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Global Issues > Chapter 3 week 1 > Flashcards

Chapter 3 week 1 Flashcards

1
Q

What is the Quinary economic activity level?

A

“Gold Collar” Jobs
highly paid professionals/CEOs
research scientists
high ranking government officials

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2
Q

What is the Quaternary economic activity level?

A

Information-Based Services
accountants/tax managers
software development
research and development
media
information/communication technology

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3
Q

What is the Tertiary economic activity level?

A

Services
trade, education, healthcare, transportation, personal banking

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4
Q

What is the Secondary economic activity level?

A

Production of Goods
construction, industry, manufacturing

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5
Q

What is the Primary economic activity level?

A

Basic Production
farming, ranching, fishing, mining, forestry

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6
Q

Describe factors of production: Land

A

Not just the “land”; includes all resources: water, minerals, plants, animal, etc.

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7
Q

Describe factors of production: Labor

A

Physical and mental abilities of workers

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8
Q

Describe factors of production: Capital

A

More than money; Anything used to create wealth: Ex. a computer used to create an app

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9
Q

Describe factors of production: Entrepreneurship

A

The ability of an individual to take a risk and begin a new business

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10
Q

What is Core?

A

Industrialized/capita list countries that the rest of the world depend upon; control and benefit from the global market

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11
Q

What is Periphery?

A

Depend on core nations for finished products/services

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12
Q

What is Fordism?

A

Mass production of a product @ a single site
assembly line
less skilled workers

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13
Q

What is Post Fordism?

A

Mass production of a product
outsourcing
flexibility in production and innovation
teams-based
production occurs world-wide

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14
Q

What is Free Market economic system?

A

Individuals freely produce and buy what they want
Prices set by supply and demand
Goal of business is to make a profit
Little government interference

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15
Q

What is Command economic system?

A

Government makes all economic decisions
No private property or enterprise
Profits/costs are intended to be shared equally

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16
Q

What is Socialist economic system?

A

Government owns some basic industries
Private owners of industries with heavy government regulation
Tax funded public services

17
Q

What is Traditional economic system?

A

Work to meet your own basic needs
Substance agriculture - growing only enough to feed family
Cottage industries - goods produced on private property by hand

18
Q

Gross Domestic Product advantages

A

Used by all countries
Easy to use/measure

19
Q

Gross Domestic Product disadvantages

A

Doesn’t include all products
Fails to show actual distribution of wealth
Doesn’t show sustainability of economic situation
Doesn’t show human factors

20
Q

Human Development Index advantages

A

Takes all aspects into account: economic and social
Indicator of quality of life for citizens with in a country

21
Q

Human Development Index disadvantages

A

Not truely effective at showing wealth dictribution
Doesn’t consider poverty, rights, war, social conflict, or political issue
Only reflects long-term changes, not usually applicable to short-term issues/concerns

22
Q

What is economic globalization?

A

refers to the strentching of economic connections across the globe
Gigantic flows of capital mediated by digital technology and standaedized means of transportation have stimulated trade in goods and services by leaps and bounds

23
Q

What is global economies?

A

Have extended their reach to cyberspace and integrated local, national, and international economics

24
Q

What is the Bretton woods regime?

A

1.the international monetary fund
2.the international bank for reconstruction and development
3.the general agreement on tariffs and trade

Global Issues (3 decks)

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