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Unit 7 Vocabulary
Unit 7 Industry and Development - Vocabulary and Definitions
| Term | Definition |
|---|---|
| Fair trade | a movement that encourages multi-national corporations to pay living wages to workers in LDCs instead of the lowest possible wage |
| Development | the changes that occur as a country transitions from an agricultural economy to industry-based economy with rising living standards |
| Industrialization | the process by which an economy is transformed from primarily agricultural to one based on the manufacturing of good |
| Standard of living | level of wealth available to a person or community |
| break-of-bulk point | a place where cargo is unloaded from one form of transportation and pieces of it are sent out in different directions to other forms |
| core | in World's Systems Analysis, the core are the powerful, wealthy countries that have great influence on the world economy |
| Labor union | an organization of workers that aims to protect their rights and further their interests |
| Least cost theory | Alfred Weber's theory that tries to explain and predict the locational pattern of industry |
| Market | a place where goods are sold (non-physical markets have expanded greatly since the Internet became mainstream |
| Periphery | in World's Systems Analysis, the periphy are the least economically developed countries that have little influence over the world's economy |
| Right-to-work state | states in the USA whose laws prevent unions from requiring people to join the union to work in an industry (mainly Republican states) |
| Sectors of the economy | separating jobs into segments of the economy based on the purpose of their job (primary, secondary, tertiary, quaternary, quinary |
| Formal economy | economic activities that take place inside the official, legal framework, pay taxes and are monitored by the government |
| Gender Inequality Index (GII) | a statistic created by the United Nations to measure how much development is lost because of inequalities between men and women |
| Gender-related Development Index (GDI) | a statistic that is an offshoot of the HDI that measures gender gaps in life expectancy, education, and incomes |
| Gross Domestic Product (GDP) | a monetary measurement of all the goods and services produced in a year inside of a country |
| Gross National Income (GNI) | a monetary measurement of all the goods and services produced by citizens (including citizens overseas) in a year in a country but NOT con-citizen residents |
| Gross National Product (GNP) | a monetary measurement of all the goods and services produced by residents of a country (NOT citizens in other countries) |
| Human Development Index (HDI) | a statistic created by the United Nations to try to measure how economically developed a country is - seen as more complete picture than just GDP PPP per capital |
| Informal economy | economic activities that are neither taxed, nor monitored by any form of government including illegal activities |
| Literacy Rate | the percentage of people in an area that can read and write |
| Microloans | a small sum of money lent at low interest to a new business |
| Commodity dependence | when a country's economy is reliant on a single product |
| European Union (EU) | a supranational organization in Europe that allows for free trade, freedom of movement between members states, and a common currency (the Euro) |
| Free trade agreement | a treaty between countries that eliminates tarriffs on goods sent between the countries |
| Tariff | a tax a country puts on goods that were created in an outside country encouraging people to buy locally produced good |
| World Trade Organization (WTO) | an economic supranational organization that deals with trade rules between countries and settling trade disputes |
| Agglomeration | the benefits that companies experience due to being clumped closely together |
| Free trade zone | regions in LDCs where tariffs are waived by governments wanting to encourage MNCs to invest in their countries |
| Growth Pole | an innovative, high-tech industry that stimulates economic growth in linked businesses |
| Just-in-time delivery | a strategy for maintaining just the right amount of inventory so as to not have to pay for storage |
| outsourcing | (not exactly how it is used in real life) transferring part of a company's operations to an outside company or in another place |
| Special economic zone | an area that has different laws governing trade and business than the rest of the country and aim to attract FDI |
| Ecotourism | tourism directed toward natural environments (often threatened) intended to support conservation efforts |
| Mass consumption | the purchase of standardized products or services by large numbers of customers |
Created by:
nicholm221
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