Globalisation Keywords

Question 1

What is a TNC?

Answer 1

Transnational corporations are companies that operate in more than one country

Question 2

What is globalisation?

Answer 2

A term which describes how trade and technology has made the world a more connected and interdependent place

Question 3

What is glocalisation?

Answer 3

A product/service that is distributed globally which has been adjusted to accommodate the consumer in the local market

Question 4

What is cultural diffusion?

Answer 4

When certain cultural values, traditions and beliefs are adopted by different cultures

Question 5

What is FDI?

Answer 5

Foreign direct investment is a measure of the financial capital flow from one country to another

Question 6

What is a Trade Bloc?

Answer 6

A group of countries that agree to reduce trade barriers between them

Question 7

What is the World Trade Organisation?

Answer 7

The WTO exists the encourage and facilitate the liberalisation of trade between countries. The WTO deals with the rules of trade between nations at a global or near-global level.

Question 8

What is an NGO?

Answer 8

Non-governmental organisations are not for profit charities that deal with humanitarian issues e.g human rights, women’s rights

Question 9

What is liberalisation?

Answer 9

The removal of governmental controls to encourage economic growth

Question 10

What is the KOF index?

Answer 10

The KOF index is a score each country is given out of 100, the higher the number the more globalised the country is considered to be. It measures 3 types of globalisation economic, social and political.

Question 11

What is the AT Kearney Index?

Answer 11

The AT Kearney Index uses four main indicators to publish a globalisation index. This index includes political engagement, technological connectivity, personal contact and economic integration

Question 12

What are Global Hubs?

Answer 12

A city or region that serves as a central point for international activities such as finance, commerce or transport

Question 13

What are Megacities?

Answer 13

Cities with a population over 10 million e.g Mumbai and Karachi

Question 14

What is Economic Migration?

Answer 14

People who leave their country of origin for economic reasons and improved quality of life

Question 15

What is Diaspora?

Answer 15

A group of people who don’t live in their original country though still interconnected and maintain their heritage in their new land

Question 16

What is Deindustrialisation?

Answer 16

The reduction of industrial activity or capacity in a region or economy, especially of heavy industry or manufacturing industry.

Question 17

What is Cultural Erosion?

Answer 17

The loss of unique cultural practices, beliefs, and traditions over time due to globalisation

Question 18

What is Containerisation?

Answer 18

A system of freight transport for sea shipping that has reduced transport costs of moving thousands of good across the globe.It has been a catalyst for globalisation.

Question 19

What is Chinas Open Door Policy?

Answer 19

In 1978, the Chinese government adopted their Open Door Policy and opened up the country to investment from abroad. This led to the transformation of China with significant economic growth and urbanisation.

Question 20

What is Offshoring?

Answer 20

The practice of relocating business processes or work functions to another country in order to cut costs and increase efficiency

Question 21

What is Outsourcing?

Answer 21

Where a TNC gives a contract to another company to complete part of their work.