Growing Economies
This measures the total value of goods and services a country produces in a given year.
What is GDP? pg 183
Goods brought into a country from abroad are called this.
What are imports? pg 188
This global organisation oversees trade agreements and resolves trade disputes.
What is the World Trade Organization (WTO)?196
Government actions that restrict imports in order to support domestic industries are known as this.
What is protectionism?205
A group of countries that agree to reduce trade barriers between them is known as this.
What is a trading bloc?212
This group of emerging economies includes Brazil, Russia, India, China, and South Africa.
What is BRICS?pg 179
When a country becomes highly skilled in producing a particular good or service, it is practicing this.
What is specialisation?189
Reduced transport costs, political change, and MNC expansion are all factors contributing to this worldwide process.
What is globalisation?196
A tax placed on imported goods to make them more expensive is known as this.
What is a tariff?207
This European group forms a single market that allows free movement of goods, services, and labour.
What is the European Union (EU)?213
Countries with low income, low GDP, and lower education levels are referred to as this type of economy.
What is a developing economy? pg 179
This type of investment occurs when a company invests in business operations in another country.
What is Foreign Direct Investment (FDI)?pg190
A business with operations in multiple countries is known by this three-letter abbreviation.
What is an MNC (Multinational Corporation)?199
A limit on the quantity of a product that may be imported is called this.
What is an import quota?207
a less severe form of economic depression
what is a recession? pg 219
This indicator measures well-being using health, education, and income.
What is the Human Development Index (HDI)? pg 183
Increased jobs, higher tax revenue, and new technology are examples of advantages for a host nation receiving this.
What are the benefits of FDI? 190
when highly educated individuals find jobs overseas.
What is brain drain?pg202
Higher consumer prices and potential trade retaliation are disadvantages of this protectionist tool.
What are the disadvantages of tariffs?207
Access to larger markets and reduced tariffs are benefits businesses gain from membership in one of these.
What are the benefits of trading blocs?217
Economic growth can expand consumer demand and create new overseas market opportunities for firms.
What are trade opportunities created by economic growth? pg 181
Depending heavily on one industry can make a country vulnerable to changes in global demand.
What is over-specialisation?
Investment across borders helps link economies and spread technology, increasing global economic integration.
What is the role of FDI in globalisation?200
Government financial support given to local businesses to reduce production costs is known as this.
What is a domestic subsidy?208
Firms may struggle with increased competition or become too reliant on the bloc, representing this drawback.
What are negative impacts of trading bloc membership?218