Global Groupings

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What is the development gap?
The difference in levels of economic and social well-being between the richest and the poorest people on the planet
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What is gross domestic product?
A measure of the financial value of the goods and services produced within a territory. It is often divided by the population size to produce a figure per capita for the purpose of making comparisons from country to country
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What is the human development index?
A United Nations measure of economic and social development that takes into account income per capita, life expectancy and adult literacy
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What is poverty?
A lack of wealth. Absolute poverty describes income levels below what is needed to maintain an adequate diet whereas relative poverty describes income levels that are below average for a region
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What are Petrodollars?
Money derived from selling oil
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What is the spatial division of labour?
The common practice among large firms of moving low-skilled work abroad to places where the labour costs are low, establishing factories and call centres in poorer countries
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What are assembly industries?
Manufacturing operations that take the products of many different industries and fit them together to make finished goods
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What is a TNC?
A transnational corporation is a company that has operations in more than one country
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What is a branch plant?
A factory built in a country by a TNC which has its headquarters elsewhere
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What is consumption?
The purchase and use of both food and goods as well as services
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What is glocalisation?
The local sourcing of parts by TNC's in places where they assemble their 'global products' close to markets. At the same time, they are able to customise their products to meet the local tastes and laws
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What is a parent company?
The original business that a global TNC has developed around, and whose directors still make decisions that affect the organisation as a whole.
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What is the tertiary sector?
Also known as the service sector, this consists of businesses that produce no physical product
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What is a minimum wage?
An hourly wage set by a nation's government that all companies must pay to their employees
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Name the 5 economic groupings?
LDCs, NICs, Ex-Soviet states,OPEC, OECD
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What does OPEC stand for?
Organisation of Petroleum Exporting Countries
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What does OECD stand for?
Organisation for Economic Cooperation and Development
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What are political groupings also called?
Trade blocs
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How do trade blocs differ from economic groupings?
They trade freely because agreements have been made that allow national boundaries to be crossed by flows of goods, money and sometimes workers. Also, trade blocs can contain nations at varying levels of economic development
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Name the 6 largest trade blocs?
NAFTA, EU, CARICOM, COMESA, ASEAN, MERCOSUR
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What are the three countries in the NAFTA group?
Canada, USA and Mexico
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What are the four countries in the MERCOSUR group?
Argentina, Brazil, Paraguay and Uruguay
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What group are most of the African countries in?
COMESA
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Which one trade bloc allows the free movement of people as well as goods and money?
The EU
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What are the benefits of removing internal tariffs?
Markets grow,firms that have a advantage in the production of a particular product or service should prosper,enlarged market increases demand,raising the volume of production and lower manufacturing costs,smaller national firms can merge to form TNCs
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How can TNCs build their businesses up?
By buying foreign firms in mergers or acquisitions
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What is the case against TNCs?
Tax avoidance, limited linkages, growing global wealth divide, environmental degradation
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What benefits do TNCs bring?
Raising living standards, transfer of technology, political stability, raising environmental awareness
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Card 2

Front

What is gross domestic product?

Back

A measure of the financial value of the goods and services produced within a territory. It is often divided by the population size to produce a figure per capita for the purpose of making comparisons from country to country

Card 3

Front

What is the human development index?

Back

Preview of the front of card 3

Card 4

Front

What is poverty?

Back

Preview of the front of card 4

Card 5

Front

What are Petrodollars?

Back

Preview of the front of card 5
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