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Offshoring - the practice of outsourcing operations overseas Outsourcing - business practice of hiring a party outside a company to perform services Global production network - The manufacturing industry is deploying global production throughout the world Glocalization - the adaptation of global and international products, into the local contexts they're used and sold in SEZ - A special economic zone is an area in which the business and trade laws are different from the rest of the country Trickle-down Effect - money flows from upper-class citizens to lower-class citizens Trade Blocs - Trade blocs are agreements which are made up of a group of countries which join to promote trade SAPs – Policies requested by the IMF in condition for financial aid when dealing with an economic crisis. Tariffs - are used to restrict imports Free-market liberalisation - the removal or reduction of restrictions or barriers on the free exchange of goods between nations Privatization - the transfer of publicly owned or publicly operated means of production to private ownership or operation FDI - Investing in other nations BRICs - acronym for Brazil, Russia, India, and China Economic globalisation - the increasing interdependence of world economies Social globalisation - the sharing of ideas and information between and through different countries Cultural globalisation - reflects a standardization of cultural expressions around the world Political globalisation - to the growth of the worldwide political system Spatial division of labour - distribution of different stages of economic activity across space Intermodal containers - is a large, standardized shipping container, designed and built for intermodal freight transport Shrinking world - concept of how technology impacted the world we live in today Gross Domestic Product (GDP) - the total monetary value of all final goods and services produced (and sold on the market) Emerging economies - market that has some characteristics of a developed market but does not fully meet its standards. Remittances - a payment of money that is transferred to another party Interdependency - the dependence of two or more people or things on each other