Unit 7 Flashcards
Female-Labor Force Participation Rate
The percentage of women holding a full-time job outside of home
IHDI
Inequality-Adjusted HDI. A HDI that has been adjusted to fit the inequality of a country
GDP
Gross Domestic Product. The value of goods/services a country produces in a year
Value Added
The value of a product minus the costs of materials/energy.
Just-In-Time Delivery
When resources are delivered moments before they’re needed for manufacturing.
Fordist Production
A form of mass production where each worker is assigned one specific task to perform repeatedly.
Microfinance
Small loans and financial services to people and small businesses in developing countries.
Stimulus Strategy
During an economic downturn, the government spends more money to keep people working.
Dependency Theory
Theory that resources flow from the periphery to the core. Benefits the MDCs at the expense of LDCs.
Post-Fordist Production
Flexible work rules- one employee can have many tasks.
UN’s Sustainable Development Goals
UN’s collection of 17 goals to achieve a more sustainable future.
Austerity Strategy
During an economic downturn, the government reduces taxes and spending.
Complementarity
A situation where two businesses/economies complement or depend on each other.
Productivity
Product’s value
compared to the labor needed to make it.
Maternal Mortality Rate
The number of women who died giving birth per 100
Comparative Advantage
Economy’s ability to produce a particular good or service at a lower opportunity cost than others.
Structural Adjustment Program
Economic policies on LDCs. Encourages international trade and debt repayment.
International Trade Path
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.
Self-Sufficiency Path
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.
Break-Of-Bulk Point
Where the method of transportation for something is changed.
Ex. Airport
Special Economic Zone
An area in a country that has different business/trade laws.
Trade Free Zone/Export Processing Zone
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.
International Division of Labor
In different countries, economic production is either transnational or independent..
Least Cost Theory
Alfred Weber’s. The ideal location of a factory is determined by transportation costs, labor costs, and the degree of agglomeration.
