Industialization and econ development Vocab

Question 1

Quinary sector

Answer 1

Highest levels of decision making and includes top officials in various levels of government and business
EX: Jeff Bazzos

Question 2

Quarternary sector

Answer 2

-knowledge based sector,
includes research and development, business consulting, financial services, public admin, software development
-EX: teachers

Question 3

Potential vs proven reserves

Answer 3

Potential- undiscovered fuel sources, not uncovered areas with resources
EX: there might be oil in this patch of land
Proven- resources that we know we have
EX: The 131 years of coal that we have

Question 4

Rostow vs wallerstein

Answer 4

Waller: world system-> global, core semiperiph, periph

Rostow: Economic, like DTM, International trade, “for each country”, national scale, 5 stages

Question 5

World systems model

Answer 5

Developed by • Immanuel Wallerstein

- Grouped countries into Core, semi periphery, periphery based on their economy

Question 6

Fair Trade:Microfinances

Answer 6

• A provision of small loans and other financial services to individuals and small businesses in developing countries that are unable to obtain loans from commercial banks
EX: the women using them to fund their businesses

Question 7

Fair Trade: Overall goals/definition

Answer 7

• Commerce in which products are made and traded according to standards that protect workers and small businesses in developing countries

Question 8

Define Foreign Direct Investment

Answer 8

• Investment made by a foreign company in the economy of another country

Question 9

What is GDP

Answer 9

-Gross domestic product
-The total value of goods produced and services provided in a country during one year
EX: 20.891 trillion in 2018

Question 10

Define each of the terms below and list the types of energy included under reach.: Renewable energy sources

Answer 10

Has an essentially unlimited supply and is not depleted when used by people. EX: droelectric, geothermal, fustian, wins, solar energy

Question 11

Define each of the terms below and list the types of energy included under reach.: Nonrenewable energy

Answer 11

Forms so slowly that for practical purposes, it cannot be renewed. EX: coal, natural gas, petroleum

Question 12

Self sufficiency model elements

Answer 12

-Countries encourage domestic production of goods, discourage foreign ownership of businesses and resources and protect their businesses from international competition

Question 13

International trade approach

Answer 13

-Rostow’s development model
• 1. The traditional society
• Preconditions for Takeoff

• The Takeoff

• The Drive to Maturity
• The Age of Mass Consumption
possible 6th stage: a Post-industrial

Question 14

What is HDI

Answer 14

(Human Development Index),

-Shows the common lifestyle in a coutnry

Question 15

What is Gross National Income (GNI)?

Answer 15

The value of the output of goods and services produced in a country in a year, including money that leaves and enters the country

Question 16

What is purchasing power parity (PPP)?

Answer 16

An adjustment made to the GNI to account for differences among countries. EX. If residents from dif countries have the same
income, but one has to pay more for a Starbucks, the other resident is better of

Question 17

What is the Inequality-adjusted HDI? (IHDI)

Answer 17

An indicator of development that modifies the HDI to account for the inequality ; the greater difference in the two measures, the
greater the inequality

Question 18

Define Gender Inequality Index. (GII)

Answer 18

Rates country on how equal the genders are treated

Question 19

What type of jobs comprise of each sector of the economy?:Primary

Answer 19

Activities that directly extract materials from Earth through agriculture and sometimes by mining, fishing, and forestry
EX: mining

Question 20

What type of jobs comprise of each sector of the economy?: Secondary

Answer 20

Manufacturers that process, transform, and assemble raw materials into useful products, as well as industries that fabricate manufacturers goods into finished consumer goods
EX: dairy proccesor turns milk into cheese

Question 21

What type of jobs comprise of each sector of the economy?: Tertiary

Answer 21

Involves the providing of goods and services to people in exchange for payment. EX: retailing, banking, law,
education