Globalisation Key Terms Flashcards
Define Globalisation
The process of increasing connectivity between countries. It involves widening and deepening global connections, interdependence and flows.
Define Glocalisation
When a company restyles its product to suit local tastes, this could include incorporating local products.
Define TNC
A company that acts in more than one country.
Define Outsourcing
When work is contracted out to another company.
Define Offshoring
When a company does work overseas, either itself or using another company.
Define Free Trade Policies
Policies with no restrictions over imports and exports.
Define Special Economic Zones
Areas with financial or tax incentives to attract FDI.
Define Free-market liberalisation
The lessening of government regulations and restrictions over the economy.
Define Privatisation
The transfer of assets from the public to the private sector.
Define FDI
Investment made by an overseas organisation into another organisation based in another country.
Define Subsidies
Grants given by governments to increases the profitability of key industries.
Define Tariffs
Taxes applied to goods when they are traded across international borders.
