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Economics > Globalisation > Flashcards

Globalisation Flashcards

1
Q

what is globalisation?

A

the worldwide interfacing and interaction of economies with trade as an important element and ICT making it possible

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2
Q

What elements need to take place for trade to happen?

A

Production
Communication
Transport

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3
Q

How did international trade start?

A

When the first ships began to sail between foreign ports and established regular communication

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4
Q

What is internationalisation?

A

The extension of economic activities across national borders

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5
Q

What are the characteristics of internationalisation?

A

Increased quantities

Increased numbers

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6
Q

How does an integration of economies occur?

A

Same businesses and new businesses establish themselves in more and more countries

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7
Q

What is the integration of economies?

A
  • Things are done in the same way
  • Things are used for the same purposes
  • Same technology is used
  • Limitations on trade and production
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8
Q

What do we have to consider when speaking about globalisation?

A

The integration of economic activities on a worldwide scale

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9
Q

What does globalisation establish?

A

Regional economic blocs which effectively promote the integration of economic activities and the key role of trade and investments, communication and transport logistics

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10
Q

How are economic activities integrated?

A
  • Establishing production units where the cost of production is lowest
  • Creating quality changes in the ways economic activities are organised
  • Networking, creating collaborative relationships with legally independant businesses
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11
Q

What is regionalisation?

A

The present day tendancy to promote economic integration by establishing economically co operating regions

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12
Q

How is production driven?

A

By multinational enterprises, most with strong brand names

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13
Q

How does communication happen?

A

Electronically by means of signals, faxes, e-mails etc.

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14
Q

How does transport take place?

A

In terms of time it takes to move from one part of the world to the next, the world has shrunk dramatically

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15
Q

How does trade take place?

A

Trade is being liberated from all kinds of controls, the result is that trade is growing more than production

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16
Q

What are the causes of globalisation?

A 
technological change
Trade liberalisation
Multinational enterprises
Capital liberalisation
Standardisation
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17
Q

How does technological change take place?

A

Through:

  • information technology
  • new production processes
  • transportation and communication
18
Q

What is information technology based on?

A

The convergence of:
Communication technology
Computer technology

19
Q

How are new production processes a result of technological change?

A

IT brought about new systems of production and processes

20
Q

How did technological change result in better transport and communication?

A

Globalisation in dependant on communication and transportation

21
Q

What are transportation systems?

A

Transportation systems are means by which materials products and other tangible things are transported from place to place

22
Q

What are communications systems?

A

The means by which information is transported from place to place in the form of messages, ideas etc.

23
Q

What is trade liberalisation?

A

The removal of restrictions like tarriffs and quotas

24
Q

What contributed to the liberalization and stimulation of global trade?

A
  • The general agreement on taroffs and trade
  • Export promotion
  • Free Trade Areas
25
Q

What are multinational enterprises?

A

International businesses that produce goods and services in several countries, without being concentrated in a single country.

26
Q

How did capital liberalisation take place?

A
  • Together with free trade, financial markets where also liberated
  • As exchange and investment controls where removed, capital was allowed to be traded in international markets
  • This allowed capital to move where it earned the highest returns
27
Q

What is standardization?

A

Making something conform to a fixed set of rules

28
Q

What does the UN work to standardise?

A

The UN works to standardise the human rights of various groups of people

29
Q

What does the IMF work to standardise?

A

The IMF works to standardise trade, balance of payments and exchange rates, international lending and borrowing

30
Q

What does the world trade organisation work to standardise?

A

International trade relationships, tariffs and other forms of protection agreements

31
Q

What does the world health organisation work to standardise?

A

healthcare, responsibilities of hospitals, clinics and medical personnel and practitioners and training of health workers

32
Q

What does the international Labour office work to standardise?

A

Labour laws, worker behaviour and employer behaviour

33
Q

What does the consequences of globalisation impact?

A
  • The structure of economies
  • Economic growth
  • Changing patterns of trade
  • Changes in employment conditions
  • Environmental degredation
  • Labour
  • Cultural change
34
Q

How does globalisation change the structure of an economy?

A

The proportions in which different sectors contribute to GDP are changed

35
Q

How is economic growth affected by globalisation?

A

The total economy grows, benefiting from new technology and the liberalisation and growth of trade

36
Q

How are changing patterns of trade a result of globalisation?

A

Globalisation resulted in an enormous growth in trade, volume of world trade grew double compared to world GDP

37
Q

How are changes in employment positions are result of globalisation?

A

Employment in services increased far more rapidly than manufacturing

38
Q

How is environmental degeneration a result of globalisation?

A

Consumption patterns of richer countries impacts the state of renewable resources being exhausted

39
Q

How does globalisation affect labour?

A

The number of people moving is increasing every year

40
Q

How is cultural change a result of globalisation?

A

The availability of some consumable goods and the exposure of society to outside are visible signs of globalisation

41
Q

What is absolute advantage?

A

When a country can produce more output with the same input than another country

42
Q

What is comparative advantage?

A

When a country can produce the same output at a lower resource input cost than another country.

Economics (7 decks)

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