Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
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
Popular AP Human Geography sets