The difference in levels of social well-being and economic development between the poorest and richest people in the world. It can occur in the same country.
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MNC's
Companies that sell their products all around the world. They tend to have their headquarters in a HIC and their factories in an NIC, due to HIC's having more skilled workers.
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Multipier Effect
This occurs when something happens to the economy and can have positive or negative impact. It can result in a "*********** effect"
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Globalisation
The process by which the world is becoming increasingly interconnected due to increased trade and cultural exchange and by which information, cultures and goods can be transferred between countries.
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Exports
Goods produced in one country and then sold abroad
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Imports
Goods that a country buys from abroad
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Tariffs
Custom duty (tax) charged on imported goods
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Trade deficit
Is when the cost of imports is greater than money made from exports
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Trade Surplus
Is when the money made from exports is greater than the cost of imports
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Quotas
Limits on the amount of goods that are imported
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Subsidies
Are grants of money given by the government to maintain the price of specific products
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Emergency Aid
Help that is given urgently after a natural disaster
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Development Aid/ Long term Aid
Help which is given to tackle poverty and improve the quality of life in the long term
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Multilateral Aid
Money which is given to several countries by international organisations
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NGOs (Non-Governmental Organisations
These try to direct money to direct money generated by charities at the need of the poor, local communities and the environment.
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Bilateral Aid
Aid given from one countries government to another
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Other cards in this set
Card 2
Front
Companies that sell their products all around the world. They tend to have their headquarters in a HIC and their factories in an NIC, due to HIC's having more skilled workers.
Back
MNC's
Card 3
Front
This occurs when something happens to the economy and can have positive or negative impact. It can result in a "*********** effect"
Back
Card 4
Front
The process by which the world is becoming increasingly interconnected due to increased trade and cultural exchange and by which information, cultures and goods can be transferred between countries.
Back
Card 5
Front
Goods produced in one country and then sold abroad
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