unit 7 vocab

Question 1

Industrial Revolution

Answer 1

A period of rapid development of industry that started in Great Britain in the late 18th and 19th centuries

Question 2

primary sector

Answer 2

jobs related directly to the extraction of the earths natural resources

Question 3

secondary sector

Answer 3

jobs in processing or refining of natural resources

Question 4

tertiary sector

Answer 4

jobs related to the sale or exchange of goods

Question 5

quaternary sector

Answer 5

the industry based on technology, financial planning, research, and development

Question 6

quinary sector

Answer 6

jobs in government, public service, healthcare, and education

Question 7

multiplier effect

Answer 7

describes the expansion of an areas economic base as a result of the basic and non basic industries located there

Question 8

least cost theory model

Answer 8

a theory made by alfred weber saying that all major corporations make their decisions about where to house their production and manufacturing capabilities based on the least amount of cost to acheive high profit

Question 9

agglomeration economies

Answer 9

a localized economy in which a large number of companies and industries cluster to benefit from cost reductions and efficiency gains from proximity

Question 10

cottage industries

Answer 10

an industry where the products are small scale and hand made in homes

Question 11

GDP

Answer 11

the total value of goods and services produced within the borders of a country during a year.

Question 12

GNP

Answer 12

the total value of goods and services, even from abroad, produced by a country within a year.

Question 13

GNI

Answer 13

the total amount of money earned by a nations people and businesses. it includes all things earned even abroad

Question 14

per capita

Answer 14

the total of the GDP, GNP, or GNI divided by the total population

Question 15

purchasing power parity (PPP)

Answer 15

amount of money in one country to purchase the same goods and services in another country

Question 16

Formal Sector

Answer 16

Businesses, enterprises, and other economic activities with government supervision and protection as well as taxation.

Question 17

Informal sector

Answer 17

workers who are self employed and are not on payrolls, so not with taxes.

Question 18

Gini Index/Coefficient

Answer 18

A measure of statistical dispersion to represent the income distribution of a nations residents from 0-1, with 0 being most equal

Question 19

Human Development Index

Answer 19

Measures Life Expectancy, education amount, and per capita income.

Question 20

Gender Inequality Index

Answer 20

A composite metric of gender inequality from 0-1, with 0 being complete equality, using reproductive health, empowerment, and the labor market.

Question 21

Dependency Model

Answer 21

Theory that LDCs are highly dependent on foreign factories to provide employment and infrastructure.

Question 21

Rostow’s Model

Answer 21

A model showing the steps of becoming fully developed, 1) Traditional, 2) Preconditions to Take-Off, 3) Take-Off, 4) Drive to Maturity, and 5) Age of High Mass Consumption

Question 22

Transnational Corporation

Answer 22

A company that has assets and production in many countries other than its headquarters and shareholders locations.

Question 23

World Systems theory model

Answer 23

Divides countries into three groups based on power, social standing, and development

Question 24

Comparative Advantage

Answer 24

The ability of an individual, firm, or country to produce a service at a lower price than others.

Question 25

Complementarity

Answer 25

If two places both offer the other something it needs or wants

Question 26

Outsourcing

Answer 26

Process of moving industrial production or service industries out of the country