Unit 7 Vocab Flashcards

1
Q

(more powerful) country conquers and rules over a country

A

colonialism

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2
Q

empire expands into surrounding areas/countries

A

imperialism

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3
Q

sector where you extract natural recourses

A

primary sector

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4
Q

sector where you process natural resourses

A

secondary sector

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5
Q

sector where you provide services

A

tertiary sector

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6
Q

sector where you deal with finance, insurance, and real estate (FIRE)

A

quaternary sector

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7
Q

sector of highest levels of decision making

A

quinary sector

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8
Q

point where the mode of transportation carrying a product changes

A

break of bulk point

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9
Q

manufacturing sites will be placed wherever it is cheapest for them

A

least cost theory

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10
Q

Wallerstein’s theory: most developed countries

A

core

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11
Q

Wallerstein’s theory: in between core and periphery in terms of development

A

semi-periphery

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12
Q

Wallerstein’s theory: least developed countries

A

periphery

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13
Q

measures the value of goods and services produced within a country’s borders

A

GDP

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14
Q

measures the value of goods and services produced by only a country’s citizens but both domestically and abroad

A

GNP

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15
Q

a country’s final income in a year, divided by its population

A

GNI per capita

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16
Q

taxed economic activity

A

formal economy

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17
Q

non-taxed economic activity

A

informal economy

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18
Q

measures gender equality, closer to 0 means most equality

A

GII

19
Q

measures the quality of life in a country using the GDP per capita, adult literacy rate, average level of education, and total life expectancy

A

HDI

20
Q

compares a specific indicator (ex. income) between men and women of a particular country

A

gender parity

21
Q

small loans given to women in developing countries

A

microloans

22
Q

stages: traditional society, pre-condition for take-off, take-off, drive to maturity, high mass consumption

A

Rostow’s stages of development

23
Q

stages: core, semi-periphery, periphery

A

Wallerstein’s World System’s theory

24
Q

core countries depend on peripheral contrives for labor and raw materials; peripheral depends on core for goods

A

dependency theory

25
Q

a country is export-commodity-dependent when more than 60% of its exports are made up of commodities

A

commodity dependence

26
Q

certain locations have advantages over other locations due to natural resources and the environment

A

comparative advantage

27
Q

advantages are created when producing goods that are consumed together

A

complementarity

28
Q

policies emphasizing the value of free market (system of economic exchange without taxes or tariffs)

A

neoliberal policies

29
Q

a pact between two or more nations to reduce barriers to imports and exports among them

A

free trade agreement

30
Q

period of extreme stress in global financial markets and banking systems

A

global financial crisis

31
Q

turning over much of the responsibility for production to independent suppliers

A

outsourcing

32
Q

an area in a country that is subject to different economic regulations than other regions within the same country

A

special economic zones

33
Q

offers businesses cash flow advantages by suspending customs import taxes and duties, trade levies, quotas and import controls

A

free trade zones

34
Q

zone where the government offers exemptions from certain taxes and business regulations to promote industrial and commercial exports

A

export processing zones

35
Q

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

A

post fordist

36
Q

one business facilitates economic growth in an area

A

multiplier effect

37
Q

cost advantages for a company when production becomes efficient

A

economies of scale

38
Q

grouping of businesses for mutual benefit

A

agglomeration

39
Q

method of transportation, storage, and delivery that allows businesses to only store what they need for consumers to get quickly

A

just in time delivery

40
Q

industries concerned with the collection, processing, and manipulation of information and capital

A

service sector

41
Q

a place where technology and computer industries agglomerate

A

growth pole

42
Q

responsible travel to natural areas that conserves the environment, sustains the well-being of the local people, and involves interpretation and education

A

ecotourism

43
Q

Measures the inequality among values of various distributions (like income or gender)

A

Gini coefficient