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Sin título
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- 1globalisationprocess in which national economies have become increasingly interdependent and integrated
- 2causes for globalisationtrade liberalisation, trading blocs, growth of MNC's, technological advancements, mobility of labour and capital
- 3pros of globalisation (5)lower prices, benefits from EoS, free movement of labour and capital, technological innovation, greater employment
- 4cons of globalisation (6)growing inequality, higher structural unemployment, environmental costs, greater risk of external shocks, less cultural diversity, trade imbalances
- 5absolute advantagewhen a country can produce a good or service more efficiently using less resources and at a lower cost than another country
- 6comparative advantagewhen a country can produce a good at a lower opportunity cost than another country
- 7terms of trade what does an improvement in it tell usthe rate of exchange between two goods, improvement tells us that a country can export smaller volume of goods to purchase the same volume of imports
- 8terms of trade formulaprice index of exports / price index of imports x 100
- 9free trade areasgroup of countries that agree not to use any protectionist measures between them
- 10customs uniona group of countries that agree to remove restrictions on trade between member countries and set a common set of restrictions against non member states
- 11trade diversionwhen trade is diverted as a result of joining a customs union from a country with comparative advantage to a country without comparative advantage
- 12common marketswhen countries have free trade not just in goods and services but also in factor markets (e.g. free movement of labour)
- 13monetary unionset of trading arrangements same as a common market but with the additional step of using a single currency or a permanently fixed exchange rate
- 14fiscal unioneconomies of member countries are as fully integrated as different regions within a country
- 15floating exchange ratewhen the value of a currency is determined by market forces of supply and demand
- 16fixed exchange rate systemthe government of a country agrees to fix the value of its currency to another country's
- 17absolute povertywhere individuals have insufficient income to afford the basic necessities for survival
- 18relative povertywhere household income is lower than 60% of the median income in a country
- 19causes of income inequality (5)unequal wealth, unemployment, discrimination, different skills and qualifications, different household compositions
- 20gini coefficientmeasure of income inequality, the closer to 0 the more equal distribution of income
- 21wealtha stock of assets that have financial value can be held in the form of houses, savings or other high value assets
- 22why is there wealth inequalityincome inequality (less money to save), differences in entrepreneurial skills, inheritance, marriage patterns of the wealthy
- 23capitalismwhere there is minimal government intervention and resources are distributed according to the market
- 24policies to reduce inequality and poverty (6)tax and benefits system, increasing national wage, improving the quality of education and training, improving healthcare, giving more power to trade unions, more social housing
- 25HDIlife expectancy at birth, mean years of schooling, GNI per capita
between 0 and 1 (1 is the highest) - 26non economic factors that influence growth and developmentcorruption, civil war and poor governance, external shocks like natural disasters
- 27economic factors that influence growth and developmentprimary product dependency, savings gap (harrod domar), demographic factors, capital flight, volatility of commodity prices, infrastructure, education skills, debt, access to banking
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- Fichas sobre Sin título, creado por Lisa P el 18/01/2026.
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- Lisa P
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