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Geography > Political and economic decision-making > Flashcards

Political and economic decision-making Flashcards

1
Q

What is trade?

A

Good is that is of a specific standard + prompt payment according to the trading agreement

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2
Q

Why do governments regulate cross-border trade

A

As governments recognise the benefits of increasing trade phase for economic growth employment and taxation revenue

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3
Q

What is a potential disadvantages from cross border change

A

Domestic companies may become overspecialised
Competition from abroad may lead to collapse of domestic firms

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4
Q

What is a UK example of a company coming over specialised

A

UK specialisation of financial services – which was hit by the 2008 global crash

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5
Q

What is protectionism?

A

The name pose taxes and tariffs On imported goods, to protect the trade from competition – this is called protectionism

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6
Q

What did the USA and the UK think was the best way to combat the spread of communism

A

Accelerate economic development by the establishment of three main IGO’s

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7
Q

What are two main processes that IGO want to promote in terms of helping globalisation

A

Foreign direct investment
Free trade

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8
Q

What is foreign direct investment

A

Controlling ownership in a business enterprise in one country by company or organisation in another
investment of money or technology by a company or country

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9
Q

What must governments wishing to receive investment in their economies from abroad do

A

They must make it legal for foreigners to own and control business/property in the country

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10
Q

What is inorganic FDI

A

When a foreign form buy as company in another country

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11
Q

What is a UK example of inorganic FDI

A

The UK received £12 billion of FDI when Kraft foods purchase Cadburys in 2010

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12
Q

What is organic FDI

A

Where are foreign investment expand the operation of an existing business in a foreign country

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13
Q

What is an example of organic FDI

A

In 2015 Nissan invested £100 million in its existing car plant in Sunderland to produce the next generation of its “Juke“Car

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14
Q

Why would national government encourage FDI

A

Bring skills
Economic growth
job creation
productivity

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15
Q

How the uk encourage FDI

A

Subsidise for research and development
Tax‘ holidays‘ Or other tax concessions

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16
Q

What is privatisation

A

Transferring ownership of a business, agency, service or property from the public (government – controlled) sector to the private sector

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17
Q

What is liberalisation

A

Reducing/remove rules restricting economic activity and companies

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18
Q

Why do governments to liberalisation

A

As they think that rules make businesses inefficient, and reduce motivation and innovation

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19
Q

What is a trade bloc

A

 A type of intergovernmental agreement, where are used to trade in a world region are Or eliminated in the participating states

20
Q

What are the aims of trade blocks

A

Promote free trade between all member nations by removing trade barriers
Try to make trade between member nations as easy as possible
Protect trade in the group by placing trade barriers on trade from outside block


21
Q

In what ways Do trade blocs help globalisation?

A

Encourage more trade between member  nations
Often it leads To intratrade block trade deals

22
Q

How can trade blocks negatively affect globalisation?

A

They can reduce trade outside the block slowing down global flows and leading poor nations isolated
They can lead To trade wars between trade blocks reducing global flows

23
Q

What are the advantages of the larger size of the market

A

Largest population to sell goods to
Higher population = more sales
More sales = more products made

24
Q

What is comparative advantage

A

Easier to trade different goods and services due to the restrictions so They can concentrate on making what they are good and trade for things are not good at

25
Q

What does ASEAN stand for

A

Association of the south east Asian Nations

26
Q

When was the ASEAN founded

A

Eighth of August 1967 in the Bangkok declaration

27
Q

How many nations are part of ASEAN

A

10 nations

28
Q

What are some of the nations are part of the ASEAN

A

Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. 

29
Q

What are some weaknesses of the ASEAN trade Block

A

Four major weaknesses
1. Tendency to prioritise national over regional interests
2. Weak leadership
3. Ineffective bureaucratic structure
4. Purely copying the western approach

30
Q

What are some strengths of the ASEAN trade bloc

A

Reduces trade barriers between member states that’s helping improve economic growth in the region
Promoting regional peace and stability of its members

31
Q

What were the bra– Wars

A

In 2006 the EU banned imports of Chinese Underwear on the basis that the annual Quotas have been met And they were jeopardising EU clothing companies

32
Q

What Decisions did the UK government made in the 1980s? (trade)

A

Remove trade barriers and let some industries collapse – trade Liberalisation

33
Q

How did the UK government encourage economic growth? (1980’s)

A

Taxbreaks-trade liberalisation
Privatisation

34
Q

What decision did China make in 1978

A

The open door policy allowing investment of FDI from Western TNCs

35
Q

Why did special economic zones attract European USA market

A

As they have tax incentives and cheap labour

36
Q

How has China’s economy changed since the open door policy began? (allowing it to do)

A

China is now economically developed enough to have TNCs doing major outward FDI

37
Q

What role does China play with global FDI

A

China is the biggest sender and receiver of FDI

38
Q

How did government backing help attract FDI in China

A

Many Chinese TNCs will do business which is partly backed by the state reducing risk of loss for TNCs

39
Q

Why did good infrastructure in China attract so much FDI

A

As there is mega buildings, roads, reliable water and electricity and Migrant employees to come and work(cheap)
All in place and efficient keeping costs low for TNC

40
Q

Why was political stability important receiving FDI in China

A

Communist Party has been passed since 1949 stability reduces the risk for TNCs

41
Q

why are cheap goods an important for China receiving so much FDI

A

Low price so able to outsource manufacturing to far off places and still make money

42
Q

Why was cheap skilled labour important for China seen so much FDI since 1978

A

Labour is cheaper than in the EU And USA reducing cost and maximising profits

43
Q

Why is China as an emerging market important increase the FDI since 1978

A

As it is a huge potential market so good to us today is a population of 1.34 billion people which is huge attractive TNCs

44
Q

What is a special economic zone or SEZ

A

Geographical region that has economic and other laws that are more free market orientated Than a country’s typical or national laws

45
Q

What is the most successful SEZ China

A

Shenzhen has developed from a small village into the city with a population over 10 million won in 20 years

46
Q

What do SEZ’s do

A

manufacturing areas were taxes are reduced as an incentive for companies to offshore outsource manufacturing

Geography (103 decks)

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