Globalization Flashcards
Division of the world in terms of economic development
- the rich industrialised countries or advanced economies of the West
- the developing countries or less-developed countries (LDCs) at various stages of industrialization - they are newly industrialized countries (NICs); some of these are middle-income countries
Asian tigers
fast-growing economies in SE Asia are reaching western levels of wealth and prosperity
The BRIC countries
Brazil, Russia, India, china
income per head
the money earned and the wealth possessed by each person
GDP (Def, pl)
Gross Domestic Product; PKB - produkt krajowy brutto; the prosperity of a country is measured; it’s the value of its economic output
economic output
all the good and services produced there in a year
GDP per capita
the total output of a particular country divided by then number of people living there
income distribution
the way that money is divided among the people of a country
GNI (pl, Def)
Gross National Income; dochód narodowy; this includes money coming into a country from investments abroad, minus money leaving the country to go to investors abroad
old name of GNI
GNP - gross national product; PNB - produkt narodowy brutto
globalization
the tendency for the global economy to function as one unit, with increasing interdependence between parts of the world - what happens in one place affects what happens in another
driving factors of globalization
- free movement of capital
- trade liberalisation or free trade
- shipping costs
- telecommunications and computing costs
free movement of capital
money for investment can be easily moved around the world
trade liberalisation or free trade
obstacles to international trade are gradually being removed
shipping cost
are ever-declining thanks to the efficiency of containerization
