GS&GG Key Terms Flashcards
Globalisation
The process of becoming more globally connected on a variety of scales. It is the movement of people, knowledge, ideas, goods and money across national borders, leading to - theoretically - a ‘borderless world’.
Global village
The world has been transformed into a village by the almost instantaneous transmission of information, facilitated by the improvements in ICT.
Capital Flows
The movement of money for the purposes of investment and trade to produce goods or provide services.
Usually regarded as investment into a production operation.
International trade
The exchange of capital, goods and devices across international borders.
Inbound trade is defined as imports and outbound trade as exports.
Labour
Factor of production defined as the aggregate of all human, physical and mental efforts used to create goods or provide services.
Remittance payments
These are transfers of money made by foreign works to family in their home country.
Economies of scale
The cost advantages that result from the larger size, output or scale of an operation, as savings are made by spreading the costs or by rationalising operations.
Global shift
The movement of manufacturing and some service industries from developed nations to lower wage economies.
TNCs
A company which operates in at least two countries.
The organisation is hierarchal, with the headquarters and development often location in country of origin, with centres of production over seas.
Operate in all types of industry.
Glocalisation
The production of a global good which is adapted to the local market.
Maquiladora
A manufacturing operation (plant or factory) located in free trade zones in Mexico.
Import materials for assembly and then export the final product without any trade barriers.
Time-Space convergence
The time it takes to travel between places is getting shorter, so distant places are brought closer together in terms of the time taken to get to and send messages between them.
Frictional effect of distance
The theory that areas that are closer together are more likely to interact, whereas those further apart are less likely to.
Enabling technologies
Inventions or innovations that allow a user or business to significantly impact the way they operate, such as the internet.
Neoliberalism
An approach that favours privatisation, deregulation, free trade and a reduction in government spending.
Dry ports
An inland terminal directly connected by road or tail to a seaport, which operates as a hub.
The Lorenz Curve
Graphical representation of the distribution of income or of wealth.
Developed by Max O.
The Goni Coefficient
A measure of statistical dispersion intended to represent the income or wealth distribution of a nations residents.
Import license
A license issued by a national government authorising the import of goods from a specific source.
Import quotas
Set a physical limit on the quantity of goods that can be imported into a country.
Subsidies
Grants or allowances usually awarded to domestic producers to make them competitive by reducing costs against imported goods.
Voluntary export subsidies
A diplomatic strategy offered by the export counties to appease the import country and deter them from imposing trade barriers.
Embargoes
The particular or complete prohibition of commerce or trade with a particular country, usually for political reasons.
Trade restrictions
Import restrictions based on technical or regulatory obstacles such as the quality standards of goods.
