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Geography > Thursday test > Flashcards

Thursday test Flashcards

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1
Q

banana republic

A

country whose economy is dependent on commodities (often leads to politically unstable state)

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2
Q

comparative advantage

A

when a country specialised in producing only those goods that can be produced efficiently and at the lowest opportunity cost

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3
Q

de-skilling

A

when traditional skills and crafts may be lost when production technology replaces manpower

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4
Q

domestic monopoly

A

when single firm controls large proportion of domestic marker (25% or greater) TMT domestic prices kept high as there is less competition

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5
Q

Dutch disease

A

negative consequences as result of large increases in countries income

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6
Q

fairtrade

A

value-based organisation aims to tackle injustices of globalised economy

aims to pay farmers a guaranteed minimum price, offer fair terms of trade and make payment of an additional development premium for reinvestment

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7
Q

foreign direct investment

A

investment made by a company based in one country into a company based in another country

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8
Q

global commons

A

parts of planet that fall outside national jurisdictions and to which all nations have access

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9
Q

glocalisation

A

describes product that is developed and distributed globally but adapted to meet local market tastes

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10
Q

international monetary fund

A

standardises global financial relations and aims to promote global monetary and exchange stability by monitoring the global economy and encouraging the growth of international trade

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11
Q

non-governmental organisation

A

non-profit organisation created by private organisations or people with no participation or representation by any government

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12
Q

over-specialisation

A

when focus of production is on only one or two products
lack of flexibility + ability to diversify if the same goods can be produced more cheaply oversees

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13
Q

trade liberalisation

A

involves removing barriers (tariffs)

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14
Q

trade protectionism

A

use of barriers (tariffs) to increase price of imports so protect domestic production

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15
Q

World Bank

A

promotes investment globally + provides loans for countries

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16
Q

World Trade Organisation

A

global organization that deals with the rules of trade between nations

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17
Q

globalisation

A

process of opening up world trade and markets to TNCs and an increasingly interconnected world

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18
Q

dimensions of globalisation

A

flows of information, technology and capital

flows of products and labour

flows of services and global marketing

patterns of production, distribution and consumption

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19
Q

factors in globalisation

A

new technologies, communications and information systems

global financial systems

transport systems

security

trade agreements

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20
Q

Uganda and global systems

A

land-locked country in East Africa that lies within the Nile basin
shouldn’t be poor: green, fertile, plenty resources (copper, cobalt) - civil war, corruption, HIV
one third of pop live below national poverty line - global systems worked against interests of Uganda
poverty greatest rural where pop smallholder subsistence farmers - when part of British Empire strongly influenced countries exports and continue to dominate
fish now traditional food staple and most profitable export - trade unsustainable - overfishing - fish factories close and knock-on effect to local economy
installation of cables is cost prohibitive - but ‘Village Phone’ model offers loans to people wishing to start mobile phone business - rapidly growing market - farmers pay to access internet and gain information about price for seeds or information on new farming techniques

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21
Q

China and the internet

A

internet allows flows and shares of money, ideas and technology
Chinese central government controls what citizens see using two methods:
1. ‘Great Firewall’ censorship - blocks access to foreign websites, filters key words, bandwidth throttling (Google, Facebook)
2. ‘Golder Shield’ domestic surveillance - traditional methods fines, arrests, lawsuits to enforce censorship

22
Q

Nigeria: negative impacts of a single-product economy

A

single-product economy (oil & gas 80% national income)
without global trade in oil countries development limited
global demand for oil fuelled Nigeria’s economy but at cost - focus on oil resulted in dramatic decline in traditional industries (agriculture, manufacturing)
rural-urban migration increased - increased rural poverty and overcrowding in cities
as neither technology or skills to exploit oil, major oil companies encouraged to develop - scant regard to local environment and indigenous local people e.g. oil spills common is Niger Delta and land rights of local people abused
high income generated from oil results in Nigerian currency being overvalued making imported consumer goods cheap - results in domestically manufactured goods being too expensive and unable to be exported (Dutch disease)
deindustrialisation consequence drives more people into oil and gas industries exacerbating problem
greater emphasis on exports of oil and gas makes Nigeria less internationally competitive in manufactured foods and increases reliance on imports

23
Q

international trade

A

resources unevenly distributed so trade allows access to products that might not be available domestically or better meet specific needs
international trade highly contentious - foreign products bought cheaply but (most costly) domestic seller loses a sale
trade seen as one of main ‘engines’ of economic growth

24
Q

advantages of international trade

A

comparative advantage
economies of scale (producing narrower range of goods and services means that a country can produce in higher volumes and at cheaper cost)
purchasing power (increased trade and competition lowers prices and allows consumers to buy more)
fewer domestic monopolies
transfer of technology (lead to design improvements and cost savings)
increased employment

25
Q

disadvantages of international trade

A

over-specialisation
‘product dumping’ - exporting at a price that is lower in the foreign market than the price charged domestically
stunted growth/decline of local and emerging economies (new home-grown industries difficult to grow become established when faced with foreign competition where costs lower)
protectionism and tariffs
de-skilling
exploitive and labour-intensive industries - by squeezing cost work conditions compromised and profits maximised)

26
Q

International Trade - The Umbrella City

A

China: exported via Silk Road to Asia and then across Europe, gaining popularity within Roman Empire
umbrellas now recognised worldwide
70% world’s umbrellas still made in China
specialisation (all kinds of umbrellas made)
access to domestic and international markets
cheap production costs (low labour costs)
government support
Songxia Umbrella Industrial Park (strengthen competitiveness of local manufacturers and raise rand awareness)

27
Q

terms of trade

A

refers to cost of goods that a country has to import, compared with the price at which they can sell the goods they export

28
Q

trading relationships

A

HICs import primary products from LICs and turn into manufactured goods for export to world markets - value of product increases as it passes through the hands of HICs

prices of manufactured goods have continually increases over last few decades, whereas prices of primary products fluctuated TMT LICs need to export increased volumes of primary products to purchase manufactured goods required

29
Q

trading relationships - impacts of metal extraction

A

in last 20 years, dramatic increase in demand for metal from emerging economies of east Asia
to meet demand, metal supplies developed

30
Q

trading relationships: Tata Steel, UK

A

2016, Tata Steel announced to sell UK businesses risking jobs - call for British Government to renationalise steel industry

instead Government said it would work with Tata to find buyer to protect steel jobs

31
Q

early trade bloc

A

birth of EU dates back to 1957 when Treaty of Rome created the Common Market

32
Q

trad blocs

A

support free trade between member countries without incurring tariffs - countries outside bloc pay additional tariff
opponents of trade blocs argue that by offering unfair advantages to member countries they restrict development of global economy
advantages of largest trade blocs are increased further as any similar trade agreements between LICs are weaker and achieve limited advantages

33
Q

trading organisations (help encourage trade of different types from different countries - attempt to govern and set rules of trade:)

A

World Trade Organisation
Organisation for Economic Cooperation and Development (OECD) - global ‘think tank’ for 30 of world’s wealthiest nations
Organisation of Petroleum Exporting Countries (OPEC) - consists 11 states who supply 40% of world’s oil, regulates global oil market to ensure good fair price
G8 - Canada, France, Germany, Italy, Japan, Russia, UK, USA represents 65% world trade and meet annually to discuss economic development - 2005, G8+5formed China, India, Brazil, Mexico, South Africa
G20 - includes all finance leads of G8+5 plus South Korea, Australia, Turkey, Saudi Arabia, Argentina, Indonesia and EU - discuss global economy and methods to encourage economic growth
World Bank - promotes investment and provides loans
International Monetary Fund

34
Q

An example of a trade bloc and regional governance - the European Union

A

origins based on simple premise - countries who trade with each other and less likely to be in conflict

European Council (sets political direction and priorities - heads of state or government)
European Commission (implements laws, monitors treaties, day-to-day running)
European Parliament (represents 500 mil citizens and elected by them - adopts laws proposed - shares power over budget and legislation with Council)
Council of European Unions (represents governments of member and promotes/defends national interests)
Member countries (implement laws)

35
Q

for Greece to stay in EU

A

imports 50% of food and 80% energy from abroad and benefits being part of European free market

drastically change Greece’s trade balance and might cause bankruptcies and high inflation with an associated huge knock-on social cost

Greece find it very difficult to borrow further and would have to pass on increased living costs to population

36
Q

against Greece to stay in EU

A

independent Greece trade more freely and take advantage of its location and geography

free of EU legislation and control, might be able to newly position itself as regional trading hub and gateway into Middle East, Balkans, Russia

national needs might be met in more sustainable and local way

see return of drachma as currency and with it flexibility of exchange rates

imports may become more expensive but in turn spur job growth and economic growth

37
Q

TNC example

A

Coca-Cola, Nike

38
Q

TNC linkages and production

A

control and coordinate economic activities in different countries and between units of same corporation in more than 1 country

lessen impacts of trade restrictions (quotas) and negotiate more favourable terms of trade

horizontal integration (improves links between different firms in stages of production)

vertical integration (one company owns or controls multiple stages of production)

39
Q

TNCs favourable for host country

A

increase employment (raise living standards)

improve levels of skills and expertise

socio-economic multiplier effect - increased purchasing power that leads to demand for consumer goods and further economic growth

encourage transfer of technology into country, e.g. growth of telecommunications

40
Q

TNCs unfavourable for host country

A

many jobs low skill in LICs

managerial positions tend to be brought in rather than developed locally

majority of profits sent back to home country

multiplier effects can be negative e.g. environment

investment may only be short-term and TNC may pull out at short notice

41
Q

TNCs favourable for country of origin

A

development of higher-order jobs (research, development, management)

overseas investment adds to income for whole nation via tax and multiplier effect

wider share ownership - individuals and companies more willing to become involved in foreign investments

42
Q

TNCs unfavourable for country of origin

A

workforce may need to relocate or make increased visits to operations overseas

as result of loopholes, corporation (business) tax is not paid fully by all TNCs

speculative investments in TNCs for quick returns helped contribute to global 2008 financial downturn

43
Q

reasons for growth of TNCs

A

cheap labour

mergers and takeovers (allow big businesses to buy out smaller competitors or increase their market share leading to monopoly)

flexible workforce (willingness to travel to jobs overseas e.g. training of call centres employees in India for UK-based companies)

availability of finance to fund expansion

fewer environmental restrictions

globalised transport network

technological developments

governmental encouragement e.g. financial incentives tax breaks

cheap land

44
Q

world trade: Coca-Cola: positive social, economic, environmental

A

social: Coca-Cola Foundation award grants companies throughout world - employment opportunities directly and indirectly

eco: franchise operations means local bottlers profit from sale; supports local eco directly and indirectly - investment in new plants in expanding markets (Asia, North Africa) - investment in new markets drives eco growth

envi: uses marketing network to increase awareness of recycling and distribution network for disaster relief - replenishes water used e.g. funding local projects to protect watersheds

45
Q

world trade: Coca-Cola: negative social, economic, environmental

A

social: hard working conditions in some plants, millions spent countering links with obesity

eco: long hours for little pay - majority of profits returned to shareholders in USA

envi: exhaustion of local water supplies (2012 Coca-Cola used more water than around 25% of world’s pop) - water pollution

46
Q

world trade: banana trade and UK consumption

A

supermarkets use bananas as loss leaders (selling so cheap no profit made as incentive to lure shoppers)

however fairtrade bananas have increasing representation in supermarket - 2013 one in 3 bananas sold in UK carried Fairtrade certification

47
Q

fairtrade

A

pay farmers guaranteed minimum price, offer fair terms of trade

fairtrade cooperatives able to develop local infrastructure, build schools and health clinics , provide training

48
Q

banana TNCs

A

unreasonable pressures of UK supermarkets on supplies to keep prices low helped create unethical methods of banana cultivation

bananas sold in UK grown in Latin American plantations owned by fruit-exporting TNCs

landscape stripped of natural vegetation, heavily treated with pesticides farmed by workers who paid little and live and work poor conditions

49
Q

The El Guabo Association of Small Banana Producers (fairtrade)

A

eco: stabilised incomes and improvements to standards of living - guaranteed fair wage and long-term supply contract including direct access to new and international markets - producers able to raise additional capital for reinvestment - migrant labourers helped

social: health care benefits to families of cooperatives - provision of educational and medical supplies - improved education provision - marginalised groups helped to find employment

50
Q

global food systems - palm oil

A

highly versatile, cheap, highest yield

demand for processed food increased (palm oil)

needs high humidity and temperatures, lots of land - tropical rainforest climate - pressures on tropical rainforest biomes (south-east Asia) - rainforest cleared to allow plantation monoculture

TNCs forced local inhabitants off land

deforestations results in lifestyle change for locals

chemicals used in palm oil production pollute water and soil making other forms of agriculture impossible

Geography (5 decks)

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