Globalisation Keywords

Keywords neccessary to know for the AS level Edexcel paper

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Economy
The production and distribution of goods and services around a society or country
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Globalisation
Producing more connections around the world
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TNC
Trans-National corporation: companies with offices in more than one country. They often have their headquarters in an MEDC and outsource work to LEDCs
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FDI
Foreign Direct Investment: When a company has business abroad (e.g when a TNC buys a foreign company or builds a factor abroad)
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GDP
Gross Domestic Product: The value of all of the goods and services in a country divided buy the total population
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HDI
Human Development Index: a measure of development which takes into account GDP, literacy rates and life expectancy
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MEDC
More Economically Developed Country (USA, France, Japan, UK)
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LEDC
Less Economically Developed Country (Ethiopia, Bangladesh, Tanzania)
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NIC
Newly Industrialized Country (South Korea, Malaysia, Singapore)
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RIC
Recently Industrialized Country (Vietnam)
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Trade
The exchange of goods and services for money
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Trading Bloc
A group of countries who want to promote trade amongst themselves, so get rid of barriers such as tarrifs
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Tariff Barriers
Taxes on items being imported into a country
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Non-Tariff Barriers
Ways to stop or limit imports into a country
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Protectionism
When the governments try to protect local businesses by subsidising them or introducing barriers against similar imports from overseas
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Development
Getting something to grow or change (usually for the better)
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'Top Down' Development
Large-Scale development done by the government, TNC's, NGO's or other large bodies. Local people are not involved with the decision making
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'Bottom Up' Development
Small-Scale development involving local people making democratic decisions to improve a local problem
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NGO
Non-Government Organisation: bodies that are separate from the government
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Traditional Societies
Areas that have not yet developed to be industrial, are not involved with the rest of the world and generally stick to religious and traditional ways of living
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Outsourcing
When companies use other companies to do work for it (they design a product but get it made in a factory overseas)
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Infrastructure
The services and facilities that society relies on (roads, water supply, hospitals, school etc...)
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Core-Periphery Model
A model which suggests that areas in the core of the economic system (rich, powerful, lots of technology and skill) exploit the periphery area for labour, skills etc...
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Cumulative Causation
The idea that the success of an economic activity in one area will spread to the surrounding areas
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Growth Pole
The idea that an area of successful and wealthy industries are centered around one leading industry, which helps create further growth
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Multiplier effect
Economic growth leads to further growth (a new factory increases enployment, therefore people have more money to spend in the area and so other companies benefit)
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Time Space Compression
A theory that the world has become relatively smaller because of the increased amount of connections
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IMF
International Monetary Fund: an institution established to help control and balance trade
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World Bank
An institution which provides loans, advice and assistance in order to create jobs and help poorer areas
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GATT
General Agreement on Tarrifs and Trade: regulates trade by keeping it free from restrictions
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Other cards in this set

Card 2

Front

Producing more connections around the world

Back

Globalisation

Card 3

Front

Trans-National corporation: companies with offices in more than one country. They often have their headquarters in an MEDC and outsource work to LEDCs

Back

Preview of the back of card 3

Card 4

Front

Foreign Direct Investment: When a company has business abroad (e.g when a TNC buys a foreign company or builds a factor abroad)

Back

Preview of the back of card 4

Card 5

Front

Gross Domestic Product: The value of all of the goods and services in a country divided buy the total population

Back

Preview of the back of card 5
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