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1

transnational corportations

businesses who operations are spread across the world, operating in many nations as both makers and sellers. the largest are recognisable as global brands that bring cultural change in areas they are consumed in.

2

gross domestic product

a measure of the financial value of goods and services produced within that country including foreign firms located there.

3

emerging economies

countries that have begun to experience high rates of economic growth, usually due to the rapid factory expansion and industrialisation. there are numerous sub group to emerging economies (NICS, BRICS, RICS).

4

remittances

money that migrants send home to their family via formal and informal channels.

5

interdependency

when two places become over reliant on financial and/or political connections with one another.

6

spatial division of labour (new international division of labour)

the common practice among TNCs of moving low skilled work abroad to places where labour costs are low.

7

intermodal containers

large capacity storage containers which can be loaded onto ships or trains without the freight being taken out.

8

shrinking world

thanks to technology, distant places start to feel closer and take less time to reach.

9

foreign direct investment

a financial injection made by a TNC into a nations economy, either to build new infrastructure, facilities or to acquire or merge with an existing firm already there.

10

trickle-down

the positive impacts on peripheral regions (and poorer people), caused by the creation go wealth in core regions.

11

sovereign wealth funds

governments owned investment funds and banks typically associated with China and countries that have large revenues from oil such as Qatar.

12

trade blocs

voluntary international organisations that exist for trading purposes, bringing greater economic strength and security to the nations that join.

13

tariffs

the taxes that are paid when importing or exporting goods and services between countries.

14

special economic zone

an industrial area, often near a coastline, where favourable conditions are created to attract TNCs. these conditions include low tax rates and exemption from tariffs and export duties.

15

offshoring

TNCs move parts of their own production process to other countries to reduce labour or other costs.

16

outsourcing

TNCs contract another company to produce the goods and services they need rather than do it themselves. this can result in the growth of complex supply chains.

17

global production networks

a chain of connected suppliers of parts and materials that contribute to the manufacturing or assembly of the consumer goods.

18

least developed countries

the worlds very poorest low-income nations whose populations have little experience of globalisation. a number of these nations are described as 'failed states' by politicians.

19

subsidies

grants given by governments to increase the profitability of key industries.

20

just-in-time

the means by which the time gap between production and delivery to the customer is sharply reduced.