U7 Vocab

Question 1

Industrial revolution

Answer 1

Rapid development brought by machinery & tech, –> growth of factories & mass production of goods

Question 2

Primary

Answer 2

Extraction of natural resources

Question 3

Tertiary

Answer 3

Sale & transport of finished goods

Question 4

Quinary

Answer 4

Business executives & government officials

Question 5

Semi-periphery

Answer 5

Industrializing, mostly capitalist countries positioned between periphery & core in World Systems Theory

Question 6

GDP (gross domestic product)

Answer 6

total value of goods, services, & investments produced by country in a year

Question 7

Gender inequality index

Answer 7

how disadvantaged women are in country in terms of reproductive health, empowerment, & labor market

Question 8

Dependency theory

Answer 8

resources flow from less developed periphery to core of wealthy states, enriching latter at expense of former

Question 9

Complementarity

Answer 9

Trade when both parties have goods/services the other wants

Question 10

Globalization

Answer 10

Spread of businesses, products, ppl, & ideas around the world

Question 11

Microfinance

Answer 11

Small loans to individuals & small businesses in developing countries

Question 12

Outsourcing

Answer 12

Decision by corporation to turn over responsibility of production to independent suppliers

Question 13

Post-Fordism

Answer 13

Modern industry has moved away from mass production in huge factories towards specialized markets based on small flexible manufacturing units

Question 14

Agglomeration

Answer 14

Large # of companies and industries cluster together to benefit from cost reductions & increased efficiency as result of proximity

Question 15

Ecotourism

Answer 15

Tourism based on enjoyment of natural areas in sustainable way

Question 16

Sustainable development goals

Answer 16

Collection of 17 global goals aimed to improve planet & human quality of life by 2030

Question 17

Vertical integration

Answer 17

Single entity controls entire process of production, from raw materials to distribution

Question 18

Backwash effect

Answer 18

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

Question 19

Bulk gaining

Answer 19

Industry in which final product weighs more than the inputs

Question 20

Cottage industry

Answer 20

Industry in which production of goods and services is based in homes, not factories

Question 21

Technopole

Answer 21

Hub for information-based industry & high-tech manufacturing

Question 22

Secondary

Answer 22

Turning raw materials into finished products

Question 23

Quaternary

Answer 23

Includes medicine, law, education, investment, & tech

Question 24

Core

Answer 24

Well-developed country w/ strong economic base

Question 25

Periphery

Answer 25

Low levels of economic productivity, low per capita incomes, & generally low standards of living

Question 26

Break-of-bulk point

Answer 26

Location where truckload or boatload is unloaded & distributed

Question 27

Gini Coefficient

Answer 27

Measure of distribution of income across pop

Question 28

Human Development Index

Answer 28

Meaurement of status of life in any given place based on life expectancy, ed. level, & income per capita

Question 29

Comparative advantage

Answer 29

Economic concept that says country should specialize in certain products for export when they hold an advantage in producing those products & should import products for which they don't have an advantage

Question 30

Export Processing Zones

Answer 30

Areas found in many regions of the developing world that provide incentives for foreign companies to conduct business there

Question 31

Fordism

Answer 31

Form of mass production where each worker is assigned a specific task to perform repeatedly

Question 32

Economy of scale

Answer 32

Condition created when savings in cost per unit increase due to increasing the level of production

Question 33

Just-in-time delivery

Answer 33

Inventory managment where companies keep on hand only what is needed in the short-term, planning long-term supplies will arrive as needed

Question 34

Horizontal integration

Answer 34

Ownership by same firm of a number of companies that exist at the same point on a commodity chain

Question 35

Ancillary activities

Answer 35

Economic activities that surround and support large-scale industries

Question 36

Bulk reducing

Answer 36

Industry where final product weighs less than the inputs

Question 37

Footloose Firm

Answer 37

industry that can be located anywhere w/o consideration for factors of production

Question 38

Transnational corporation

Answer 38

Company that conducts research, operates factories, and sells products in many countries, not just where headquarters are located

Question 39

Brownfield

Answer 39

Property w/ potential to be a hazardous waste, pollutant, or contaminant

Question 40

MERCOSUR

Answer 40

Acronym for S. American organization whose purpose is to expand trade & reduce tariffs among member countries

Question 41

WTO

Answer 41

Acronym for the organization that regulates international trade