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Globalisation Key Terms 1
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- 1Transnational Corporations (TNCs)Businesses whose organisations are spread across the world, operating in many nations as both makers and sellers of goods and services. Many of the largest are instantly recognisable 'global brands' that bring cultural change to the places where products are consumed.
- 2Gross Domestic Product (GDP)A measure of the financial value of goods and services produced within a territory (including foreign firms located there). It is often divided by population size to produce a per capita figure for the purpose of making comparisons.
- 3Emerging economiesCountries that have begun to experience high rates of economic growth, usually due to rapid factory expansion and industrialisation. There are numerous sub-groups of emerging economies, including Brazil, Russia, India, China and South Africa (BRICS Group). They are sometimes called newly industrialised countries (NICS).
- 4RemittancesMoney that migrants send home to their families via formal or informal channels.
- 5InterdependencyIf two places become over-reliant on financial and/or political connections with one another, then they have become interdependent. E.g. if an economic recession adversely affects a host country for migrant workers, then the economy of the source country may shrink too, due to falling remittances.
- 6Spatial division of LabourThe common practice among TNCs of moving low-skilled work abroad (or 'offshore') to places where land and labour costs are low. Important skilled management jobs are kept at the TNCs headquarters in its country of origin.
- 7Intermodal containersLarge-capacity storage units which can be transported long distances using multiple types of transport, such as shipping and rail, without the freight being taken out of the container.
- 8Shrinking worldThanks to technology, distant places start to feel closer and take less time to reach.
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- A level (Globalisation) Geography Fichas sobre Globalisation Key Terms 1, creado por Roxy Buckley el 14/09/2016.
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- Roxy Buckley
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