Download 3.1-3.3 Keywords

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