Global Systems Flashcards
Bottom Up
When local people are consulted and supported in making decisions to undertake projects or developments that meet one or more of their specific needs.
Top Down
When the decision to undertake projects or developments is made by a central authority such as government with little or no consultation with the local people whom it will affect.
Bilateral Agreement
Agreement on trade (or aid) that is negotiated between two countries or two groups of countries.
Common markets
A group formed by countries in geographical proximity in which trade barriers for goods and services are eliminated.
Custom unions
A trade bloc which allows free trade with no barriers between its member states but imposes a common external tariff to trading countries outside the bloc.
Multilateral agreement
An agreement negotiated between more than two countries or groups of countries at the same time.
Outsourcing
A cost saving strategy used by companies who arrange for goods or services to be produced or provided by other companies, usually at a location where costs are lower.
