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APHUG > UNIT 7 VOCAB > Flashcards

UNIT 7 VOCAB Flashcards

1
Q

Industrialization

A

the process of social and economic change that transforms a group of people from a pre-industrial society to an industrial one.

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2
Q

Natural Resources

A

resources drawn out of nature + a few modifications

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3
Q

Colonialism

A

the policy or practice of a country to extend or maintain authority over territories often by establishing settlements and occupying the land.

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4
Q

Imperialism

A

a policy of extending a country’s power and influence through diplomacy or military force. Can be through the acquisition of colonies, the establishment of protectors, or use of military bases to protect power.

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5
Q

Primary

A

Activities that exploit natural resources/raw materials

Ex. Agriculture, Fishing, Forestry, Mining, & Deposits

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6
Q

Secondary

A

Activities that process raw materials/ manufacturing

Ex. Making cars or Steel, Construction Industries

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7
Q

Tertiary

A

Activities that cover/provide a service to the economy

Ex. Transportation, Real Estate, Administration, Business, Education, Health, Social Work

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8
Q

Quaternary

A

Industries based on human knowledge

Ex. IT jobs, technology, information,financial planning, research, and development

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9
Q

Quinary

A

Highest level of development, involved with decision/policy making that drives the other sectors.

Ex. Media, Culture, Healthcare, government, Science, Technology

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10
Q

Sectoral Structure of Economy

A

Divisions of the World Economy by production processes, services provided, and products created.

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11
Q

Wallerstein’s World Systems Theory

A

Structural theory of economic development, explains how the global economy is divided.

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12
Q

Core

A

“Consumers” - the highly industrialised, economically advanced countries: dominate the global economy

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13
Q

Semi-Periphery

A

“Manufacturing” - groups of countries located between the Core and the Periphery economically

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14
Q

Periphery

A

“Raw Materials” - The less industrialized, less economically advanced countries: Depend on the more developed countries.

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15
Q

Break-of-Bulk Point

A

location where the transfer of goods shifts from one mode of transport to another

ex. Train –> Ship

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16
Q

Least Cost Theory

A

The theory which predicts the location of manufactured industries based on 3 factors: Transportation, Cost, and Benefit of Agglomeration.

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17
Q

Gross Domestic Product (GDP)

A

Monetary Value of all goods and services a country may provide/sell in one year - used to measure the volume of a countries economy,

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18
Q

Gross National Product (GNP)

A

Measurement of a country’s wealth using the total value of goods and services produced in a country by its residents. (includes domestic and foreign production)

(people may work for the country but live elsewhere)

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19
Q

Gross National Income (GNI) per capita)

A

the monetary value of GDP as well as the monetary value of exports minus imports in the same year. helps account for the wealth of a nation that is lost to international trade.

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20
Q

Income Distribution

A

How income is distributed to a group or individuals

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21
Q

Fertility Rates

A

The number of children born to women in her life time.

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22
Q

Infant Mortality Rate

A

The number of deaths of children per 1,000 live births.

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23
Q

Literacy Rates

A

The number of people in a country that can read and write.

24
Q

Gender Inequality Index (GII)

A

Measure the extent of every country’s gender inequality

25
Q

Human Development Rate (HDI)

A

Composite evaluations of human development. Takes into account many factors such as life expectancy, education, and income.

26
Q

Microloans

A

Small loans given to certain individuals or small businesses cna be useful for promoting economic development. Given mostly to women.

27
Q

Commodity Dependency

A

When peripheral countries depend too heavily on raw material exports , it places them on unequal terms of exchange w/ more developed countries that export higher-value goods

28
Q

Dependency Theory

A

states that LDCs are dependent on factories and technology from MDCs to provide goods and services (an endless cycle of dependency)

29
Q

Rostow’s Stages of Development (Definition)

A

a model that analyzes the 5 steps it takes to convert from a agricultural economy to a industrial/service based one.

30
Q

Rostow’s Stages of Development (The Stages)

A

Stage 1- Traditional Society
Stage 2 - Preconditions to Takeoff
Stage 3 - Takeoff
Stage 4 - drive to maturity
Stage 5 - high mass consumption

31
Q

Complementary Advantages

A

When 2 countries compliment each other’s production w/ trade

32
Q

Competitive Advantage

A

The ability of a country, firm or individual to produce a good or service at a lower opportunity / price than other producers.

33
Q

European Union (EU)

A

the economies in the EU ely on each other economically since they are all members of the Eurozone, and share the same currency.

34
Q

World Trade Organizations

A

International Organization that promotes free trade between countries.

35
Q

Mercosur

A

South American Organization that strives to expand trade, improve transportations, and reduce tariffs for member countries (countries in Latin America)

36
Q

Organization of Petroleum Exporting Countries (OPEC)

A

an intergovernmental organization of 13 oil producing countries that aims to coordinate & unify petroleum policies for member countries.

37
Q

International Monetary Fund (IMF)

A

international organization that provides financial help to member countries to stabilize the economy and create balance of payments.

38
Q

Microlending

A

providing microloans to individuals or small buisnesses

39
Q

Outsourcing

A

getting alternative goods and services from other cheaper locations rather than locally

40
Q

Special Economic Zone

A

A one where the special economic regulations in the area are more favorable than other zones in the country

41
Q

Free-Trade Zone

A

Special zones where trade barriers are eliminated

ex. maquiladoras

42
Q

Export Processing Zones

A

areas usually founds in developing countries that provide incentives for foreign countries to conduct their business in developing regions.

(a specific special economic zone)

43
Q

Multiplier Effects

A

An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent.

44
Q

International Division of Labor

A

transfer of some types of jobs, mostly jobs with low-pay and less qualified workers from vore countries to less developed countries

45
Q

Post-Fordists Methods of Production

A

a shift in the way goods are produced,away from mass production & towards more flexible production methods. Relies heavily on advanced tech like computers and automations.

46
Q

Climate Change

A

Changes in weather cause depletion of natural resources

47
Q

Economies of Scale

A

the cost advantages a firm can achieve by increasing its scale of production. Can result in processes like bulk buying.

48
Q

Agglomeration

A

the clustering of economic activity in a particular area or region. Can happen for many reasons, such as accessibility of skilled transport,transportation, and other infrastructure

49
Q

Just-In-Time Delivery

A

production system that aims to minimize amount of inventory and reduce waste.

50
Q

High Technology Industry

A

companies that support the use and growth of sophisticated technology

51
Q

Service Sectors

A

industry concerned w/ the collection, processing & manipulation of information and capital

52
Q

Sustainable Development

A

concept that refers to the use of natural resources in a way that doesn’t compromise future generation way of living

53
Q

Natural Resource Depletion

A

When resources are taken from the environment quicker than they are replenished

54
Q

Mass Consumption

A

larger number of people purchasing a large number of goods

(a lot of people buying a lot of stuff)

55
Q

Ecotourism

A

A type of tourism based on experiencing natural areas while minimizing the negative impact on the environment

APHUG (1 decks)

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