Globalisation Flashcards
What are BRIC economies?
The worlds leading emerging market economies
What are MINT economies?
Emerging economic giants
What are the indicators of growth?
- GDP per capita
- Literacy
- Health
- HDI
What is GDP?
The figure for a country that shows the total sum of everything they produce as a nation
What is HDI?
The statistic which combines life expectancy, education and income
What are imports?
Bringing goods in from other countries
What are exports?
Trade which involves sending products or services abroad in exchange for money
What is FDI?
a business from one country decides to establish themselves in another country
What is globalisation?
The process by which the world is becoming interconnected because of trade and cultural exchange
What is trade liberalisation?
the process by which international trade is made easier through relaxation of tariffs and barriers
What is GAAT?
A general agreement on tariffs for trade
What are the benefits of GAAT?
low labour costs in emerging countries for businesses
Jobs for unskilled workers
What is the world trade organisation?
Exists to reduce barriers to trade and to ensure countries keep to the agreements they have made
What are the benefits of trade liberalisation?
- help lower prices
- broaden the range of quality of goods
What are the disadvantages of trade liberalisation?
- increased competition can lead to small profit margins
- increased trade creates pollution
- developing countries become reliant on industrialised ones
