Globalisation EQ1 Flashcards

1
Q

BRICS group

A

The four large, fast-growing economies of Brazil, Russia, India, China and – most recently – South Africa.

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2
Q

Economies of scale

A

Where companies expand production to increase efficiency and reduce unit production costs

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3
Q

Emerging economies

A

Countries that have begun to experience high rates of economic growth, usually due to rapid factory expansion and industrialisation

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4
Q

Foreign direct investment (FDI)

A

A financial injection made by a TNC into a nation’s economy, either to build new facilities (factories of shops) or to acquire, or merge with, an existing firm already based there.

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5
Q

Global production network (GPN)

A

A chain of connected suppliers of parts and materials that contribute to the manufacturing or assembly of the consumer goods

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6
Q

Glocalisation

A

Changing the design of products to meet local tastes or laws

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7
Q

Glocalisation

A

Changing the design of products to meet local tastes or laws

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8
Q

Gross domestic product

A

A measure of the financial value of goods and services produced within a territory (including foreign firms located there)

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9
Q

Horizontal integration

A

Where a company expands at one level in the production process

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10
Q

Interdependency

A

When two places become over-reliant on financial and/or political connections with one another

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11
Q

Intermodal containers

A

Large-capacity storage units which can be transported long distances using multiple types of transport without the freight being taken out of the container

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12
Q

Intermodal containers

A

Large-capacity storage units which can be transported long distances using multiple types of transport without the freight being taken out of the container

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13
Q

International Monetary Fund

A

An organisation whose primary role is to maintain international financial stability, by stabilising currencies and granting loans to countries that cannot pay their debts.

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14
Q

Just in time

A

Where the time gap between production and delivery to the customer is sharply reduced, cutting warehousing and storage costs

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15
Q

Knowledge economy

A

Where GDP is earned more through expertise and creativity in services such as finance, media, law, technology and management, than from the manufacture of goods - the quaternary employment sector

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16
Q

Least developed countries (LDCs)

A

The world’s very poorest low-income nations, whose populations have little experience of globalisation. A number of these can be described as ‘failed states’ eg Somalia

17
Q

OECD

A

A global ‘think tank’ of 34 of the worlds’ wealthiest nations that promote policies that will improve the economic and social well-being of people around the world.

18
Q

OECD

A

A global ‘think tank’ of 34 of the worlds’ wealthiest nations that promote policies that will improve the economic and social well-being of people around the world.

19
Q

OPEC

A

An Intergovernmental Organisation (IGO) that co-ordinates policies and prices related to oil production with its 12 members.

20
Q

0ffshoring

A

TNCs move parts of their own production process (factories or offices) to other countries to reduce labour or other costs

21
Q

Outsourcing

A

TNCs contract another company to produce the goods and services they need rather than do it themselves. This can then result in the growth of complex supply chains

22
Q

Remittances

A

Money that migrants send home to their families via formal or informal channels

23
Q

Shrinking world

A

Thanks to technology, distant places start to feel closer and take less time to reach

24
Q

Sovereign wealth fund

A

Government-owned investment funds and banks typically associated with China and countries that have large revenues from oil, such as Qatar and Norway.

25
Q

Spatial division of labour

A

The common practice among TNCs of moving low-skilled work abroad (or ‘offshore’) to places where labour costs are low. Important skilled management jobs are retained at the TNC’s headquarters in its country of origin.

26
Q

Special Economic Zone (SEZ)

A

An industrial area, often near a coastline, where favourable conditions are created to attract foreign TNCs. These conditions include low tax rates and exemptions from tariffs and export duties.

27
Q

Subsidies

A

Grants given by governments to increase the profitability of key industries e.g. farming.

28
Q

Tariffs

A

The taxes that are paid when importing or exporting goods and services between countries.

29
Q

Technological leap-frogging

A

The adoption of a new technology by a developing economy without it having to use a more basic technology first

30
Q

Time-space compression

A

The perceptual change of time, distance and potential barriers to the migration of people, goods, money and information through heightened connectivity

31
Q

Trade blocs

A

Voluntary international organisations that exist for trading purposes, bringing greater economic strength and security to the nations that join.

32
Q

Trade liberalisation

A

Removing barriers (such as subsidies and tariffs/duties) so that Free Trade can occur.

33
Q

Transnational corporations

A

Businesses whose operations are spread across the world, operating in many nations as both makers and sellers of goods and services

34
Q

Trickle-down

A

The positive impacts on peripheral regions (and poorer people) caused by the creation of wealth in core regions (and among richer people).

35
Q

Vertical integration

A

Where a company controls and owns every stage of production from exploration to sales

36
Q

World Bank

A

An organisation that aims to tackle extreme poverty by providing low-interest loans for development in countries that agree to certain conditions concerning repayment and economic growth.

37
Q

World Trade Organisation

A

An organisation which believes in trade liberalisation, seeking to encourage all trade between countries free of tariffs, quotas or restrictions on trade.