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11 Cards in this Set
- Front
- Back
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What is an LDC? |
A least developed country is one of the world's lowest income nations. This group of around 50 states is sometimes described as the 'fourth World'. E.g. Afghanistan, Angola |
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What is an NIC? |
NIC - a newly industrialised country is a middle income nation, where export and average earnings have increased dramatically since the 1970's. Mexico and Argentina are often placed in this category, but the most famous are the 'Asian Tigers': Hong Kong, Singapore, South Korea and Talwan |
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What is an Ex-Soviet State? |
After the break-up of the Soviet Union in 1989, there were 15 ex soviet states remaining. These often scored poorly in HDI and GDP, and are usually described as middle income nations ( Russia), or low income nations (Kazakhstan) |
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What is an OPEC? |
OPEC - An Oil and Petroleum Exporting Country is a nation that has oil as a major export. The are very high income nations, and the money they earn from exporting oil is often referred to as petrodollar. GDP is not often spread evenly throughout the population. Examples of OPEC countries include Iran, Iraq and Saudi Arabia |
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What is an OECD? |
OECD - The organisation for economic co-operation and development aims to ensure wealth is distributed evenly across a nation. It contrasts from OPEC;s as it aims to have the fairest outcome for countries inhabitants. The group includes all of the world's high income nations, such as the UK and USA |
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What is a G8 Country? |
G8- This group represents 65% of world trade ( high income countries) and meets annually to discuss world development. Countries include the UK, USA , Germany and Japan |
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What is a BRIC Country? |
BRIC - The four 'BRIC' countries are Brazil, Russia, India and China. They are in the same group as they all have newly advanced economic development. They are middle income countries which are becoming high income countries |
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What a political grouping? |
Political groupings are our trade blocs |
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Give an example of a Political Grouping |
Political grouping Example, EU - Free trade zone -Most developed trade bloc in the world - Common currency -Migration increase -Judicial Systems -Parliament -Human Rights Act -Health and Safety Legislation -Cultural links and spread Another example is NAFTA, this trade bloc operates in North America, linking the USA and Canada, Unlike the EU, it is not a free travel zone; however it is still a free trade zone |
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What are the benefits of trade blocs (political groupings)? |
Benefits of trade blocs (political groupings) - Markets grow - new customers -Spread of products -Increased demand --> increases production --> Economies of scale - Smaller national firms within a trade bloc can merge and form TNC's - in the EU, people are eligible to structural funds to help develop economies |
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What are TNCS? |
TNC's - Transnational Companies are business with operations in more than one country. They are: - Profit driven - Answerable to shareholders Their growth depends on: - Merge and buy outs ( Craft + Cadburys) -Expand operations -Manufacturing is outsourced |
