Key Abbreviations

Question 1

NIC

Answer 1

Newly Industrialised Country

Question 2

Define NIC

Answer 2

Countries that used to be less economically developed that have now developed their own industrial and commercial bases and their own TNCs

Question 3

BRIC

Answer 3

Brazil, Russia, India and China

Question 4

Explain BRIC

Answer 4

These countries have advanced rapidly since the 1990s

Question 5

MINT

Answer 5

Mexico, Indonesia, Nigeria and Turkey

Question 6

Explain MINT

Answer 6

These countries have more recently emerging economies

Question 7

Explain EU

Answer 7

A group of 28 countries that operate as a cohesive economic and political group

Question 8

What is the main aim of NAFTA?

Answer 8

To increase trade between the countries in this bloc

Question 9

What does the WTO oversee?

Answer 9

International trade and access to markets

Question 10

IMF

Answer 10

International Monetary Fund

Question 11

What does the IMF act as?

Answer 11

A regulator of financial flows and stabiliser of the system

Question 12

GATT

Answer 12

General Agreement on Tariffs and Trade

Question 13

Additional information on GATT

Answer 13

No longer exists

Replaced by the WTO

Question 14

OPEC

Answer 14

Organisation of Petroleum Exporting Countries

Question 15

Explain OPEC

Answer 15

A group of countries that focus on the global trade of oil

Question 16

Examples of areas that are part of OPEC

Answer 16

Middle East, South America, Africa

Question 17

FDI

Answer 17

Foreign Direct Investment

Question 18

What is FDI?

Answer 18

Investment made mainly by TNCs (and sometimes governments) based in one country to the physical capital or assets of foreign enterprises

Question 19

What is GDP?

Answer 19

The total monetary value of all the goods and services produced by a country in a specific time period

Question 20

SEZ

Answer 20

Special Economic Zone

Question 21

What are SEZ’s?

Answer 21

Areas in countries with special economic regulations that differ from other areas of the same country.

Question 22

SOE

Answer 22

State-Owned Enterprise

Question 23

What is an SOE?

Answer 23

A large company owned by a country’s government in order to take part in the commercial activities on the governments behalf

Question 24

ASEAN

Answer 24

Association of South East Asian Nations

Question 25

What is ASEAN?

Answer 25

A group of 10 states that discuss the economic matters of the region. Responsible for stimulating investment in one another and creating trade agreements with non-members.

Question 26

PPP

Answer 26

Purchasing Power Parity

Question 27

What is PPP?

Answer 27

An economic theory that compares different countries' currencies through a market

Question 28

TPP

Answer 28

Trans-Pacific Partnership

Question 29

What is TPP?

Answer 29

A free trade agreement between 12 countries

Question 30

Give 3 countries that are part of the TPP

Answer 30

Japan, Malaysia and New Zealand

Question 31

TTIP

Answer 31

Transatlantic Trade and Investment Partnership

Question 32

What is the main aim of TTIP?

Answer 32

To reduce the regulatory barriers to trade for big businesses

Question 33

GPN

Answer 33

Global Production Networks

Question 34

What is meant by GPN?

Answer 34

Global networks of trade and labour

Question 35

JIT

Answer 35

Just In Time

Question 36

What is JIT?

Answer 36

Deliveries arrive only when they are needed which reduces spending and waste.

Question 37

What does the UN do?

Answer 37

Brings together its member states to confront major challenges and share responsibilities.

Question 38

NATO

Answer 38

North Atlantic Treaty Organisation

Question 39

What is NATO?

Answer 39

A military alliance between several North American and European states.

Question 40

OECD

Answer 40

Organisation for Economic Co-operation and Development group

Question 41

What is OECD?

Answer 41

An intergovernmental economic organisation with 35 member countries which aim to stimulate economic progress and world trade.

Question 42

MDG

Answer 42

Millennium Development Goals

Question 43

What is meant by MDG?

Answer 43

8 international development goals for 2015 that were established following the Millennium Summit of the United Nations in 2000.

Question 44

SDG

Answer 44

Sustainable Development Goals

Question 45

What is meant by SDG?

Answer 45

A universal call to end poverty, protect the planet and ensure that all people enjoy peace and prosperity.

Question 46

IPCC

Answer 46

Intergovernmental Panel on Climate Change

Question 47

What does the IPCC do?

Answer 47

It and UN organisation that provides the world with an objective, scientific view of climate change and its political and economical impacts.

Question 48

UNEP

Answer 48

United Nations Environment Programme

Question 49

What does the UNEP do?

Answer 49

Control environmental activities

Question 50

UNDP

Answer 50

United Nations Development Program

Question 51

What is the UNDP?

Answer 51

The UN's global development network

Question 52

WHO

Answer 52

World Health Organisation

Question 53

What is the WHO?

Answer 53

A specialised agency of the UN concerned with international public health.