key words

Question 1

globalisation

Answer 1

the development of the world’s businesses, connections and transport due to global interdependance

Question 2

interdependance

Answer 2

the success of more than one place due to the dependance on eachother

Question 3

TNCs

Answer 3

transnational companies, large companies controlled from it’s home country but has businesses in many different countries

Question 4

GDP

Answer 4

gross domestic product, goods and services at market value

Question 5

NEEs

Answer 5

when a country is in the middle of development, improving healthcare, infrastructure and quality of life

Question 6

Remittances

Answer 6

the money/goods that migrants send back to their family/friends in other countries

Question 7

Interdependancy

Answer 7

the dependance of two or more people/countries

Question 8

‘Shrinking World’

Answer 8

travel time decreases and distance declines in terms of significance. we are becoming more connected and easier to trade, travel and connect.

Question 9

Trade

Answer 9

exchange of goods and services between people and countries

Question 10

Spacial division of labour

Answer 10

TNCs moving low-skilled work abroad where labour costs are low

Question 11

Time space compression

Answer 11

reductions in relative distance between places. for example cyberspace in 2000s allows information to travel more easier than letter back in 1500s

Question 12

WTO

Answer 12

world trade organisation, took over general trade and tariffs in 1995. based in switzerland

Question 13

IMF

Answer 13

international monetary fund, based in washington dc and helps TNCs and helps run free market economies

Question 14

WB

Answer 14

world bank, lends money on a global scale based in washington dc, has strict loans

Question 15

FDI

Answer 15

foreign direct investment, a business from one country invests in another such as opening chains/factories

Question 16

Free Trade

Answer 16

trade that is free from tariffs, taxes and quotas so countries can export/import goods without additional costs from the government

Question 17

Tariff

Answer 17

tax is lifted off of important goods, and can be levied as a fixed charge for each unit. this restricts trade volume, and you can only avoid a tariff if you’re apart a trading bloc

Question 18

Quota

Answer 18

place taxes on exports and imports to limit the material coming in/out the country. this protects home owned businesses

Question 19

Free trade blocs

Answer 19

countries who have signed a FTA to reduce trade barriers, quotas and tariffs to increase trading goods and services. examples are the ASEAN and the EU

Question 20

SEZs

Answer 20

business and trade laws are different here to increase trade, investment and job creation.

Question 21

Authoritarian

Answer 21

countries that lack human rights, or the government doesn’t alternate in power

Question 22

Glocalisation

Answer 22

adapting goods or services of a business to increase consumer appeal in different markets