Unit 7 Flashcards
Primary economic activities
Extraction of raw materials and natural resources from the earth’s surface.
Examples include: mining, fishing, agriculture, forestry
Secondary economic activities
Processing and manufacturing raw materials into a finished product.
Examples include: factories & manufacturing
Tertiary economic activities
Service sector that focuses on moving, selling, and trading products in primary and secondary sectors.
Examples include: retail, marketing, design, restaurants, shipping
Quaternary activities
Knowledge-based sector, focusing on research and information creation and transfer.
Examples include: investment banking, real estate, college professors, education, software developers
Quinary activities
Highest levels of decision making, includes top officials in government and business.
Examples include: Congress, CEOs
Decisions impact millions
Gross Domestic Product (GDP)
Total value of officially recorded goods and services by the citizens and corporations within a country’s borders in a given year.
Gross National Product (GNP)
Total value of goods and services by the citizens and corporations of a country as well as foreign investments in a given year.
Gross National Income (GNI)
Measurement of the net income earned by the people of a country in a given year
Step 1 of rostows model
traditional society
Step 2 of rostows model
pre-conditions to take off
Step 3 of rostows model
take off
Step 4 of rostows model
drive to maturity
Step 5 of rostows model
high mass consumption
Sustainability
The highest level of “modernization” is massive consumption. This did not take into account the natural environment, depletion of resources, and level of waste that is generated by massive consumption.
Core countries
Economically & politically dominant
Strong military & allies
Highly interconnected transportation & communication infrastructure
semi-periphery countries
“Middle Income” countries
Aspects of the core & the periphery
In the process of industrialization
periphery countries
Often have unstable governments.
Less wealth, lower levels of education than the core.
Export natural resources to core & semi-periphery.
