Global Trade and Uneven Development

Flashcards covering key vocabulary and concepts related to patterns of development in NICs and LICs, global trade, and the roles of MNCs. Based on lecture notes.

Agriculture in LICs

Employs 84% of the workforce in LICs, such as Malawi.

Workforce in NICs

A young, skilled workforce with low wage costs compared to countries like China and Mexico (e.g., India).

Exports

Goods that are sold to other countries.

Globalisation

The free flow of goods, people, ideas, and money, causing the world to become increasingly inter-connected.

Imports

Goods that are purchased from other countries.

Infrastructure

Buildings and services that are essential, e.g., airports, roads, and water supply.

Multi-National Companies (MNCs)

Large companies that have branches and factories in many other countries, e.g., Nike.

Quotas

The limited sum of goods a country can import and export in a year.

Tariffs

Taxes that must be paid on some imports.

Trade Blocks

A group of countries that have an agreement to trade freely with each other, e.g., the European Union.

Enclave Tourism

All tourist activities are held in one geographical area.

Interdependence

When countries are connected to each other economically, culturally, politically and socially and are all dependent on one another.

Subsidies

Grants of money paid by governments to certain industries. These can be paid in the form of reduced rates as well as money.