Globalisation key terms Flashcards
Globalisation
The process by which national economies, societies, and cultures have become increasingly integrated through the global network of trade, communication, transportation, and immigration
Capital flows
The movement of money for the purpose of investment, trade, to produce goods, or to provide services, usually regarded as investment into a production operation
International trade
The exchange of capital, goods, and services across international borders. Inbound trade are imports and outbound trades are exports
Labour
A factor of production, and is the human resource avilable in any economy. The quantity, quality, and cost of the workforce are key considerations to any producer of goods and services
Enterprise
A factor of production, a very particular form of human capital describing those who take the risk of establishing businesses and organising the production of goods or the provision of services
Factors of production
The number of productive resources that move to be combined in order to provide the necessary goods and services for trade. They are: land, labour, capital, and enterprise
TNCs
Businesses that operate in more than one country
Capital
Any physical resource that can be regarded as human-made aid for production
Deregulation
When the activities of financial institutions were no longer confined within national boundaries in the late 20th century
Core
Blocks of HDEs in which global power is concentrated
Periphery
LDEs which have been exploited and negatively impacted by a lack of investment, leakages, and out-migration
BRIC
Brazil, Russia, India, China
(sometimes South Africa is added)
Economies that have rapidly developed since the 1990s
MINT
Mexico, Indonesia, Nigeria, Turkey
Emerging developing economies
Foreign Direct Investment
Investment made mainly TNCs (sometimes also governments) that operate in one country into the physical capital or assets in another
