Unit 7

Question 1

Female-Labor Force Participation Rate

Answer 1

The percentage of women holding a full-time job outside of home

Question 1

IHDI

Answer 1

Inequality-Adjusted HDI. A HDI that has been adjusted to fit the inequality of a country

Question 2

GDP

Answer 2

Gross Domestic Product. The value of goods/services a country produces in a year

Question 3

Value Added

Answer 3

The value of a product minus the costs of materials/energy.

Question 4

Just-In-Time Delivery

Answer 4

When resources are delivered moments before they’re needed for manufacturing.

Question 5

Fordist Production

Answer 5

A form of mass production where each worker is assigned one specific task to perform repeatedly.

Question 6

Microfinance

Answer 6

Small loans and financial services to people and small businesses in developing countries.

Question 7

Stimulus Strategy

Answer 7

During an economic downturn, the government spends more money to keep people working.

Question 8

Dependency Theory

Answer 8

Theory that resources flow from the periphery to the core. Benefits the MDCs at the expense of LDCs.

Question 9

Post-Fordist Production

Answer 9

Flexible work rules- one employee can have many tasks.

Question 10

UN’s Sustainable Development Goals

Answer 10

UN’s collection of 17 goals to achieve a more sustainable future.

Question 11

Austerity Strategy

Answer 11

During an economic downturn, the government reduces taxes and spending.

Question 12

Complementarity

Answer 12

A situation where two businesses/economies complement or depend on each other.

Question 13

Productivity

Answer 13

Product’s value
compared to the labor needed to make it.

Question 14

Maternal Mortality Rate

Answer 14

The number of women who died giving birth per 100

Question 15

Comparative Advantage

Answer 15

Economy’s ability to produce a particular good or service at a lower opportunity cost than others.

Question 16

Structural Adjustment Program

Answer 16

Economic policies on LDCs. Encourages international trade and debt repayment.

Question 17

International Trade Path

Answer 17

Countries on this path focus on one service/good, are open to international trade and investment, and later on spread to other industries. This creates better international relations and a better role in the world economy, but also causes uneven development, decreases sovereignty, and causes this country to be deeply affected by the ups and downs of the world market.

Question 18

Self-Sufficiency Path

Answer 18

Countries on the self-sufficiency path with limit and heavily tax imports, take away foreign competition, and invest equally in all economic regions/sectors. This promotes equal development, helps local businesses, and increases sovereignty. It’s also bad for international relations and slows down growth.

Question 19

Break-Of-Bulk Point

Answer 19

Where the method of transportation for something is changed.
Ex. Airport

Question 20

Special Economic Zone

Answer 20

An area in a country that has different business/trade laws.

Question 21

Trade Free Zone/Export Processing Zone

Answer 21

An area often located in areas with large transportation hubs where a product can be processed and re-exported under specific regulations and is usually tax free.

Question 22

International Division of Labor

Answer 22

In different countries, economic production is either transnational or independent..

Question 23

Least Cost Theory

Answer 23

Alfred Weber’s. The ideal location of a factory is determined by transportation costs, labor costs, and the degree of agglomeration.