Key Abbreviations Flashcards
NIC
Newly Industrialised Country
Define NIC
Countries that used to be less economically developed that have now developed their own industrial and commercial bases and their own TNCs
BRIC
Brazil, Russia, India and China
Explain BRIC
These countries have advanced rapidly since the 1990s
MINT
Mexico, Indonesia, Nigeria and Turkey
Explain MINT
These countries have more recently emerging economies
Explain EU
A group of 28 countries that operate as a cohesive economic and political group
What is the main aim of NAFTA?
To increase trade between the countries in this bloc
What does the WTO oversee?
International trade and access to markets
IMF
International Monetary Fund
What does the IMF act as?
A regulator of financial flows and stabiliser of the system
GATT
General Agreement on Tariffs and Trade
Additional information on GATT
No longer exists
Replaced by the WTO
OPEC
Organisation of Petroleum Exporting Countries
Explain OPEC
A group of countries that focus on the global trade of oil
Examples of areas that are part of OPEC
Middle East, South America, Africa
FDI
Foreign Direct Investment
What is FDI?
Investment made mainly by TNCs (and sometimes governments) based in one country to the physical capital or assets of foreign enterprises
What is GDP?
The total monetary value of all the goods and services produced by a country in a specific time period
SEZ
Special Economic Zone
What are SEZ’s?
Areas in countries with special economic regulations that differ from other areas of the same country.
SOE
State-Owned Enterprise
What is an SOE?
A large company owned by a country’s government in order to take part in the commercial activities on the governments behalf
ASEAN
Association of South East Asian Nations
What is ASEAN?
A group of 10 states that discuss the economic matters of the region. Responsible for stimulating investment in one another and creating trade agreements with non-members.
PPP
Purchasing Power Parity
What is PPP?
An economic theory that compares different countries’ currencies through a market
TPP
Trans-Pacific Partnership
What is TPP?
A free trade agreement between 12 countries
Give 3 countries that are part of the TPP
Japan, Malaysia and New Zealand
TTIP
Transatlantic Trade and Investment Partnership
What is the main aim of TTIP?
To reduce the regulatory barriers to trade for big businesses
GPN
Global Production Networks
What is meant by GPN?
Global networks of trade and labour
JIT
Just In Time
What is JIT?
Deliveries arrive only when they are needed which reduces spending and waste.
What does the UN do?
Brings together its member states to confront major challenges and share responsibilities.
NATO
North Atlantic Treaty Organisation
What is NATO?
A military alliance between several North American and European states.
OECD
Organisation for Economic Co-operation and Development group
What is OECD?
An intergovernmental economic organisation with 35 member countries which aim to stimulate economic progress and world trade.
MDG
Millennium Development Goals
What is meant by MDG?
8 international development goals for 2015 that were established following the Millennium Summit of the United Nations in 2000.
SDG
Sustainable Development Goals
What is meant by SDG?
A universal call to end poverty, protect the planet and ensure that all people enjoy peace and prosperity.
IPCC
Intergovernmental Panel on Climate Change
What does the IPCC do?
It and UN organisation that provides the world with an objective, scientific view of climate change and its political and economical impacts.
UNEP
United Nations Environment Programme
What does the UNEP do?
Control environmental activities
UNDP
United Nations Development Program
What is the UNDP?
The UN’s global development network
WHO
World Health Organisation
What is the WHO?
A specialised agency of the UN concerned with international public health.
