Key words Flashcards
Globalisation
This is the integration of economies, industries, markets, cultures and policy-making around the world. Globalisation describes a process by which national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration and transportation.
In the more recent past, globalisation was often primarily focused on the economic side of the world, such as trade, foreign direct investment and international capital flows, more recently the term has been expanded to include a broader range of areas and activities such as culture, media, technology, socio-cultural, political, and even biological factors, e.g. climate change.
Containerisation
Transportation of cargo in containers (that can be interchanged between ships, trains, and trucks) with standardized handling equipment, and without rehandling the contents.
Economy of scale
Reduction in cost per unit resulting from increased production, realized through operational efficiencies. Economies of scale can be accomplished because as production increases, the cost of producing each additional unit falls.
Global marketing
Marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives.
Finance
The management of large amounts of money, especially by governments or large companies.
Bureaucracy
A system of government in which most of the important decisions are taken by state officials rather than by elected representatives.
Multiplier effect
The multiplier effect refers to the increase in final income arising from any new injection of spending.
Capitalism
An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.
Socialism
A political and economic theory of social organization, which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Communism
A theory or system of social organization in which the community owns all property and each person contributes and receives according to their ability and needs.
Free market
An economic system in which prices are determined by unrestricted competition between privately owned businesses.
Autocratic leader
In an autocratic leadership style, the person in charge has total authority and control over decision-making.
Democracy
A system of government by the whole population or all the eligible members of a state, typically through elected representatives.
terrorism
The unofficial or unauthorized use of violence and intimidation in the pursuit of political aims.
nationalism
Patriotic feeling, principles, or efforts.
