A2 Key Words Flashcards
HIC
High income country
- developed/ first world countries
LIC
Low income country
Gross national income below 12,000 per yr per capita (more since 2016)
TNC
Transnational corporation
Foreign company invests in a country.
WTO
World trade organisation
International organisation that deals with rules of trade between nations
HDI
Human development index
Composition of statistics used to rank countries into four tiers of human development.
NGO
Non government organisation
Non profit, voluntary citizens group organised on local, national or international scales.
OPEC
Oil and petroleum exporting countries.
group consisting of 12 of the world’s major oil-exporting nations
Provides members with technical and economic aid.
Interdependance
Countries/ companies rely on each other for goods and services for success
Trade
Distribution of goods and services between ppl, companies and across borders
Shrinking world
World is relatively smaller with faster travel = places feel closer.
And knowledge of distance places is better.
Time space compression
Cost in (terms of time and money) of communication over long distances has fallen rapidly.
Free trade
No tax, tariffs or quotas on goods being imported and exported.
Free trade bloc
Agreement between countries to remove barriers on all trade.
Free market livrisation
Ending monopoly provision. Ppl can choose suppliers on quality and price. (There are choices in services and goods)
Outsourcing
TNCs send parts of their company abroad for cheaper resources and work force.
NOT OWNED by the TNC.
