

migration

Answer 10

the majority of out migration of labour takes place from poorer to richer countries

Question 11

remmintance payments

Answer 11

transfers made by foreign workers to family in their home country

Question 12

what is laboour?

Answer 12

the aggregate of all human physical and mental effort used to create goods or provide services

Question 13

flows of products and labour

Answer 13

• global transport systems have never been cheaper or more efficient in moving both people and goods
• high speed rail networks and international airport hubs
• people move around the world for employment
• tourists travel increasing distances to remote locations

Question 14

what is a transaction cost?

Answer 14

a fee charged by exchange of goods and services

Question 15

what are tarrifs?

Answer 15

a tax or duty placed on the import of goods with the intention of making them more expensive to consumers.

Question 16

flows of services and global marketing

Answer 16

• follow flows of capital information, people and products
• marketing is now globalised
• global products rely on a common global brand

Question 17

what are services?

Answer 17

economic activities that are traded without the production of material goods

Question 18

low level services

Answer 18

services to consumers such as banking, travel and tourism and customer call centres

Question 19

high level services

Answer 19

services to businesses such as finance investment and advertising

Question 20

what does a footloose service mean?

Answer 20

services such as banking and insurance that work based on technology and can meet the needs of customers worldwide

Question 21

conglomerates

Answer 21

a collection of different companies or organisations which may be involved in different business activities but all report to one company

Question 22

flows of informaton

Answer 22

• governed by migration and the speed of data
• contributes to the expansion of knowledge
• technology have transformed these flows of information

Question 23

globalisation has created a new international division of labour with 2 main recognisable groups

Answer 23

1. highly skilled, highly paid, developed countries

2. unskilled, poorly paid, developing countries, low labour costs

Question 24

factors of production

Answer 24

roots of globalisation lie in international trade
factors include:
land 
labour 
capital

Question 25

distribution and consumption

Answer 25

• consumption mainly in developed world

- products manufactured in NIC economies are sold to developed regions