ap human vocab

Question 1

The monetary assets that a business possesses.

Answer 1

capital

Question 2

Products gain weight or size during manufacturing

Answer 2

bulk-gaining

Question 3

Series of links connecting the many places of production and distribution, resulting in a commodity that is then exchanged on the world market

Answer 3

commodity chain

Question 4

In this model a country encourages domestic production of goods, discourages foreign ownership of business and resources, and protects their businesses from international competition. The country is then responsible for spreading its investments as equally as possible across all sectors of its economy and regions in order to develop

Answer 4

self-sufficiency model

Question 5

The UN recognizes a country’s level of development by analyzing three main factors: economic, social, and demographics. These factors make up the Human Development Index.

Answer 5

human development index

Question 6

The rapid economic, manufacturing and technological changes of the late 1700’s; began in UK and diffused globally over time

Answer 6

Industrial Revolution

Question 7

The total value of all goods and services produced within a country during a given year; this statistic is used best to show how much a country’s workers contribute to the economy

Answer 7

gross domestic product

Question 8

The total income of goods and services within a country and adds income and investments from business in other countries; for example a McDonald’s in China - this is a better statistic for measuring the health of a country’s economy

Answer 8

gross national income

Question 9

The black market, market that is not monitored by government

Answer 9

informal economy

Question 10

The legal economy that is monitored by the government

Answer 10

formal economy

Question 11

The movement advocates the payment of a fair price as well as social and environmental standards in areas related to the production of a wide variety of goods, basically it is an economic practice to pay a fair price and wage to workers in LDCs and promote social and environmental sustainability

Answer 11

fair trade

Question 12

A cost that does not change based on the level of output that a business produces. For example, the mortgage and insurance must be paid regardless of a company making money.

Answer 12

fixed cost

Question 13

Investment made by a foreign company in the economy of another country

Answer 13

foreign direct investment

Question 14

Countries encourage domestic production of goods, discourage foreign ownership of businesses and resources, and protect their businesses from international competition

Answer 14

international trade model

Question 15

This number evaluates gender equality within a country based on life expectancy, education and income

Answer 15

gender-related development index

Question 16

The value of a particular product compared to the amount of labor needed to make it; MDCs are “more productive” because they use machines rather than manual labor

Answer 16

productivity

Question 17

Costs that change based on the level of output such as energy supply, transport expenses, and labor costs. You cannot control these costs, they change cost

Answer 17

variable cost

Question 18

The gross value of the product minus the costs of raw materials and energy, turning an item into something worth more money than it’s input (berries into jam, wood into furniture)

Answer 18

value added

Question 19

Locations where the main economic activity is direct extraction of natural resources from the environment-such a mining, fishing, lumbering and especially agriculture

Answer 19

primary industrial regions

Question 20

Locations where the main economic activity is processing raw materials into finished industrial products; manufacturing sector

Answer 20

secondary industrial regions

Question 21

a limited quantity of a particular product which under official controls can be produced, exported, or imported.

Answer 21

quota

Question 22

a tax or duty to be paid on a particular class of imports or exports.

Answer 22

tariff

Question 23

free trade, capitalism, free market and other policies where the government does not interfere much in the economy

Answer 23

neocolonialism

Question 24

are materials made of natural or synthetic fibers

Answer 24

textiles

Question 25

government policies that restrict international trade to help domestic industries

Answer 25

protectionism