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A level Geography - Human > International Trade and Access to Markets > Flashcards

International Trade and Access to Markets Flashcards

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1
Q

Define Free market

A

An area or group of countries that trade without taxes or tariffs

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2
Q

What are the G7 countries

A

Top 7 richest countries in the world who meet as a group to discuss world economic/political issues

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3
Q

Give the 4 top exporters in order

A

1) China
2) USA
3) Germany
4) Japan

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4
Q

Give the 4 top importers ranked

A

1) USA
2) China
3) Germany
4) Japan

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5
Q

What is FDI

A

Direct investment from overseas, and can be in the form of financial collaboration, capital markets and joint ventures.

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6
Q

Give 5 factors that encourage FDI

A 
Prevalence of natural resources 
Size of their markets 
SIze of population 
Access to trade links 
Financial services 
Cost of set up
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7
Q

EU has the world’s…largest population

A

3rd

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8
Q

Give the pros of the EU

A

Free movement of goods
Free movement of people (tourism + workers)
Poorer countries have become wealthier by receiving EU aid

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9
Q

Give the cons of the EU

A

Disagreement over the single currency

Conflict over fishing quotas

East and West economic divide

Money wasted through the administration

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10
Q

What percentage of tariffs are eliminated from the Trans-Atlantic Partnership

A

98%

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11
Q

In 2015, China overtook the USA as the largest………….in the world

But without…China trails behind the USA

A

Economy

PPP

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12
Q

Is China appealing to investors

A

YES

FDI rose by 11% in the first few months of 2015

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13
Q

Why has China grown as an emerging economy

A

Large FDI

Huge working population that is increasingly hard-working

Western-friendly market economy, allowing FDI

Moving into a more high-tech industry, away from the previous sweatshops

Large increase in urbanisation

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14
Q

What is differential access to markets

A

1971 - aims to provide the least developed among the developing countries with special support measures to overcome specific disadvantages, enabling them to:

  • Tackle the structural handicaps (low income, the concentration of primary export goods)
  • Engage in world trade in more adventurous levels
  • promote faster income growth and development
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15
Q

Why was differential access to markets needed in the 20th C

A

A growing number of newly independent nations following decolonisation.

Danger that protectionist policies would exclude many developing countries from trading freely with more developed nations

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16
Q

Give the problems of differential access to markets

A
  • Not all countries listed as LEDC’s are part of WTO

- Some measures have not been tailored to the recipient countries in LEDC’s

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17
Q

What is a recession

A

A period of temporary economic decline in which trade and industrial activity are reduced. This means trading is less profitable and is reduced

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18
Q

What is a political instability

A

Defined as the potential for sudden + significant change in leadership, policies or commodities of a country

19
Q

Give 8 barriers to trade

A 
Recession 
Political instability 
Corrupt government 
Lack of natural resources to exploit 
Lack of skilled workforce 
Poor healthcare 
Natural disasters 
Tariffs 
Quotas
20
Q

How does a lack of FDI prevent trade

A

Poorer countries cannot develop their industry in order to produce new items to trade

21
Q

Define protectionism

A

The economic policy of restricting trade between countries through methods such as tariffs on imported goods, restrictive quotas and a variety of other goverment regulations - with the aim of shielding domestic industries + economies from foreign competitors

22
Q

What is Fairtrade, when was it founded

A

About better prices, decent working conditions, local sustainability, fair trade terms for farmers + workers in the developing world.

1992 - UK based company

23
Q

How many farmers have benefited from fairtrade

A

1.5 million

24
Q

Give the conditions of fairtrade

A
  • No child labour
  • Fair wages
  • Good working hours
  • Good Health and safety
  • Good environmental policies
25
Q

Give the positive aspects of Fair Trade

A
  • Excellent wage system, allowing equal job opportunities
  • Small businesses become internationally competitive
  • Discriinatio is banned
  • Child labour reduced
  • Social conditions dramatically improve

Comunity benefits extend to more than just basic needs

26
Q

Give the negative aspects of Fairtrade

A
  • Natural limits to its success limited to the local population
  • Product choice is greatly reduced
  • Buyers aren’t generally attracted to the Fairtrade model
  • Very high fees
27
Q

Give some advantages of a TNC

A

(TNC’s)
- Creates jobs, trains workforce, develops skills

  • Bring capital and modern technology which the country does not have
  • Improve local infrastructure (roads, airports, energy supply)
  • Taxes paid to the government can be invested in infrastructure
  • Multiplier effect, attract service sector jobs and economic development of the region
  • Some goods can be imported, increase trade
28
Q

Give some economic disadvantages of TNC’s

A
  • Profits made by the TNC are paid to shareholders mainly in richer countries. Profits not reinvested in poor countries
  • Lower wages in factories and farms than richer countries
  • Tax avoidance
  • Jobs aren’t secure, key jobs go to outsiders
  • Governments have no say over TNC’s
29
Q

Give 2 social disadvantages of TNC’s

A
  • People work long hours and poor working conditions

- Farming and manufacture may cause environmental damage

30
Q

India is the worlds largest……….and is expected to be the 3rd…………by 2025

A

Democracy

Richest

31
Q

Give 3 factors that have contributed to India’s economic growth

A

Emerging TNC’s

Increased trade

Huge working population

32
Q

Why is India attractive for TNC’s

A

The population speaks good English

Strong IT skills

Work for notably lower wages than other countries

33
Q

Give some TNC’s that operate within India and the impacts on society

A

Toyota, Volvo, and Hyundai all manufacture their cars there

BT and Virgin Media have their call centres there

Increased employment + education to its employees

34
Q

India’s GDP per capita has risen from $1,345 in 2010 to $…. in 2020. What is the effect

A

3000

Created domestic demand, increasing India’s industrial sector, causing an out shift of AD (multiplier effect).

35
Q

How have TNC’s increased the welfare of the population

A

Set up schemes to provide new facilities to local communities like schools or healthcare, rising GDP per capita

Improved infrastructure, new roads and internet cabling providing greater accessibility and promotion of jobs

Provide tax to goverment, can be used in development projects

36
Q

Give a prominent Indian based TNC

A

Tata Motors - acquired the JLR company in 2008, enabling it to gain a foothold in the well-established market of the UK, increasing economic prosperity back home as larger taxes

37
Q

India’s imports and exports have…………between 2006-2012

A

Trebbled

38
Q

What are India’s biggest imports

A

Crude oil, silver and electronic goods (11th biggest importer in the world)

39
Q

Are Indian imports increasing or decreasing

A

Slightly decreasing (-1.4%)

Promoting domestic infrastructure + less subjected to tariffs from other countries

40
Q

Are Indian exports increasing or decreasing

A

Increasing (+1.4%)

Biggest exports = petroleum jelly, diamonds, pharmaceuticals and transport equipment

41
Q

India holds…of the world’s population and has one of the…………..populations in the world with the average age being…instead of 35 in China and 48 in japan

A

1/6

Youngest

29

42
Q

What percentage of bananas are free trade

A

40%

43
Q

How many UK companies are involved with fair trade

A

500

44
Q

By what percentage has income risen in ADC’s since 2000 (Due to WTO and Free Trade)

A

60%

A level Geography - Human (14 decks)

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