Unit 7 Part 1 Flashcards
webers least cost theory
theory that transportation costs and labor costs play a strong role in determining location of manufacturing facilities
gross national income
total number of a country’s residents and businesses regardless of where it was earned
GDP per capita
a country’s gdp divided by total population
purchasing power parity
measures how much a common basket of goods costs locally in the currency of each country being compared
gender inequality index
a statistical measure of gender inequality that combine data on reproductive health empowerment and labor market participation
human development index
statistical measure of human achievement that combines data on life expectancy at birth education levels and gni per capita
micro loan
very small loan to help people with little income establish a small business
gross domestic product
value of all goods and services produced in a country over a specific period regardless of producer’s origin
commodity dependence
when commodities account for more than 60% of the value of a country’s total exports
dependency theory
theory that the periphery is poor because it was economically dependent on the core in a disadvantage relationship originally established under colonialism imperialism
wallersteins world systems theory
regarding world history as moving through a series of socioeconomic systems culminating in the modern world system by about the year 1900
rostows stages of economic growth
suggest that all countries will inevitably progress of similar fashion through the same five development stages
working class
dependent on wage labor
capitalist class
owns the means of production and paid the wages
labor union
associations of workers in particular industries to collectively bargain with capitalists
mass production
The production of large quantities of a standardized article by an automated mechanical process
assembly line
arrangement of machines, equipment, and workers in which work passes from operation to operation in direct line until the product is assembled
international division of labor
Labor of different countries played complementary roles in an interdependent global economy
primary economic sector
Part of an economy, that focuses on the extraction and harvesting of natural resources
secondary economic sector
Involves the production of goods using raw materials from the primary sector
tertiary economic sector
Encompasses businesses and activities that provides service rather than producing physical goods
Quaternary economic sector
Knowledge based activities
quinary economic sector
highest level management decisions, and areas of business government, education, and science
base industry
Industry of disproportionate, economic importance, and on whose existence other industries and employment sectors depend
core-periphery-semi-periphery model
Divide the world into core countries, periphery countries, semi periphery countries
break of bulk point
Location where both cargo is transferred from one mode of transportation to another
containerization
System of intermodal freight transport, using shipping containers
