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