Unit 5 Vocabulary

Question 1

Primary Industry

Answer 1

the extraction and selling of raw materials

Question 2

Secondary Industry

Answer 2

manufacturing of raw materials into final and finished products

Question 3

Tertiary Industry

Answer 3

provides services, typically involved with non tangible products being traded to other businesses or consumers

Question 4

Quaternary Services

Answer 4

related to transportation, telecommunications, real estate, insurance, finny, and management– improving the area around us and connecting people

Question 5

Quinary Services

Answer 5

gathering and sharing information and skills to create new innovations

Question 6

Industrial Revolution

Answer 6

the transformation from an agricultural economy to an industrial economy

Question 7

Agglomeration + bulk gaining and bulk weight

Answer 7

combining of like things in one place (car dealerships)

• bulk gaining= finished product is heavier than the raw material– production point is located near market
• bulk weight= raw materials weigh more than the finished product– production point is closer to raw materials

Question 8

Weber’s Least Cost Theory

Answer 8

bases location for a center of manufacturing based on costs of transportation, labor, and advantages through agglomeration

Question 9

Outsourcing

Answer 9

when a company fires local workers to move the business to another country where they can find cheaper labor– third party in foreign country, rest is local

Question 10

Offshoring

Answer 10

basing a company in another country to take advantage of the low costs– all activity in another country

Question 11

Maquiladora

Answer 11

A factory (usually in Mexico) that a foreign company uses to manufacture their goods, because of the cheap labor and relative location to the US

Question 12

SEZ

Answer 12

A company owned by the government that a foreign company uses to manufacture their goods

Question 13

Deindustrialization

Answer 13

the decline of industrialization over a long period of time

Question 14

postindustrial society

Answer 14

shows the stage of economic development a country was in– a country after the industrialization

Question 15

Development

Answer 15

changes in economic stability and political freedoms that change the quality of life

Question 16

Economic Indicators

Answer 16

statistics that give information about the economic stability and production of a country

Question 17

Socioeconomic Indicators

Answer 17

statistics that relate social and economic factors

Question 18

Environmental indicators

Answer 18

record factors of the environment

Question 19

Gross National Income

Answer 19

the amount of services and goods created in a year by a country || what is traded

Question 20

Gross Domestic Product

Answer 20

The total value of a countries products

Question 21

Purchasing Power Parity

Answer 21

the rate of exchange that is used to contrast output, income, or prices in between states with different currencies

Question 22

Poverty

Answer 22

people who do not have the ability to buy basic necessities

Question 23

Poverty Line

Answer 23

the line that decides who is in poverty and who is not

Question 24

Poverty Rate

Answer 24

ratio of people in poverty to people not in poverty

Question 25

Literacy Rate

Answer 25

a percentage showing the number of people 15 and older who can read and write in a country

Question 26

Life Expectancy

Answer 26

how long a person is expected to live from birth to death based on death rates in the surrounding area

Question 27

Infant Mortality Rate

Answer 27

number of babies that die before the age of 1 out of 1000 births

Question 28

Human Development Index

Answer 28

Also known as the happiness index; measures health, wealth, and education. on a scale from 0-1== 1 being the highest HDI

Question 29

Gender- Related Development (GDI)

Answer 29

similar to HDI but also shows the effects of gender-inequality; focuses on women development

Question 30

Gender Empowerment Measure (GEM)

Answer 30

Loos at how active women are in the economy and politics

Question 31

Income distribution

Answer 31

How income is divided among different groups or individuals.

Question 32

Income equality

Answer 32

a ratio of earnings comparing the richest to the poorest

Question 33

Organization for Economic Cooperation and Development (OECD)

Answer 33

A group of 30 member countries that discuss and develop economic and social policy. OECD countries are democratic countries that support free market economies.

Question 34

Globalization

Answer 34

The greater interconnectedness and interdependence of people and places around the world.

Question 35

Classic Model of Development (Rostow's)

Answer 35

An accounting of economic development that was formulated by Walt. W. Rostow as a series of five stages through which countries pass as they are transformed , by economic investment, from a traditional to a modern society.

Question 36

Dependency Theory

Answer 36

a theory that relates disparities in levels of development to relations between dominant and dependent states in the system of international trade.

Question 37

World Systems Theory

Answer 37

A body of ideas that was developed by Immanuel Wallerstein and that links dependency and underdevelopment to capitalism and its role in creating an international division of labor that shapes relations between core, semiperipheral, and peripheral regions of the world.