development vocabulary Flashcards
(23 cards)
industrialization
using machines and technology for mass production
primary economic sector
jobs that extract resources from the earth
primary economic sector examples
mining, fishing, and agriculture
secondary economic sector
Taking raw materials (usually from primary sector) and turning them into finished products
Secondary economic sector examples
manufacturing and construction
tertiary economic sector
provides services instead of goods
tertiary economic sector examples
healthcare and education
quaternary economic sector
knowledge based jobs
quaternary economic sector examples
research and development
quinary economic sector
specialized services and top executives
quinary economic sector examples
Government officials like president
break of bulk point
where goods are transfered from one form of transportation to another
break of bulk point examples
ports and rails yards ( large ships transfer goods to trucks or trains) (trains to trucks)
least cost theory
industries locate in areas that minimize their costs
agglomeration
the clustering of business, people etc.
microloans
small, short-term loans (Sudan)
wallterstiens world system theory
world operates as a single, interconnected system with a hierarchical structure of core, semi-periphery, and periphery nations.
dependency theory
global underdevelopment is a result of the unequal relationship between core and periphery countries
amount of working people vs non working people
commodity dependebce
country’s export revenue comes from the sale of raw materials
complementarity
a relationship between two or more places where one place has a demand for something that another place supplies, or vice versa
comparative advantage
produce a good or service at a lower opportunity cost than another country
free trade
a trade policy where governments do not restrict imports or exports (open exchange between nations no taxes or tariffs)
outsourcing
obtain (goods or a service) from an outside or foreign supplier
