Unit 7 terms

Question 1

Agglomeration

Answer 1

companies that cluster together to benefit from the cost reductions and efficiency

Question 2

Break-of-Bulk Point

Answer 2

the place where the transfer of goods from one form of transportation to another

Question 3

Bulk-Reducing Industry

Answer 3

the final product weighs less that the original material

Question 4

Bulk-Gaining Industry

Answer 4

the final product weighs more than the original material

Question 5

Dual Economies

Answer 5

2 economic sectors within one country

Question 6

Gross Domestic Product (GDP)

Answer 6

all the money from a nations outputs including a nations revenues, profits, and expenses

Question 7

Industrial Revolution

Answer 7

a period of rapid development that started in the Uk

Question 8

Least-Cost Theory

Answer 8

decisions about where to produce are based on the least cost combination for profit

Question 9

Primary Sector

Answer 9

jobs related to the extraction of Earth’s natural resources

Question 10

Quaternary Sector

Answer 10

knowledge sector - research and data management

Question 11

Quinary Sector

Answer 11

high level decision making

Question 12

Raw Materials

Answer 12

the basic substance used to create final product

Question 13

Secondary Sector

Answer 13

processing of raw material into goods

Question 14

Tertiary Sector

Answer 14

provision of goods for payment, retail, banking, law, education, government etc

Question 15

Commodity Dependence

Answer 15

which commodities constitute the predominant share of its exports, that is when more than 60% of the merchandise a country exports, in value terms, are commodities

Question 16

Dependency Theory

Answer 16

core country’s make peripheral country’s depend on their business for a stable government

Question 17

Formal Sector

Answer 17

the structure of economy that is recognized by the gov

Question 18

Gender Development Index (GDI)

Answer 18

gender inequalities interns of opportunity’s like education and income world wide

Question 19

Gender Inequality Index (GII)

Answer 19

a measure of gender inequality using 3 things, health, empowerment, and labour market

Question 20

Gross National Income (GNI),

Answer 20

total income earned in each country by the people

Question 21

Gross National Product (GNP)

Answer 21

country’s wealth that includes the total value of all goods and services produced by residents of a country, including domestic and foreign production, in a year

Question 22

Human Development Index (HDI)

Answer 22

status of life 3 important things life expectancy, literacy, education

Question 23

Informal Sector

Answer 23

part of economy that isn’t taxed or monitored by any gov

Question 24

Labor-Market Participation (LMP)

Answer 24

proportion of working-age population that’s working/looking for work

Question 25

Microloan

Answer 25

small loans for people and small businesses

Question 26

Export Processing Zone (EPZ)

Answer 26

places made for producing and manufacturing goods for export

Question 27

Fordism

Answer 27

assembly lines increasing goods and decreasing prices for customers

Question 28

Free Trade Zone (FTZ)

Answer 28

goods are imported to foreign countries without a tariff

Question 29

Just-in-Time Delivery

Answer 29

materials are delivered just in time for them to be used

Question 30

Multiplier Effect

Answer 30

the snowballing of economic activity. If new jobs are created, people who take them have money to spend in the shops, which means that more shop workers are needed

Question 31

Neoliberalism

Answer 31

promotes free market principles, such as deregulation, liberalization, and privatization

Question 32

Offshore Outsourcing

Answer 32

exporting jobs to other country’s and paying a lower price to the employees

Question 33

Post-Fordism

Answer 33

the growth of new production methods

Question 34

Special Economic Zone (SEZ)

Answer 34

designated area within a country that have special economic regulations that are more favorable than the regulations that apply in the rest of the country