Unit 7 Vocab Flashcards
(more powerful) country conquers and rules over a country
colonialism
empire expands into surrounding areas/countries
imperialism
sector where you extract natural recourses
primary sector
sector where you process natural resourses
secondary sector
sector where you provide services
tertiary sector
sector where you deal with finance, insurance, and real estate (FIRE)
quaternary sector
sector of highest levels of decision making
quinary sector
point where the mode of transportation carrying a product changes
break of bulk point
manufacturing sites will be placed wherever it is cheapest for them
least cost theory
Wallerstein’s theory: most developed countries
core
Wallerstein’s theory: in between core and periphery in terms of development
semi-periphery
Wallerstein’s theory: least developed countries
periphery
measures the value of goods and services produced within a country’s borders
GDP
measures the value of goods and services produced by only a country’s citizens but both domestically and abroad
GNP
a country’s final income in a year, divided by its population
GNI per capita
taxed economic activity
formal economy
non-taxed economic activity
informal economy
measures gender equality, closer to 0 means most equality
GII
measures the quality of life in a country using the GDP per capita, adult literacy rate, average level of education, and total life expectancy
HDI
compares a specific indicator (ex. income) between men and women of a particular country
gender parity
small loans given to women in developing countries
microloans
stages: traditional society, pre-condition for take-off, take-off, drive to maturity, high mass consumption
Rostow’s stages of development
stages: core, semi-periphery, periphery
Wallerstein’s World System’s theory
core countries depend on peripheral contrives for labor and raw materials; peripheral depends on core for goods
dependency theory
a country is export-commodity-dependent when more than 60% of its exports are made up of commodities
commodity dependence
certain locations have advantages over other locations due to natural resources and the environment
comparative advantage
advantages are created when producing goods that are consumed together
complementarity
policies emphasizing the value of free market (system of economic exchange without taxes or tariffs)
neoliberal policies
a pact between two or more nations to reduce barriers to imports and exports among them
free trade agreement
period of extreme stress in global financial markets and banking systems
global financial crisis
turning over much of the responsibility for production to independent suppliers
outsourcing
an area in a country that is subject to different economic regulations than other regions within the same country
special economic zones
offers businesses cash flow advantages by suspending customs import taxes and duties, trade levies, quotas and import controls
free trade zones
zone where the government offers exemptions from certain taxes and business regulations to promote industrial and commercial exports
export processing zones
flexible production that is no longer centralized in one manufacturing facility and takes advantage of outsourcing or just-in-time delivery and is reliant on advanced technology
post fordist
one business facilitates economic growth in an area
multiplier effect
cost advantages for a company when production becomes efficient
economies of scale
grouping of businesses for mutual benefit
agglomeration
method of transportation, storage, and delivery that allows businesses to only store what they need for consumers to get quickly
just in time delivery
industries concerned with the collection, processing, and manipulation of information and capital
service sector
a place where technology and computer industries agglomerate
growth pole
responsible travel to natural areas that conserves the environment, sustains the well-being of the local people, and involves interpretation and education
ecotourism
Measures the inequality among values of various distributions (like income or gender)
Gini coefficient
