Topic 1 - Key terms

Question 1

Globalisation

Answer 1

The social, economic and environmental factors that change and connect our world

Question 2

Interdependence

Answer 2

When two or more countries rely on each other through economic, political and environmental methods

Question 3

FDI

Answer 3

(foreign direct investment) when a person, company or group spends money in another country to generate a profit

Question 4

Neo-liberalism

Answer 4

the idea that the economy should be run with little state intervention, includes privatisation of some industries, removing trade barriers and cutting government spending

Question 5

Carbon footprint

Answer 5

Calculates the emissions as a result of human activity

Question 6

Terms of trade

Answer 6

cost of goods a country has to import compared to the price of goods they export

Question 7

Ethical investment

Answer 7

investing in areas seen as socially responsible eg avoiding companies that sustain environmental harm

Question 8

Free trade areas

Answer 8

Countries abolish tariffs and quotas between themselves but maintain restrictions on products outside of the area or bloc

Question 9

Custom unionas

Answer 9

Members put tariffs on products outside of the group

Question 10

Common markets

Answer 10

like custom unions but also allow free movement of labour and capital

Question 11

Economic unions

Answer 11

Members do all of the above but also adopt common policies in areas like agriculture and transport

Question 12

TNC

Answer 12

Transnational cooperation, companies that operate in more than one country

Question 13

Global governance

Answer 13

The movement towards political cooperation between transnational actors, aimed at negotiating responses to problems that affect more than one state or region

Question 14

UNESCO
WEF
IPCC
UNSC

Answer 14

UNESCO: United nations educational, scientific and cultural organisation

WEF: World economic forum

IPCC: UN intergovernmental panel on climate change

UNSC: United nations security council

Question 15

IGO

NGO

Answer 15

Intergovernmental organisation

Non-governmental organisation

Question 16

Veto

Answer 16

Power of a party to prohibit or reject a decision made by another within a governmental construct

Question 17

Norms

Answer 17

The values, traditions and customs that govern individuals’ behaviour in society

Question 18

Laws

Answer 18

Obligatory statements that often protect the rights and beliefs of those under them

Question 19

The jurisdictional gap

Answer 19

Gap between increasing need of governance in areas and the lack of authority with the jurisdiction (power) to take action

Question 20

The incentive gap

Answer 20

Gap between need for international cooperation and motivation to undertake it

Question 21

The participation gap

Answer 21

Gap between government’s power to take action for international cooperation and the civil society groups who can barely influence decision

Question 22

Global commons

Answer 22

elements of the planet that are a share responsibility and represent a common pool of resources - both actual and potential