Unit 7 vocab Flashcards
Which definition best fits Fordism systems?
a system of mass production including standardized products, high yield manufacturing, and high worker wages.
which definition describes the theory of neoliberalism
believes in free economic market, deregulation, privatization, and limited to no government interaction.
What is the term for small areas within a country that are granted favorable investment and trading conditions in order to attract industries?
Export processing zone (EPZ)
Which definition describes the theory of the Commodity Dependence?
explains the underdevelopment of regions due to past colonization and exploitation.
Which of the following development schools of thought advocates to meet the economic, social, and environmental needs of the present population without sacrificing the needs of future populations?
Sustainable development
The Human Development Index (HDI) was derived with which of the following purposes in mind?
Create a method of measuring development that attempts to include social and economic elements.
Which of the following is the best definition of Gross National Income (GNI)?.
The total amount earned by a country income from foreign residents.
Which term represents the largest sector of the economy focused on knowledge based activities such as research?
quaternary
When economic development within a country occurs not all regions of a country or region will benefit equally; in fact some regions may be negatively affected by another region’s development. Which of the following terms best describes this negative situation?
Backwash effects
Which of the following best describes the objective of ecotourism?
create an environmentally friendly tourist destination in attempt to maintain unique qualities of region.
Which term represents the percentage of people in a population who can read and write at a specific age or gade level?
Literacy rate
Which definition reflects the concept of a Rust Belt?
region characterized by the decline of manufacturing and marked by abandoned factories
The exchange of goods without money is called _____________.
barter
Which definition describes Free Trade Zones?
supports the policy that allows tradable goods without restrictions of tariffs between countries.
Which definition reflects the concept of a Formal Sector?
regain characterized by businesses, wage employment, and government regulated activities.
An international agreement facititng the exchange of goods between coutnries is called _____________.
trade
Which term represents an economic benefit gained from a concetration of industries and firms in a geographic area?
agglomeration
Which term represents the reason a US company would move their production to another country to save on labor costs and overcome regulatory environmental rules?
offshoring
Which definition best fits Post-Fordist systems?
a system of manufacturing using flexible production, just in time deliver, and increased use of information technology.
Which definition reflects the concept of a Informal Sector?
region characterized by unregistered businesses, self employment, and casual labor.
Which of the following is the best definition of Gross National Product (GNP)?
the value of all goods and service that the citizens of a country produced in a given year regardless of where they live.
Which definition reflects the concept of a Primary Sector?
region characterized by extraction of raw materials, agriculture, fishing, and mining.
Which definition reflects the concept of a Industrial Belt?
region characterized by a concentration of industrial activity and comprised of interconnecting towns.
Which term represents the largest sector of the economy concerned with provision of services, retail, healthcare, education, and financial?
tertiary
What is the term for places of economic activity serving a focal point for economic development and investment?
growth pole
Which definition reflects Just-in-time manufacturing?
aims to minimize inventory costs by delivering material to the production line exactly when needed.
Which definition describes the theory of the Dependency Model?
supports the export of commodities for economic growth and revenue.
Which term represents the practice of using businesses in other countries for work to save on costs?
outsourcing
Maquiladoras are important to the economy because……
production located in Mexico that imports raw materials and exports finished products.
Which term reflects the trade of bananas from the Dominican Republic because they have the lowest opportunity cost economically to produce the fruit?
comparative advantage
Which of the following is the best definition of Gross Domestic Product (GDP)?
the value of all goods and service produced within a country in a given year.
Which definition best fits the Substitution principle?
a system of production using technology over humans to increase efficiency and reduce costs.
Which term represents the creation of multi-nation trade agreements to promoted economic cooperation such as NAFTA?
trading blocks
Which definition best describes Technopoles
A manufacturing process based on research, skilled labor and high technology industry.
Which definition best fits an Assembly Line?
A manufacturing process in which goods are made in sequential manner along a conveyor belt or production machinery.
