Unit 5 Flashcards
(18 cards)
process involving the clustering or concentrating of people ot activities
agglomeration
large-scale emigration by talented and educated poeple
brain drain
economic model wherein people, corporations, and states produce goods and exchange them on the world market, with goal of achieving profit
capitalism
manufacturing based in homes rather then in a factory, commonly found before the industrial revolution
cottage industry
income remaining after deduction of taxes and other mandatory charges, available to be sent or saved as one wishes
disposable income
an organized was in which a state or nation allocates it’s resources and apportion goods and services in the national community
economic system
a port, city, or other center to which goods are brought for import and export, and for collection and distribution
entrepots
send (goods or services) to another country for sale, a commodity, article, or service sold abroad
export
energy source formed from the residue or plants and animals buried millions of years ago
fossil fuel
international trade left to its natural course without tariffs, quotas, or other restrictions
free trade
the total value of all goods and services produced within a country during a given year
Gross Domestic Product (GDP)
bring (goods and services ) into a country from abroad for sale, a commodity, article, or service brought in from abroad for sale
import
place where two or more forms of transportation meet (including air, road, rail. barge, and ship)
intramodal transfer point
a company that conducts research, operates factories. and sells products in many countries, not just where it’s headquarters or shareholders are located
multinational corporation
a physical product
tangible good
a tax or diy ti be paid on a particular class of imports and exports
tariff
the difference in value between a country’s imports and exports
trade balance
web-based economic activities
e-commerce
