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Global Systems and Global Governance > Key Abbreviations > Flashcards

Key Abbreviations Flashcards

1
Q

NIC

A

Newly Industrialised Country

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2
Q

Define NIC

A

Countries that used to be less economically developed that have now developed their own industrial and commercial bases and their own TNCs

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3
Q

BRIC

A

Brazil, Russia, India and China

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4
Q

Explain BRIC

A

These countries have advanced rapidly since the 1990s

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5
Q

MINT

A

Mexico, Indonesia, Nigeria and Turkey

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6
Q

Explain MINT

A

These countries have more recently emerging economies

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7
Q

Explain EU

A

A group of 28 countries that operate as a cohesive economic and political group

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8
Q

What is the main aim of NAFTA?

A

To increase trade between the countries in this bloc

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9
Q

What does the WTO oversee?

A

International trade and access to markets

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10
Q

IMF

A

International Monetary Fund

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11
Q

What does the IMF act as?

A

A regulator of financial flows and stabiliser of the system

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12
Q

GATT

A

General Agreement on Tariffs and Trade

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13
Q

Additional information on GATT

A

No longer exists

Replaced by the WTO

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14
Q

OPEC

A

Organisation of Petroleum Exporting Countries

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15
Q

Explain OPEC

A

A group of countries that focus on the global trade of oil

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16
Q

Examples of areas that are part of OPEC

A

Middle East, South America, Africa

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17
Q

FDI

A

Foreign Direct Investment

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18
Q

What is FDI?

A

Investment made mainly by TNCs (and sometimes governments) based in one country to the physical capital or assets of foreign enterprises

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19
Q

What is GDP?

A

The total monetary value of all the goods and services produced by a country in a specific time period

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20
Q

SEZ

A

Special Economic Zone

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21
Q

What are SEZ’s?

A

Areas in countries with special economic regulations that differ from other areas of the same country.

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22
Q

SOE

A

State-Owned Enterprise

23
Q

What is an SOE?

A

A large company owned by a country’s government in order to take part in the commercial activities on the governments behalf

24
Q

ASEAN

A

Association of South East Asian Nations

25
Q

What is ASEAN?

A

A group of 10 states that discuss the economic matters of the region. Responsible for stimulating investment in one another and creating trade agreements with non-members.

26
Q

PPP

A

Purchasing Power Parity

27
Q

What is PPP?

A

An economic theory that compares different countries’ currencies through a market

28
Q

TPP

A

Trans-Pacific Partnership

29
Q

What is TPP?

A

A free trade agreement between 12 countries

30
Q

Give 3 countries that are part of the TPP

A

Japan, Malaysia and New Zealand

31
Q

TTIP

A

Transatlantic Trade and Investment Partnership

32
Q

What is the main aim of TTIP?

A

To reduce the regulatory barriers to trade for big businesses

33
Q

GPN

A

Global Production Networks

34
Q

What is meant by GPN?

A

Global networks of trade and labour

35
Q

JIT

A

Just In Time

36
Q

What is JIT?

A

Deliveries arrive only when they are needed which reduces spending and waste.

37
Q

What does the UN do?

A

Brings together its member states to confront major challenges and share responsibilities.

38
Q

NATO

A

North Atlantic Treaty Organisation

39
Q

What is NATO?

A

A military alliance between several North American and European states.

40
Q

OECD

A

Organisation for Economic Co-operation and Development group

41
Q

What is OECD?

A

An intergovernmental economic organisation with 35 member countries which aim to stimulate economic progress and world trade.

42
Q

MDG

A

Millennium Development Goals

43
Q

What is meant by MDG?

A

8 international development goals for 2015 that were established following the Millennium Summit of the United Nations in 2000.

44
Q

SDG

A

Sustainable Development Goals

45
Q

What is meant by SDG?

A

A universal call to end poverty, protect the planet and ensure that all people enjoy peace and prosperity.

46
Q

IPCC

A

Intergovernmental Panel on Climate Change

47
Q

What does the IPCC do?

A

It and UN organisation that provides the world with an objective, scientific view of climate change and its political and economical impacts.

48
Q

UNEP

A

United Nations Environment Programme

49
Q

What does the UNEP do?

A

Control environmental activities

50
Q

UNDP

A

United Nations Development Program

51
Q

What is the UNDP?

A

The UN’s global development network

52
Q

WHO

A

World Health Organisation

53
Q

What is the WHO?

A

A specialised agency of the UN concerned with international public health.

Global Systems and Global Governance (11 decks)

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