Unit 7 Vocab

Question 1

(more powerful) country conquers and rules over a country

Answer 1

colonialism

Question 2

empire expands into surrounding areas/countries

Answer 2

imperialism

Question 3

sector where you extract natural recourses

Answer 3

primary sector

Question 4

sector where you process natural resourses

Answer 4

secondary sector

Question 5

sector where you provide services

Answer 5

tertiary sector

Question 6

sector where you deal with finance, insurance, and real estate (FIRE)

Answer 6

quaternary sector

Question 7

sector of highest levels of decision making

Answer 7

quinary sector

Question 8

point where the mode of transportation carrying a product changes

Answer 8

break of bulk point

Question 9

manufacturing sites will be placed wherever it is cheapest for them

Answer 9

least cost theory

Question 10

Wallerstein’s theory: most developed countries

Answer 10

core

Question 11

Wallerstein’s theory: in between core and periphery in terms of development

Answer 11

semi-periphery

Question 12

Wallerstein’s theory: least developed countries

Answer 12

periphery

Question 13

measures the value of goods and services produced within a country’s borders

Answer 13

GDP

Question 14

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

Answer 14

GNP

Question 15

a country’s final income in a year, divided by its population

Answer 15

GNI per capita

Question 16

taxed economic activity

Answer 16

formal economy

Question 17

non-taxed economic activity

Answer 17

informal economy

Question 18

measures gender equality, closer to 0 means most equality

Answer 18

GII

Question 19

measures the quality of life in a country using the GDP per capita, adult literacy rate, average level of education, and total life expectancy

Answer 19

HDI

Question 20

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

Answer 20

gender parity

Question 21

small loans given to women in developing countries

Answer 21

microloans

Question 22

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

Answer 22

Rostow’s stages of development

Question 23

stages: core, semi-periphery, periphery

Answer 23

Wallerstein’s World System’s theory

Question 24

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

Answer 24

dependency theory

Question 25

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

Answer 25

commodity dependence

Question 26

certain locations have advantages over other locations due to natural resources and the environment

Answer 26

comparative advantage

Question 27

advantages are created when producing goods that are consumed together

Answer 27

complementarity

Question 28

policies emphasizing the value of free market (system of economic exchange without taxes or tariffs)

Answer 28

neoliberal policies

Question 29

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

Answer 29

free trade agreement

Question 30

period of extreme stress in global financial markets and banking systems

Answer 30

global financial crisis

Question 31

turning over much of the responsibility for production to independent suppliers

Answer 31

outsourcing

Question 32

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

Answer 32

special economic zones

Question 33

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

Answer 33

free trade zones

Question 34

zone where the government offers exemptions from certain taxes and business regulations to promote industrial and commercial exports

Answer 34

export processing zones

Question 35

flexible production that is no longer centralized in one manufacturing facility and takes advantage of outsourcing or just-in-time delivery and is reliant on advanced technology

Answer 35

post fordist

Question 36

one business facilitates economic growth in an area

Answer 36

multiplier effect

Question 37

cost advantages for a company when production becomes efficient

Answer 37

economies of scale

Question 38

grouping of businesses for mutual benefit

Answer 38

agglomeration

Question 39

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

Answer 39

just in time delivery

Question 40

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

Answer 40

service sector

Question 41

a place where technology and computer industries agglomerate

Answer 41

growth pole

Question 42

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

Answer 42

ecotourism

Question 43

Measures the inequality among values of various distributions (like income or gender)

Answer 43

Gini coefficient