unit 7 Flashcards
industrial revolution
a set of changes in technology that dramatically increased manufacturing productivity
industrialization
the development of industries for the machine production of goods
natural resources
resource found in nature that is immediately usable by humans. no change is needed
raw materials
resource that must be changed to be used by humans
colonialism
(more powerful) country conquers and rules over a country
imperialism
empire expands into surrounding areas/countries
primary sector
extracting natural resources
secondary sector
processing natural resources
tertiary sector
providing services
quaternary sector
knowledge based. dealing with others’ money. finance, insurance, real estate
quinary secotr
highest levels of decision making
break of bulk points
point where the mode of transportation carrying a product changes
least cost location theory
predicts location of a manufacturing site relative to the location of the resources needed to produce the product and where the final product will be sold
core
most developed countries
semi periphery
in between core and periphery in terms of development
periphery
least developed countries
gross domestic product
measures the value of goods and services produced within a country’s borders, by citizens and non-citizens
gross national product
measures the value of goods and services produced by only a country’s citizens but both domestically and abroad
gross national income per capita
the dollar value of a country’s final income in a year, divided by its population
formal economy
all economic activities operating within the official legal framework that are paying taxes on all generated incomes
informal economy
economic activity that is not subject to government regulation or taxation
income distribution
a statistical measure of how many people earn or receive various amounts of income
gender inequality index
measures. gender equality. not like that’s obvious at all. closer to 0 means most equality
human development index
the factors that are calculated are the GDP per capita, adult literacy rate, average level of education, and total life expectancy
gender parity
compares a specific indicator (ex. income) between men and women of a particular country
microloans, microfinance
provide small loans to start or expand a business to entrepreneurs who would not normally qualify for credit from traditional sources
rostow’s stages of economic growth
stages: traditional society, pre-condition for take-off, take-off drive to maturity, high mass consumption
wallerstein’s world system thoery
stages: core, semi-periphery, periphery
dependency theory
core countries depend on peripheral contrives for labor and raw materials; peripheral depends on core for goods
commodity dependence
a country is export-commodity-dependent when more than 60% of its exports are made up of commodities
deindustrialization
contraction and decline of the weight of manufacturing industry within an economy
complementarity
trade is greater if each side has something the other wants or needs
comparative advantage
each producer will make what is most cost efficient; ex florida has comparative advantage over michigan for producing oranges
neoliberal policies
policies emphasizing the value of free market (system of economic exchange without taxes, tariffs, etc) competition
free trade agreements
a pact between two or more nations to reduce barriers to imports and exports among them
tariffs
tax put on goods as they leave a country
global financial crises
period of extreme stress in global financial markets + banking systems
outsourcing
turning over much of the responsibility for production to independent suppliers
special economic zones
an area in a country that is subject to different economic regulations than other regions within the same country
free trade zones
offers businesses cash flow advantages by suspending customs import taxes and duties, trade levies, quotas and import controls
export processing zones
physical spaces within a country where special regulations benefit foreign controlled businesses
international division of labor
a system of employment in the various economic sectors spread throughout the world
post fordist methods of production
flexible production; organizes workers into teams that perform a variety of tasks and solve problems through consensus
multiplier effect
allocating more funds to one specific area has impacts on many other industries
economies of scale
cost advantages for a company when production becomes efficient
agglomeration
the spatial grouping of people or activities for mutual benefit
just in time delivery
method of transportation, storage, and delivery that allows businesses to only store what they need for consumers to get quickly
service sector
industries concerned with the collection, processing, and manipulation of information and capital
high technology industry, technopoles, growth poles
a place where technology and computer industries agglomerate
ecotourism
responsible travel to natural areas that conserves the environment, sustains the well-being of the local people, and involves interpretation and education
