unit 3 vocab quiz 3 Flashcards
regions that have achieved high levels of socioeconomic prosperity and are dominant players in the global economy. most developed
core
more powerful and developed than the peripheral regions but still dominated by core.
semi periphery
poor regions that are dependent on core countries. don’t have much control over their own affairs
periphery
a set of processes that are increasing interactions, deepening relationships, and heightening independence
globalization
the ability of an individual or group to carry out an economic activity more efficiently than another activity
comparative advantage
trade when both parties have goods and services the other party desires
complimentary
a philosophy that promotes free markets, deregulation, and privatization, with little to no government intervention in the economy
neoliberal
interconnected systems that facilitate the movement of people, goods, information, and ideas across different places
networks
the concept where multiple countries form an alliance or organization to achieve common goals and cooperate on issues, often sacrificing some degree of sovereignty.
supranationalism
large companies that operate in multiple countries. such as mcdonald’s or apple
transnational corporations
the economic cost advantages that businesses obtain due to their scale of operation. when production sales increase, cost decrease
economies of scale
when business control like businesses at the same point on the commodity chain (gap owns old navy and banana republic)
horizontal integration
when a company controls multiple stages of production along the commodity chain. gives business control of the supply chain and cuts out the middle man
vertical integration
political and economic union of european countries that have agreed to work together on various issues including trade and goods moving easier between member countries
european union (EU)
an international organization that regulates and facilitates international trade between nations
world trade organization
an economic and political bloc aimed to promote free trade and the fluid movement of goods, people, and currency along member countries (argentina, brazil, paraguay, uruguay, and venezuela)
mercosur
an intergovernmental organization for oil producing nations that coordinate and unify its members petroleum policies in order to stabilize oil markets
OPEC
an international organization that aims to promote global economic stability and growth. It provides financial assistance and advice to member countries facing economic difficulties
international monetary fund
when a country is so in debt that it cant repay their loans without further borrowing from lenders
debt trap
a system of mass production that involves the use of assembly lines, standardized products, and specialized labor to achieve high efficiency and productivity in manufacturing
fordist
