Unit 7 Part 1

Question 1

webers least cost theory

Answer 1

theory that transportation costs and labor costs play a strong role in determining location of manufacturing facilities

Question 2

gross national income

Answer 2

total number of a country’s residents and businesses regardless of where it was earned

Question 3

GDP per capita

Answer 3

a country’s gdp divided by total population

Question 4

purchasing power parity

Answer 4

measures how much a common basket of goods costs locally in the currency of each country being compared

Question 5

gender inequality index

Answer 5

a statistical measure of gender inequality that combine data on reproductive health empowerment and labor market participation

Question 6

human development index

Answer 6

statistical measure of human achievement that combines data on life expectancy at birth education levels and gni per capita

Question 7

micro loan

Answer 7

very small loan to help people with little income establish a small business

Question 8

gross domestic product

Answer 8

value of all goods and services produced in a country over a specific period regardless of producer’s origin

Question 9

commodity dependence

Answer 9

when commodities account for more than 60% of the value of a country’s total exports

Question 10

dependency theory

Answer 10

theory that the periphery is poor because it was economically dependent on the core in a disadvantage relationship originally established under colonialism imperialism

Question 11

wallersteins world systems theory

Answer 11

regarding world history as moving through a series of socioeconomic systems culminating in the modern world system by about the year 1900

Question 12

rostows stages of economic growth

Answer 12

suggest that all countries will inevitably progress of similar fashion through the same five development stages

Question 13

working class

Answer 13

dependent on wage labor

Question 14

capitalist class

Answer 14

owns the means of production and paid the wages

Question 15

labor union

Answer 15

associations of workers in particular industries to collectively bargain with capitalists

Question 16

mass production

Answer 16

The production of large quantities of a standardized article by an automated mechanical process

Question 17

assembly line

Answer 17

arrangement of machines, equipment, and workers in which work passes from operation to operation in direct line until the product is assembled

Question 18

international division of labor

Answer 18

Labor of different countries played complementary roles in an interdependent global economy

Question 19

primary economic sector

Answer 19

Part of an economy, that focuses on the extraction and harvesting of natural resources

Question 20

secondary economic sector

Answer 20

Involves the production of goods using raw materials from the primary sector

Question 21

tertiary economic sector

Answer 21

Encompasses businesses and activities that provides service rather than producing physical goods

Question 22

Quaternary economic sector

Answer 22

Knowledge based activities

Question 23

quinary economic sector

Answer 23

highest level management decisions, and areas of business government, education, and science

Question 24

base industry

Answer 24

Industry of disproportionate, economic importance, and on whose existence other industries and employment sectors depend

Question 25

core-periphery-semi-periphery model

Answer 25

Divide the world into core countries, periphery countries, semi periphery countries

Question 26

break of bulk point

Answer 26

Location where both cargo is transferred from one mode of transportation to another

Question 27

containerization

Answer 27

System of intermodal freight transport, using shipping containers