globalisation key words definition

Question 1

commodities?

Answer 1

raw materials

Question 2

cultural diffusion?

Answer 2

the spread of one culture to another by various means (westernisation)

Question 3

cultural erosion?

Answer 3

the changing and loss of culture in an area, such as the loss of language and traditional food

Question 4

deindustrialisation?

Answer 4

the decline of manufacturing industry in an area

Question 5

depopulation?

Answer 5

when the population of an area declines

Question 6

elite migrants?

Answer 6

skilled, wealthy migrants, often experts in finance and investment

Question 7

export processing zones?

Answer 7

used instead of special economic zones. describes an area set up by national governments to offer financial or tax incentives to attract FDI

Question 8

Foreign direct investment (FDI)

Answer 8

overseas investment made by a company or organisation which is based in another country

Question 9

free enterprise?

Answer 9

when companies operate in competition with each other, with minimal government control

Question 10

gini coefficient?

Answer 10

a measure of inequality which considers how far wealth distribution within a country deviates from perfect equality

Question 11

global homogenisation?

Answer 11

the idea that everywhere is becoming the same

Question 12

global shift?

Answer 12

the movement of manufacturing from Europe and the USA to many Asian countries

Question 13

globalisation?

Answer 13

the process by which people, culture, finance, goods and information transfer between countries with few barriers

Question 14

glocalisation?

Answer 14

when a company adapts their products to suit local tastes

Question 15

gross domestic product?

Answer 15

the same as gross national income, but excluding foreign earnings

Question 16

gross national income?

Answer 16

the value of goods and services earned by a country (excluding overseas earnings), formerly known as gross national product

Question 17

Human Development Index?

Answer 17

a measure of development which takes into account life expectancy, education and GDP for every country and converts them into a value between 0 and 1

Question 18

time space compression?

Answer 18

the concept that communication technologies have massively reduced the time it takes to trade and communicate globally, therefore even though the physical distances are unchanged, the time taken to cross them is significantly lower

Question 19

trade liberalisation?

Answer 19

the removal of trade barriers such as subsidies, tariffs and quotas

Question 20

trading blocs?

Answer 20

when countries have grouped together to promote free trade between them. The EU is an example of a trading bloc

Question 21

world bank?

Answer 21

a global organisation which uses bank deposits placed by the world’s wealthiest countries to provide loans for development in other countries

Question 22

world cities?

Answer 22

cities with major influence, based on: finance, law, political strength, innovation and ICT

Question 23

world trade organisation?

Answer 23

a global organisation which looks at the rules for how countries trade with each other