ap human vocab Flashcards
The monetary assets that a business possesses.
capital
Products gain weight or size during manufacturing
bulk-gaining
Series of links connecting the many places of production and distribution, resulting in a commodity that is then exchanged on the world market
commodity chain
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
self-sufficiency model
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.
human development index
The rapid economic, manufacturing and technological changes of the late 1700’s; began in UK and diffused globally over time
Industrial Revolution
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
gross domestic product
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
gross national income
The black market, market that is not monitored by government
informal economy
The legal economy that is monitored by the government
formal economy
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
fair trade
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.
fixed cost
Investment made by a foreign company in the economy of another country
foreign direct investment
Countries encourage domestic production of goods, discourage foreign ownership of businesses and resources, and protect their businesses from international competition
international trade model
This number evaluates gender equality within a country based on life expectancy, education and income
gender-related development index
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
productivity
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
variable cost
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)
value added
Locations where the main economic activity is direct extraction of natural resources from the environment-such a mining, fishing, lumbering and especially agriculture
primary industrial regions
Locations where the main economic activity is processing raw materials into finished industrial products; manufacturing sector
secondary industrial regions
a limited quantity of a particular product which under official controls can be produced, exported, or imported.
quota
a tax or duty to be paid on a particular class of imports or exports.
tariff
free trade, capitalism, free market and other policies where the government does not interfere much in the economy
neocolonialism
are materials made of natural or synthetic fibers
textiles
government policies that restrict international trade to help domestic industries
protectionism
