wotd Flashcards
(21 cards)
What is Gross Domestic Product?
The total value of goods and services produced within the borders of a country during a specific time period, usually one year.
What is Productivity?
The value of a particular product compared to the amount of labor needed to make it.
What is the Literacy Rate?
The percentage of people ages 15 and above who can, with understanding, read and write a short, simple statement on their everyday life.
What is Fossil Fuel?
A nonrenewable energy resource formed from the remains of organisms that lived long ago; examples include oil, coal, and natural gas.
What is Fracking?
Fracking is the high-pressure injection of water, chemicals, and sand into shale deposits to release the gas and oil trapped within the rock.
What does OPEC stand for?
OPEC is a supranational organization that controls the production of crude oil, with the intention of keeping oil prices stable.
What is Hydroelectric Power?
Hydroelectric Power is a form of energy that harnesses the power of water in motion to generate electricity.
What is Geothermal Energy?
Geothermal Energy is energy from steam or hot water produced from hot or molten underground rocks.
What is the World Bank?
The World Bank is a specialized agency of the United Nations that makes loans to countries for economic development, trade promotion, and debt consolidation.
What is Microfinance?
Microfinance is the provision of small loans and other financial services to individuals and small businesses in developing countries.
What is a Cottage Industry?
A Cottage Industry is an industry in which the production of goods and services is based in homes, as opposed to factories.
What are Textiles?
Textiles are a type of hand-produced or machine-produced fabric, like clothes.
What is Bulk-gaining?
Bulk-gaining is an industry with a final product weighing more or compromising a greater volume than the inputs.
What is Bulk-reducing?
Bulk-reducing is an industry in which the final product weighs less or comprises a lower volume than the inputs.
What is a Right-to-work law?
A Right-to-work law is a law preventing a union and company from negotiating a contract that requires workers to join a union as a condition of employment.
What is Outsourcing?
Outsourcing is the process of moving industrial production or service industries to external facilities or organizations, often out of the country.
What does NAFTA stand for?
NAFTA stands for North American Free Trade Agreement, which established a free-trade zone in North America in 1994.
What is USMCA?
USMCA is the United States-Mexico-Canada Agreement, a free trade agreement between those three countries, updated from NAFTA and effective in 2020.
What is a Maquiladora?
A Maquiladora is an export-processing city that exists in northern Mexico, close to the border with the United States.
What is Agglomeration?
Agglomeration is a localized economy in which a large number of companies and industries cluster together and benefit from cost reductions and gains in efficiency.
