unit 7

Question 1

industrial revolution

Answer 1

a set of changes in technology that dramatically increased manufacturing productivity

Question 2

industrialization

Answer 2

the development of industries for the machine production of goods

Question 3

natural resources

Answer 3

resource found in nature that is immediately usable by humans. no change is needed

Question 4

raw materials

Answer 4

resource that must be changed to be used by humans

Question 5

colonialism

Answer 5

(more powerful) country conquers and rules over a country

Question 6

imperialism

Answer 6

empire expands into surrounding areas/countries

Question 7

primary sector

Answer 7

extracting natural resources

Question 8

secondary sector

Answer 8

processing natural resources

Question 9

tertiary sector

Answer 9

providing services

Question 10

quaternary sector

Answer 10

knowledge based. dealing with others’ money. finance, insurance, real estate

Question 11

quinary secotr

Answer 11

highest levels of decision making

Question 12

break of bulk points

Answer 12

point where the mode of transportation carrying a product changes

Question 13

least cost location theory

Answer 13

predicts location of a manufacturing site relative to the location of the resources needed to produce the product and where the final product will be sold

Question 14

core

Answer 14

most developed countries

Question 15

semi periphery

Answer 15

in between core and periphery in terms of development

Question 16

periphery

Answer 16

least developed countries

Question 17

gross domestic product

Answer 17

measures the value of goods and services produced within a country’s borders, by citizens and non-citizens

Question 18

gross national product

Answer 18

measures the value of goods and services produced by only a country’s citizens but both domestically and abroad

Question 19

gross national income per capita

Answer 19

the dollar value of a country’s final income in a year, divided by its population

Question 20

formal economy

Answer 20

all economic activities operating within the official legal framework that are paying taxes on all generated incomes

Question 21

informal economy

Answer 21

economic activity that is not subject to government regulation or taxation

Question 22

income distribution

Answer 22

a statistical measure of how many people earn or receive various amounts of income

Question 23

gender inequality index

Answer 23

measures. gender equality. not like that’s obvious at all. closer to 0 means most equality

Question 24

human development index

Answer 24

the factors that are calculated are the GDP per capita, adult literacy rate, average level of education, and total life expectancy

Question 25

gender parity

Answer 25

compares a specific indicator (ex. income) between men and women of a particular country

Question 26

microloans, microfinance

Answer 26

provide small loans to start or expand a business to entrepreneurs who would not normally qualify for credit from traditional sources

Question 27

rostow's stages of economic growth

Answer 27

stages: traditional society, pre-condition for take-off, take-off drive to maturity, high mass consumption

Question 28

wallerstein's world system thoery

Answer 28

stages: core, semi-periphery, periphery

Question 29

dependency theory

Answer 29

core countries depend on peripheral contrives for labor and raw materials; peripheral depends on core for goods

Question 30

commodity dependence

Answer 30

a country is export-commodity-dependent when more than 60% of its exports are made up of commodities

Question 31

deindustrialization

Answer 31

contraction and decline of the weight of manufacturing industry within an economy

Question 32

complementarity

Answer 32

trade is greater if each side has something the other wants or needs

Question 33

comparative advantage

Answer 33

each producer will make what is most cost efficient; ex florida has comparative advantage over michigan for producing oranges

Question 34

neoliberal policies

Answer 34

policies emphasizing the value of free market (system of economic exchange without taxes, tariffs, etc) competition

Question 35

free trade agreements

Answer 35

a pact between two or more nations to reduce barriers to imports and exports among them

Question 36

tariffs

Answer 36

tax put on goods as they leave a country

Question 37

global financial crises

Answer 37

period of extreme stress in global financial markets + banking systems

Question 38

outsourcing

Answer 38

turning over much of the responsibility for production to independent suppliers

Question 39

special economic zones

Answer 39

an area in a country that is subject to different economic regulations than other regions within the same country

Question 40

free trade zones

Answer 40

offers businesses cash flow advantages by suspending customs import taxes and duties, trade levies, quotas and import controls

Question 41

export processing zones

Answer 41

physical spaces within a country where special regulations benefit foreign controlled businesses

Question 42

international division of labor

Answer 42

a system of employment in the various economic sectors spread throughout the world

Question 43

post fordist methods of production

Answer 43

flexible production; organizes workers into teams that perform a variety of tasks and solve problems through consensus

Question 44

multiplier effect

Answer 44

allocating more funds to one specific area has impacts on many other industries

Question 45

economies of scale

Answer 45

cost advantages for a company when production becomes efficient

Question 46

agglomeration

Answer 46

the spatial grouping of people or activities for mutual benefit

Question 47

just in time delivery

Answer 47

method of transportation, storage, and delivery that allows businesses to only store what they need for consumers to get quickly

Question 48

service sector

Answer 48

industries concerned with the collection, processing, and manipulation of information and capital

Question 49

high technology industry, technopoles, growth poles

Answer 49

a place where technology and computer industries agglomerate

Question 50

ecotourism

Answer 50

responsible travel to natural areas that conserves the environment, sustains the well-being of the local people, and involves interpretation and education