Globalisation Flashcards
(16 cards)
Globalisation
The increasing interconnectedness of countries through the movement of goods, services, capital, people, and information.
Time–Space Compression
The concept that the world feels smaller due to advancements in transport and communication technologies.
Shrinking World
The perception that distant places are becoming closer due to faster travel and communication
Trade Liberalisation
The removal or reduction of trade barriers, such as tariffs and quotas, to encourage free trade.
Special Economic Zones (SEZs)
Designated areas in countries with special economic regulations that differ from other areas in the same country.
Outsourcing
The practice of hiring external firms to handle work previously performed within a company
Offshoring
The relocation of business processes from one country to another, typically to leverage cost advantages.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output decreasing with increasing scale.
Global Hub
A highly connected city that is at the heart of the global economic system
Elite Migrants
Highly skilled and wealthy individuals who move between countries for work or investment opportunities
Cultural Diffusion
The spread of cultural beliefs and social activities from one group to another.
Glocalisation
The adaptation of global products to fit local cultures and preferences.
Ethical Consumption
The practice of purchasing products that are ethically produced and not harmful to the environment and society.
Gini Coefficient
A measure of income inequality within a population, ranging from 0 (perfect equality) to 1 (maximum inequality).
Localism
A preference for local production and consumption of goods, local control of government, and promotion of local history, culture, and identity.
Transition Towns
Grassroots community projects that aim to increase self-sufficiency to reduce the potential effects of peak oil, climate destruction, and economic instability.
