International Trade and Globalisation

These flashcards cover key terms and concepts related to international trade and globalisation, focusing on definitions and interrelations.

Globalisation

The freer movement of goods, services, investment, ideas, and people around the world, implying the opening up of international borders.

Exports

Goods and services sold by a country to other countries.

Imports

Goods and services purchased by a country from other countries.

Foreign Investment

Investment made by a company or individual in one country in business interests in another country.

GDP (Gross Domestic Product)

The total value of goods produced and services provided in a country during one year.

Free Trade Agreements (FTAs)

Written agreements involving one or more countries to lower trade barriers.

Bilateral Trade Agreements

Trade agreements between two countries that aim to lower trade barriers.

Multilateral Trade Agreements

Trade agreements between three or more countries that aim to lower trade barriers.

Regional Trade Agreements

Multilateral trade agreements specific to a particular region.

Tourism

Travel for recreation, leisure, or business purposes which accounts for a significant portion of world exports of commercial services.

Economic Growth

An increase in the amount of goods and services produced per head of the population over a period of time.

MNCs (Multinational Corporations)

Companies that operate in multiple countries, often influencing local economies.

Environmental Damage

Harm to the natural environment caused by industrial or economic activities.

Employment

The condition of having paid work, influenced by local and international trade.

Cultural Diversity

The existence of a variety of cultural or ethnic groups within a society.

Trade and Economic Growth

The relationship in which increased trade leads to increased imports and exports, thus stimulating economic growth.

Living Standards

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.

Inequality

The unequal distribution of wealth or resources in a society.

Poverty Line

The estimated minimum level of income needed to secure the necessities of life.