Last and Final

Question 1

Primary Production
Def, Ex

Answer 1

The extraction and production of raw materials.
Uses Nature
Ex:
Farming
Fishing
Mining
Forestry

Question 2

Secondary Production
Def, Ex

Answer 2

Refers to the processing of raw materials into finished goods
Uses specialized equipment, skilled labor
Ex:
Manufacturing
Construction
Power Generation

Question 3

Tertiary Production
Def, ex

Answer 3

Thesale and exchange of manufactoried products
Ex:
Healthcare
Education
Finance
Hospitality
Retail

Question 4

Quaternary Production
Def, ex

Answer 4

Refers to the distribution and creation of knowledge and information.
Highly skilled and knowledge intensive industry
Ex:
Research and development
Information Technology
Management consulting

Question 5

Quinary Production
Def

Answer 5

The highest level of economic activity that involves decision making and policy making
Highly educated and experienced people
Have significant impact on the direction of the economy.
EX:
High Level management
Policy Development
Government Administration

Question 6

Commodity Chain
Def

Answer 6

The series of activities that are involved in production, distribution, and consumption of a product. This includes all the steps from the extraction of raw materials to the final sale.

A series of links connecting the production to distribution to consumption.

Question 7

Break Bulk Point
Def, Ex, location, impact

Answer 7

The location where the transfer of goods from one mode of transportation to another take place typically in order to reach the final destination. Ex: Ship to truck, Train to warehouse.
This allows for more efficient movement of goods over long distances by enabling different modes of transportation.
They can be found where different modes of transport intersect.

Question 8

GDP vs GDP per capita
Acronym, Def,

Answer 8

Gross Domestic Product + per capita
GDP is the measure of all goods and servicces produced in a country in one year.
GDP per capita measures a countries average income earned by individuals by dividing GDP by the countries population

Question 9

HDI
Acronym, Def

Answer 9

Human Development Index
The measure of a countries status of life based on life expectancy, education, and income

Question 10

GDI
Acronym, Def

Answer 10

Gender Development Index
The measure of gender based inequalities taking into account factors such as life expectancy, education, and income

Question 10

MPI
Acronym, Def

Answer 10

Multidimensional poverty index
The measure of poverty that looks at multiple dimensions of well being, such as education, health, and living standard.

Question 11

EPI
Acronym, Def

Answer 11

Environmental Performance Index
The measure of a countries environmental performance taking into account factors such as air, water quality, and biodiversity, and climate change.

Question 12

GNI
Acronym, Def

Answer 12

Gross National Income
Measures the total amount of money earned by a nations people and business
Total income earned by a countries residence measuring from abroad too.

Question 13

Trade Deficits
How, Impacts

Answer 13

Occurs when a country imports more good than it exports.
A country in a trade deficit can show that a country relies too heavily on foreign goods and that it isn’t producing enough.
Trade deficitis can put downward pressure on a countries currency as the country must use its own currency to pay for the imported goods.

Question 14

Formal Economy
DEF, EX

Answer 14

Formal: The legal economy that is taxed and monitored by the government and is added to the countries GDP
EX:
- Employment in a large corporation or government agency
- The sale of goods and services through a registered business
- The payment of taxes
- The use of currency as a medium of exchange
- The production of goods in a factory using modern equipment and technology

Question 15

Informal Economy
Def, Ex,

Answer 15

Economic activities that are not regulated by the government.
Ex:
- Street vending or selling goods on the black market
- Informal employment or self-employment without legal recognition or protection
- The exchange of goods and services through barter or other non-monetary forms of exchange
- The production of goods using traditional or informal methods, such as handicrafts or cottage industries
- The sale of goods and services through unregistered or informal channels
- Unregistered buisnesses

Question 16

Microloans
Def

Answer 16

Small loads provided to individuals or businesses.

Question 17

Rowstow’s Stages of development ??
Def, Ex

Answer 17

Traditional Society (ETHOPIA)
- Stage of economic development that focuses on primary production
- Subsistence agriculture
- Low levels of productivity and income
Preconditioned to takeoff (Haiti)
- Infrastructure and technical knowledge are invested on.
- Roads and buildings
- Investing in education
- Swift towards more specialized and productive forms of agriculture
Takeoff (Vietnam)
- Labor shifts from primary to factories
- Increase in urbanization
- Rapid and sustained economic growth
- Significant changes in society, people migrate from rural to urban
- Shift from agriculture to industrialization
Drive to Maturity (Thailand)
- Manufacture Sector continues to thrive
- Service sectors are now on the rise with advanced and specialized industries.
- More focus on innovation
High Mass Consumption (US, Canada)
- Education levels are high
- Economy becomes even more industrialized and trade based.
- Economic growth continues to grow but at a slower and sustainable pace.
- Developed and diverse economy
- Greater level of social and economic equality

Question 18

Wallersteins World Systems Theory
Def

Answer 18

Explains how global economy is divided

WST claims that rich core capitalist societies succeed by exploiting poorer peripheral ones
- Core
- Semi Periphery
- Periphery

Question 19

Dependency Theory ??
Def

Answer 19

LDCs (less developed countries) are dependent on MDC (more developed countries)

Question 20

Neoliberal policies
Def

Answer 20

Economic strategies that emphasize the reduction of government interventions in the economy, promoting free market space

Question 21

Deregulation
Def, Ex

Answer 21

Removing regulations on business such as laws that control prices and stuff

Question 22

Liberlization
Def

Answer 22

Opening up markets to foreign competitions by reducing tariffs, quotas and other trade barriers

Question 23

Tariffs
Def

Answer 23

Taxes imposed on one country on goods or services imported from another country

Question 24

Privitization

Answer 24

The process of selling ownership of a public service, enterprise, agency, or property from government to the private sector

Question 25

Austerity

Answer 25

Reducing government spendings often in an effort to reduce budget deficits and other trade barriers.

Question 26

Free trade

Answer 26

Allowing other businesses in different countries to be able to trade without government interference

Question 27

Monetary Policy ??

Answer 27

refers to the actions undertaken by a central bank, such as the Federal Reserve in the United States, to control the money supply and interest rates in the economy. These actions are used to influence economic activity, inflation, and employment levels.

Question 28

Neoliberal groups

Answer 28

EU: A regional group that promotes economic, and political integration amoung its member states. It does this through insitutions such as the European parliament and the European commissions. WTO: An international organization that promotes free trade and liberlization. Merocusor: The southern common block aims to promote free trade and fluid movement of goods amoung its member countries

Question 29

Supernational Organization

Answer 29

An international organization that operates on above the level of national states. EU: European Union: A regional group that promotes economic, and political integration amoung its member states. It does this through insitutions such as the European parliament and the AU: African Union: A regional organization that promotes cooperation and integration among its member states, which are located in Africa. The AU has its own institutions, such as the African Union Commission and the African Court of Justice, and it works to promote peace, security, and development on the continent. WTO: World Trade Organization: An international organization that promotes and the of international trade. The WTO sets rules and standards for international trade, and its member states agree to abide by these rules as part of their membership.

Question 30

Comparative advantage. ???

Answer 30

refers to the ability of a country or region to produce a particular good or service at a lower opportunity cost than other countries or regions. The idea of comparative advantage is central to international trade theory and helps explain why countries engage in trade with one another.

Question 31

Complementary advantage

Answer 31

WHen two regions can satisfy each other through trade. This occurs when each country has a comparative advantage.

Question 32

Webber's Least Cost Theory

Answer 32

Firms will choose production methods that minimize their cost

Question 33

Agglomeration

Answer 33

Economic activities congregated in a single location. THis can lead to increased efficiency as firms can take advantage of the benefits of being located near other firms EX: Silicon Valley firms are able to take benefits as they are located to other firms

Question 34

Growth Poles

Answer 34

Centers of economic activities that are targeted for development in order to stimulate economic growth. By focusing efforts on a certain area, its possible to create a a virtuous circle of economic growth that spreads to the surrounding areas. EX: Songdo International Business district in South Korea, Created as a growth pole to stimulate economic growth.

Question 35

Just in time delivery

Answer 35

A method that minimizes inventory and waste by delivering goods and materials just in time for it to be used. The goal is to reduce cost and increase efficiency by eliminating the need to hold large inventory

Question 36

Post Fordist Production

Answer 36

The way goods are produced. Moving away from mass production and towards more flexible, customized production methods . This often relies on automated technology such as automation and computerization

Question 37

Economies of scale

Answer 37

Refers to the cost advantages a company can receive by increasing its scale of production. This allows firms to produce goods at lower cost thus gives them the competitive advantage.

Question 38

oursourcing

Answer 38

The practice of hiring outside companies to perform services or create good, usually cheaper than creating it in house

Question 39

Outshoring

Answer 39

Moving business's operations to other locations for cheaper or more efficient manufacturing. Takes advantage of lower cost and labor rates

Question 40

Special Economic Zones (SEZ)

Answer 40

Zones in a country that have different laws than the rest of the country. These cones are set up with the aim of attracting foreign direct investments,