patterns of international trade

geography

global system

an international structure, for example, for trade or investment

merchandise

goods that are ready to be exchanged

trade bloc

a group of countries that have agreed to reduce or remove tariffs, taxes and other barriers to trade between these countries

social development

improvements to a country or society that better the quality of life and well-being of the population

values of exports’ index

a measure of the worth of goods and services that are sold by a country

global governance

a ruling system that impacts or influences the entire world

inter-regional trade

the exchange of goods and services within a nation

tariff

the money that needs to be paid on goods and services that are being both imported and exported

economic development

improvements to financial systems and markets that improve the well-being and quality of life of the society

periphery economies

financial systems in countries that do not play a significant part in global trade

core economies

financial systems in countries that play an important role in global trade

trade deficit

a measure of by how much the value of a countries imports exceeds the value of exports

transitional corporation (TNC)

an organisation that operates in one or more countries, with no centralised management system

diversifications

the process by which an economy expands its activities to involve itself in a wider range of markets

global supply chains

the worldwide network that is created as a product undergoes different aspects of production and distribution in different countries

multinational corporations (MNC)

an organisation that operates in one or more countries, with a centralised management system

global markets

the systems by which goods are exchanged internationally

offshoring

the relocation of a business of part of a business to a different country in order to reduce costs