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AP HUG UNIT 7
| Term | Definition |
|---|---|
| Industrial Revolution | A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s. |
| Primary Sector | Extraction of raw materials Mining, fishing, lumber, agriculture, etc |
| Secondary Sector | Processing natural materials into finished goods Manufacturing, construction, utilities, etc |
| Tertiary Sector | Offering services to consumers Retail, tourism, entertainment, etc |
| Quaternary Sector | Research and administration involved often associated with technological innovation finance, insurance, marketing, and wholesaling. |
| Quinary Sector | The highest levels of decision-making in a society or economy CEO, school superintendent, etc |
| Site Factors | industrial location factors related to the costs of the factors of production inside the factory |
| Site factors-Land | cheap land (cheaper in suburbs and rural areas right outside of urban ones), want to be close to highway and other transportation routes |
| Site Factors-Capital | Funds to establish new factories or expand existing ones. Most important site factor in certain industries (high-tech). More difficult for developing countries to gain access to capital |
| Site Factors- Labor | most important site factor globally |
| Labor-intensive industry | wages and other compensation paid to employees constitute a high percentage of expenses |
| Break-of-Bulk-Point | Changing one form of transportation to another (Boats to cargo) |
| Weber’s Least Cost Theory | Minimize three categories of costs to increase profits: Transportation (weight and distance), Labor (cheap labor), and Agglomeration |
| Bulk Gaining | makes something that gains volume or weight during production. To minimize transportation costs, they focus on proximity to markets. |
| Bulk Reducing | Makes something that loses volume or weight during production. To minimize transportation costs, they focus on proximity to inputs |
| Agglomeration | When a group of businesses all cluster together so they can save money. |
| Gross Domestic Product (GDP) | The value of the total number of goods and services produced in a country in a given time period (normally one year). (within the country) |
| Gross National Product (GNP) | The Gross National Product is one of the most widely used and quoted statistics in economic geography. It refers to the total monetary value, in US dollars, of all the goods, services, and investments produced by a country in a year. |
| Gross National Income (GNI) per capita | The value of the output of goods and services produced in a country in a year, including money that leaves and enters the country. (Outside the country) |
| Gender Inequality Index (GII) | A measure of the extent of each country's gender inequality. |
| Human Development Index (HDI, literacy rate, fertility rates, infant mortality rates) | Indicator of level of development for each country, constructed by the United Nations, combining income, literacy, education, and life expectancy. |
| Microloans | are small credit or loans given to people in developing countries to start small businesses and help improve the economy |
| Enduring Understanding | Economic and social development happen at different times and rates in different places. |
| Rostow’s Stages of Economic Growth | assumed that all countries wanted to modernize, and that all would, though at different speeds. Rostow also saw economic development as a linear progression in which countries moved from one stage to the next until they reached high mass consumption. |
| Dependency theory | holds that LDCs are highly dependent on foreign factories and technologies from MDCs to provide employment and infrastructure. The LDCs in this theory get stuck in the continuous cycle of dependency on the MDCs which never allow their economies to fully. |
| Wallerstein’s World Systems Theory | attempts to explain the relationship between the core and periphery countries. Core,semi-periphery,periphery |
| Complementarity advantage | One place must have what another wants and can secure. because they're good at it. example: Flow of seasonal fruits and vegetables from California's Valley to urban markets of the American Midwest and East |
| Comparative advantage | When two or more countries are capable of producing the same good or service but one can do so at a lower cost so they should do it. |
| Neoliberal policies | economic policies that are predicated on a minimalist role for the state, assuming the desirability of free markets as the ideal condition not only for economic organization but also for political and social life |
| Free trade agreements | to eliminate the barriers to trade in, and facilitate the cross border movement of goods and services between the countries |
| EU | Alliance of European countries to build their economies. Took down borders to make ir easier to trade within businesses and borders. |
| World Trade Organization (WTO) | works to negotiate rules of trade among the member states |
| OPEC | International Organization. Organization of Petroleum Exporting Countries. Purpose: to control worldwide prices of gas. |
| Tariffs | Taxes on items leaving or entering a country, often used to raise the price of imported goods |
| International Monetary Fund (IMF) | Provides loans to countries experiencing balance-of-payment problems that threaten expansion of international trade. |
| Microlending | the extension of very small loans to impoverished borrowers; it is designed not only to support entrepreneurship and alleviate poverty, but also in many cases to empower women and uplift entire communities by extension |
| Mercosur | Mercosur or Mercosul is a sub-regional bloc comprising Argentina, Brazil, Paraguay, Uruguay and Venezuela. Its associate countries are Chile, Bolivia, Colombia, Ecuador and Peru |
| Outsourcing | A decision by a corporation to turn over much of the responsibility for production to independent suppliers. |
| Newly industrializing countries (NICs) | The NICs are Brazil, Russia, India, China, South Africa, and Mexico. |
| New Asian Tigers | New Asian Tigers is a term used to describe a new industrial region of Asia that grew because of manufacturing to become highly developed economies and these countries are: Hong Kong, South Korea, Taiwan, and Singapore. |
| special economic zones | specific areas within a country in which tax and investment incentives are implemented to attract foreign (and domestic) businesses and investment. |
| free-trade zones | no tariffs between countries --> special zones in which all trade barriers between two countries are eliminated. The FTZs usually consist of labor intensive manufacturing plants, such as the maquiladoras. " |
| export processing zones | are areas found in many regions of the developing world. They provide incentives for foreign companies to conduct their business in developing regions. |
| international division of labor | Transfer of some types of jobs, especially those requiring low-paid less skilled workers, from more developed to less developed countries. |
| Fordism | Form of mass production in which each worker is assigned one specific task to perform repeatedly |
| Post-Fordism | Adoption by companies of flexible work rules, such as the allocation of workers to teams that perform a variety of tasks |
| economies of scale | Increase In Efficiency Of Production As The Number Of Goods Being Produced Increases Ex: Ford Motor Companies |
| just-in-time delivery | Where the shipment of parts (input) arrives at the factory moments before they are needed to reduce the space that inventory takes up |
| service sector | The portion of the economy concerned with transportation, communications, and utilities, sometimes extended to the provision of all goods and services to people in exchange for payment |
| Sustainable Development | Development that meets the needs of the present without compromising the ability of future generations to meet their own needs. |
| Ecotourism | Tourism that doesn't harm the environment + benefits local people. Usually a small-scale activity with a small number of visitors in an area at a time. |
| UN’s Sustainable Development Goals | A declaration with the goal of improving the living conditions of people in the least developed countries. |
| UN’s Sustainable Development Goals List 1-4 | (1) eradicate extreme poverty and hunger, (2) achieve universal primary education, (3) promote gender equality and empower women, (4) reduce child mortality, |
| UN’s Sustainable Development Goals List 5-8 | (5) improve maternal health, (6) combat HIV/AIDS, malaria, and other diseases, (7) ensure environmental sustainability, (8) develop a global partnership for development. an *international declaration improving the living conditions *by 2015 |
| Deglomeration | There is too many businesses that is becomes crowded and people decided to leave. |
Created by:
JuliR
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