Unit 7 ap human

Question 1

formal economy

Answer 1

jobs that are regulated and monitored by the government

Question 2

informal economy

Answer 2

jobs that are “under the table”, not monitored or regulated by the government

Question 3

Special economic zones

Answer 3

areas of a country where the laws for trade and business are different than the rest of the country

Question 4

Export processing zones

Answer 4

areas that promote economic growth by offering incentives to foreign entities

Question 5

Free trade zone

Answer 5

areas where goods can be stored, manufactured, or handled without paying extra fees such as tariffs

Question 6

Just-In-Time delivery

Answer 6

companies receive the shipments of parts and materials moments before their needed

Question 7

Agglomeration

Answer 7

Clustering of similar industries in the same area to reduce company cost

Question 8

Growth poles

Answer 8

areas with a concentration of technically advanced industries that stimulate economic development in businesses that are connected to the industries

Question 9

Gross domestic product

Answer 9

the total value of goods and services produced inside a countries boundaries (like taking the temp. of an economy, see how things are going)

Question 10

Gross national product

Answer 10

the values of goods and services produced by only a countries citizens. Factors in domestic production and production abroad ( looking at the production of a countries citizens )

Question 11

Gross national income per capita

Answer 11

The amount of a countries income divided by the population( looking at the standard of living)