Key Words
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- Created by: jddisu
- Created on: 22-12-17 17:47
Globalisation
a process by which the national economies, societies and cultures have become increasingly integrated through the global network of trade, communication, transportation and immigration
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Capital Flows
the movement of money for the purpose of investment trade, or to produce goods/provide services
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BRIC
an acronym used to identify a group of four countries - Brazil, Russia, India and China - whose economies have advanced rapidly since the 1990s
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Diaspora
a large group of people with a similar heritage or homeland who have moved and settled in places all over the world
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Leakages
a loss of income from an economic system. It most usually refers to the profits sent back to their base country by transnational corporations - also known as profit repatriation
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MINT
an acronym referring to the most recently emerging economies of Mexico, Indonesia, Nigeria and Turkey
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Containerisation
a system of standardised transport that uses large standard-size steel containers to transport goods. The containers can be transferred between ships, trains and lorries, enabling cheaper, efficient transport
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Protectionism
a deliberate policy by government to impose restrictions on trade in goods and services with other countries - usually done with the intention of protecting home-based industries from foreign competition
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Tariffs
a tax or duty placed on imported goods with the intention of making them more expensive to consumers so that they do not sell at a lower price than home-based goods - a strategy of protectionism
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Services
economic activities that are traded without the production of material goods, for example, financial or insurance services
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Conglomerates
a collection of different companies or organisations which may be involved in different business activities but all report to one parent company
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Economies of scale
the cost advantages that result from the larger size, output of scale of an operation as savings are made by spreading the costs or by rationalising operations
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Global Marketing
when a company views the world as a single market and creates products that fits the various regional marketplaces
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Global shift
the filtering down of manufacturing industry from developed countries to lower wage economies
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Maquiladora
a manufacturing operation (plant or factory) located in free trade zones in Mexico. They import materials for assembly and then export the final product without any trade barriers
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Bottom up
when local people are consulted and supported in making decisions to undertake projects or developments that meet one or more of their specific needs
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Top down
when the decision to undertake projects or developments is made by a central authority such as government with little or no consultation with the local people whom it will affect
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Bilateral agreement
an agreement on trade (or aid) that is negotiated between two countries or two groups of countries
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Common markets
a group formed by countries in geographical proximity in which trade barriers for goods and services are eliminated
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Customs unions
a trade bloc which allows free trade with no barriers between its member states but imposes a common external tariff to trading countries outside the bloc (for example, the European Union)
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Multilateral agreement
an agreement negotiated between more than two countries or groups of countries at the same time
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Outsourcing
a cost saving strategy used by companies who arrange for goods or services to be produced or provided by other companies, usually at a location where costs are lower
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Import license
a license issued by a national government authorising the importance of goods from a specific source
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Subsidies
these are grants or allowances usually awarded to domestic producers to reduce their costs and make them more competitive against imported goods
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Voluntary export restraints
a diplomatic strategy offered by the exporting country to appease the importing country and deter it from imposing trade barriers
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Embargoes
the partial or complete prohibition of commerce and trade with a particular country
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Transnational corporations (TNCs)
companies that operate in at least two countries, with a headquarters based in one country but with business operations usually in a number of others
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Agglomeration
when companies in similar industries locate near to each other because of the benefits gained by sharing ideas and resources
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Multiplier (effect)
a situation where an initial injection of investment or capital into an economy (at any scale) in turn creates additional income by, for example, increasing employment, wages, spending and tax revenues
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Vertical integration
an arrangement in which the supply chain of a company is owned entirely by that company, from raw material through to the finished product. This gives the TNC control over its supplies and stocks and reduces costs because of economies of scale
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Horizontal integration
a strategy where a company diversifies its operations by expansion, merger or takeover to give a broader capability at the same stage of production
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Other cards in this set
Card 2
Front
the movement of money for the purpose of investment trade, or to produce goods/provide services
Back
Capital Flows
Card 3
Front
an acronym used to identify a group of four countries - Brazil, Russia, India and China - whose economies have advanced rapidly since the 1990s
Back
Card 4
Front
a large group of people with a similar heritage or homeland who have moved and settled in places all over the world
Back
Card 5
Front
a loss of income from an economic system. It most usually refers to the profits sent back to their base country by transnational corporations - also known as profit repatriation
Back
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