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Unit 7 Vocab Part 2

7.3, 7.5, 7.6

Question	Answer
Gross Domestic Product (GDP)	The total value of goods produced and services provided in a country during one year.
Gross National Product (GNP)	Total value of goods and services by the citizens and corporations of a country as well as foreign investments in a given year.
Gross National Income (GNI)	GDP + (exports-imports). Most accurate measure of wealth, because it accounts for the impacts of trade.
Formal Structure of an Economy	Economic activity that is regulated and/or taxed by the government, included in GDP & GNI. A country with a larger formal economy is one that is generally MORE developed.
Informal Structure of an Economy	Mostly illegal products that are sold and/or NOT regulated by the government. Examples: Black market goods, babysitting, “under the table” work like landscaping or house cleaning.
Fossil Fuels	A natural fuel such as coal or gas, formed in the geological past from the remains of living organisms.
Renewable Energy	Energy from a source that is not depleted when used, such as wind or solar power.
Literacy Rates	The percentage of people who are able to read or write.
Human Development Index	A composite statistic of life expectancy, education and per capita income indicators, which are used to rank countries.
Gender Inequality Index (GII)	Measure of gender inequality, which is calculated based on three categories: Reproductive Health, empowerment, and labor-market participation.
Rostow’s Stages of Economic Development	Suggests that all countries could be categorized on a spectrum from traditional to modern and that to become modern, countries needed to pass through distinct stages of economic growth in succession.
Wallerstein’s World System Theory	Describes the spatial and functional relationships between countries and helps explain the history of uneven economic development in the world economy. (Core, Semi Periphery, Periphery)
Dependency Theory	The notion that resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former.
Commodity Theory	A theory proposing that the value of a product or service is related to its availability.
Commodity Dependence	When more than 60% of a country’s exports and economic health are tied to one or two resources such as oil, timber, or plantation crops.
Complementary Advantages	Complementarity exists when two countries each have a comparative advantage in producing what the other wants or needs.
Comparative Advantages	A country has a comparative advantage at producing something if they can produce it at lower cost than anyone else.
Neoliberal Policies	Refers to an economic philosophy that is characterized by free trade, privatization, and deregulation.
Free Trade Agreements	Multinational agreements to establish free trade - trade without quotas, tariffs, or restrictions.
Mercosur	A South American trade bloc established in 1991. The objective of Mercosur is to bring about the free movement of goods, capital, services, and people among member states.
Tariffs	A tax imposed by one country on the goods and services imported from another country.
World Trade Organization (WTO)	An international agency whose purpose is to ensure that trade flows as smoothly as possible between countries by administering existing multilateral trade agreements, settling trade disputes between countries, and by managing negotiations for new trade ag

Created by: MelanieLeavitt

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