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APHUG Vocab > Vocab Unit 7 Part 2 > Flashcards

Vocab Unit 7 Part 2 Flashcards

1
Q

model that assumes all countries would eventually modernize at different speeds through linear progression

A

Stages of Economic Growth Model

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2
Q

dependency model that argues colonialism and neocolonialism are the causes of global inequities

A

World Systems Trade Theory/Core-Periphery Model

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3
Q

countries do not exist in isolation but are part of a system where all countries are dependent on each other

A

Dependency model

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4
Q

raw materials such as coffee, cocoa, and oil

A

Commodities

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5
Q

when more than 60 percent of its exports are raw materials

A

Commodity dependence

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6
Q

when one party desires a good or service and another party is willing to part with a desired good or service in exchange

A

Trade

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7
Q

a system of exchange where money does not change hands

A

Barter

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8
Q

the ability to produce a good or service at a lower cost than others

A

Comparative advantage

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9
Q

When a country had the income, goods, or services that another country desires

A

Complementarity

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10
Q

laws that reduce barriers to trade

A

Free trade

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11
Q

a set of reforms that reduced government regulation and taxation

A

Neoliberalism

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12
Q

groups of countries that agree on a certain set of trade rules

A

Trading blocs

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13
Q

trading bloc that includes several South American countries

A

Mercosur

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14
Q

global organization created to monitor the rules of international trade

A

World Trade Organization

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15
Q

IFI created to aid countries caught in need of financial assistance

A

International Monetary Fund

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16
Q

contracting work to noncompany employees or other companies

A

Outsourcing

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17
Q

Companies will locate services or manufacturing in other countries if the cot of doing business is lower

A

Offshoring

18
Q

transferring a business from a country it was moved to back to its original country

A

Reshoring

19
Q

a changed system of employment in the various economic sectors around the world

A

New international division of labor

20
Q

actions that create new wealth for a region, includes manufactured goods and farm products

A

Basic economic activity

21
Q

does not create new money for a region but circulates money already in an area

A

Non-basic economic activity

22
Q

Businesses that operate in more than one country

A

Transnational corporations

23
Q

Businesses that operate in multiple countries

A

Multinational corporations

24
Q

special manufacturing zones that governments use to entice MNCs and TNCs

A

Export processing zones

25
Q

special manufacturing zones in China

A

Special economic zones

26
Q

name for special manufacturing zones in Mexico

A

Maquiladoras

27
Q

locations where a foreign company can store, warehouse, transfer, or process without additional taxes

A

Free-trade zones

28
Q

economy that no longer employs large numbers of people in factories but has people who provide services and process information

A

Postindustrial economy

29
Q

system in which an item is moved from worker to worker, with each repeatedly performing the same task

A

Assembly line

30
Q

system of mass production that changed manufacturing and became standard practice across industries

A

Fordism

31
Q

businesses maximize profit by substituting one factor of production for another

A

Substitution principle

32
Q

industrial adaptability where most work is automated, allowing a few workers to rotate to different workstations

A

Post-Fordist

33
Q

system in which the inputs in the assembly process arrive at the assembly location when they are needed

A

Just-in-time delivery

34
Q

the location decision for one factory is dependent upon the location of other related factories

A

Locational interdependence

35
Q

most businesses locate near other similar businesses for certain advantages, e.g. certain stores located close together can be more attractive to customers

A

Agglomeration economies

36
Q

a hub for information based industry and high tech manufacturing

A

Technopoles

37
Q

the concentration of high value economic development attracts even more economic development

A

Growth poles

38
Q

positive outcomes beyond the growth pole

A

Spin-off benefits

39
Q

negative effects on one region that result from economic growth in another

A

Backwash effects

40
Q

sites of abandoned factories

A

Brownfields

41
Q

regions hit hardest by deindustrialization

A

Rust Belts

42
Q

when office building congregate in a place where they can take advantage of agglomeration economies

A

Corporate parks

APHUG Vocab (6 decks)

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