Key terminology Flashcards
BRICS
Brazil, Russia, India, China, and recently, South Africa, who are four fast-growing economies in the world.
Economies of scale
Where companies expand and buy the entire supply chain in order to reduce production costs and increase efficiency.
emerging country
a country that is beginning to experience large economic growth, this may be due to the large industrialisation, and the increase of secondary employment.
Foreign Direct Investment
An injection of investment made by a TNC into another country either by establishing new shops or factories, in order to expand business.
Global Production Network
A chain of suppliers and manufacturers that create consumer goods.
Glocalisation
Changing a product in order to conform to the local laws or customs in an area.
Gross Domestic Product
A measure of the capital created within a territory. Even foreign agencies located there.
Horizontal integration
Where companies expand on one level of the production line. E.g., Apple purchasing Logic.
Interdependency
Where two or more regions become over-reliant on each other politically, or economically.
Intermodal containers
containers shipped which have no freight of breaking or losing cargo.
IMF
An IGO which aims to maintain global financial stability. This may mean giving loans to countries who cannot afford to pay off their debts.
Just in Time
A service whereby the production in a factory to the consumer is severely cut down due to the reduction of warehousing and storage costs.
Knowledge economy
A system where GDP per capita is earned through creativity, expertise, and skill. This is contrary to the manufacturing of goods. - The quinary sector.
LDC (Least developed countries)
Countries which have very little exposure to globalisation, and therefore they may be deemed ‘failed states’ E.g., Somalia.
OECD
34 member countries which aim to be a ‘think tank’ of ways to improve the social lives of those in the world.
OPEC
12 member states are responsible for the decision-making surrounding oil price and production.
offshoring
Where TNC’s shift their production process such as factories to other countries in order to reduce labour costs.
outsourcing.
Where TNC’s contract other companies to create products for them in order to increase efficiency. This can lead to a complex supply chain.
remittances
money which migrants send home to their families, either in informal or formal employment.
shrinking world.
places start to feel closer to reach and easier to travel to thanks to technological advancement.
Sovereign wealth fund
an independent funds and banks, typically associated with China and other producers of oil, Qatar, Norway.
Spatial division of labour
The common practice among TNCs of moving low-skilled work abroad (or ‘offshore’) to places where labour costs are low. Important skilled management jobs are retained at the TNC’s headquarters in its country of origin.
Special Economic Zone
This is an area of land, usually near a coastline, where TNC’s are attracted due to lower tariffs and accessibility to port and transport.
Subsidies
Grants given by the government to increase the profitability of key indistries, such as farming.
Tarrifs
The tax which is apid due to the exchange of goods and services overseas.
Technological leap-frogging
The use of technology in a developing country without the adoption of more basic technology first.
time-space compression
The percieved change in time and distance between places concerning flows of globalisation due to heightened connectivity.
Trade blocs
Voluntary organisations which have a unified agreement to aim to increase stability economically and politically through the exchange of globalisation flows.
trade liberalisation
removing the barriers asssociated with trade so that more free trade can occur.
TNC’s
Transnational corporations are companies which function across many countries through different manufacturing and selling of goods and services.
Trickle-down
the positive impacts of the profits made by core regions, travelling backwards to periphery regions.
World Bank
An organisation which aims to tackle extreme poverty through granting low-interest loans to countries in debt. However, these countries have to conform to certain regulations.
World Trade Organisation
An organisation which aims to promote the ideals of free trade b etween countries, with no tarrifs, and minimal quotas or restrictionson trade.
Americanisation
The spread of ideals and traits from the USA to other regions.
Centripetal migration
The direct movement of migrants to the centre of an urban area.
cultural diffusion
The spread of culture from one region to another through various means.
Cultural erosion
Where Westernisation is affecting many regions, and everywhere is becoming the same.
Cultural imeprialism
The promotion of one nation to another, usually an economically or militarily superior nation over a smaller, less dominant country.
cultural landscape
The characteristics of a place change over time due to physical and natural characteristics.
cultural traits
food, clothing, language, traditions, religion.
deindustrialisation
the decline of regionally important manufacturing industry.
economic migrant
A migrant whos main motivation is to seek employment. A migrant who already has a job may be seeking better pay, a change of career, or a promotion.
elite migrants
elite, wealthy migrants.
global hub
A highly globally-connected city. A place which is known for being a centre for economic, business, or social activity.
global shift
the movement of industry and manufacturing to emerging countries from developed countries.
host location
A place where migrants move to.
hyper-urbanisation
rapid population growth.
internal migrants
A person who moves within the border of a country. In most emerging and developing countries this is rural-uran migration. However, in developed countries, it is usually urban - rural. (Counter-urbanisation)
Intervening obstacles.
Barriers to migrants such as political borders or physical barriers
Mega city
A city with more than 10 million population
Natural increase
The proportion of deaths rate compared to birth rate. Migrant natural increase is usually higher due to a higher proportion of younger people as migrants.
Refugee
A person who is forced to flee a country or region, either on an individual basis or as a mass exodus of people from an area where they are facing political, social, or economic tension.
Source location
Places from which migrants move
Urbanisation
An increased proportion of people living in urban areas
Westernisation
The combines European and Northern American influences bringing about cultural change in a global scale
Absolute poverty
A state where a person is unable to pay for their basic human needs
Carbon footprint
The amount of carbon a person or activity produces
Circular economy
Where natural resource sticks are increased by manufacturers or companies reusing, recycling, or repairing products.
Consumer society
A society where the buying and selling of consumer goods is the most social and economically important activity.
Crude birth rate
The number of live births per 1000 people annually.
Development
The way in which countries aim to increase economically and create a better standard of living for its inhabitants.
Diaspora
The dispersion or spread of a group from their original homeland.
Ecological footprint
The crude measurement of the amount of area that water is needed to enable a person to live and absorb waste.
Ethical consumerism
A purchase made where the consumer has thought about the environmental and social costs of the production of goods and services.
Food miles
The distance that food travels from the farm to the consumer
Gender Inequality Index
A composite measure of the social and economic inequalities that occur.
Gini coefficient
Am index that shows the district of wealth across a region, which can highlight inequalities.
HDI
Human development index is a way of measuring the development of a country based on the literacy rate, birth rate, and GDP per capita.
informal sector
unofficial forms of employment.
Millennium development goals.
8 different goals which have been set up by the UN in order to tackle poverty, created in 2000 in New York.
nationalism
the view that one’s own beliefs and values should be prevalent in their sovereignty, over other powers.
natural resource
a material which appears in its natural state, and can be used or economic benefit. Water, timber, and other minerals.
net migration
the overall balance between immigration and emigration.
post-accession migration
the increased flow of migrants once a country has joined the EU.
post-colonial migrants
people who have moved to Europe from former colonies between 1950 and 1970.
Purchasing Power Parity
This reflects what you can buy with certain currency reflecting the cost of living. It identifies local prices and what they will buy.
Relative poverty
When a person’s income is too low to keep up to the regular standard of living in that country.
resource nationalism
A state where the government prioritise national industry, and the utilisation of resources within its own borders more than other countries.
sustainability
meeting the needs of current generations without forfeiting the needs of future generations.
transition towns
a settlement where communities have opted for a ‘bottom up’ scheme, with intention to be more sustainable and less reliant on global trade.
water footprint
a measure of the amount of water a product or food source consumes in order to be grown, prepared, and sold to a consumer.
