click below
click below
Normal Size Small Size show me how
Unit 7 Vocabulary
Term | Definition |
---|---|
Sustainability | Meeting the needs of the present without compromising the ability of future generations to meet their own needs. |
Ecotourism | A form of tourism, based on the enjoyment of scenic areas or natural wonders, that aims to provide an experience of nature or culture in an environmentally sustainable way. |
Uneven Development | The increasing gap in economic conditions between core and peripheral regions as a result of the globalization of the economy. |
Infrastructure | The basic structure of services, installations, and facilities needed to support industrial, agricultural, and other economic development. |
Maquiladoras | A factory in Mexico run by a foreign company and exporting its products to the country of that company. |
Agglomeration | Clumping together of industries for mutual advantage/The spatial grouping of people or activities for mutual benefit. (cluster) |
Outsourcing | When manufacturing jobs have been moved offshore in semi-periphery and periphery countries. |
Just-in-time delivery | Shipment of parts and materials to arrive at a factory moments before they are needed, increases the efficiency of modern manufacturing. |
Free Trade Zones (FTZ) | Another type of SEZ that covers a larger area, even entire cities, that provides low-cost warehousing, storage and transport of goods (Hong Kong, Singapore) |
Export Processing Zones (EPZ) | Areas where governments create favorable investments and trading conditions to attract export-oriented industries/ A kind of SEZ that is specific for outsourcing manufacturing for export to the home country (Mexico) |
Special Economic Zones (SEZ) | These zones are subject to lower taxes and improved infrastructure for foreign businesses (China) |
Growth Poles | Economic activities that are deliberately organized around one or more high-growth industries/ Are places of economic activity agglomerated (clustered) around one or more high-growth industries that stimulate economic gain. |
Bulk-reducing | A product that loses weight as you produce it. Factory needs to be closer to its inputs (raw materials) than to where it is being sold (market)/products that are smaller/lighter/less volume than their parts |
Bulk-gaining | A product that gains weight as you produce it. Factory needs to be closer to where it is being sold (market) than its inputs (raw materials)/products that are larger/bulkier/more volume than their parts |
Weber's Least Cost Theory | States that industry is situated within the area where the costs of transporting raw materials and the final output are minimal. Weber attempted to consider the role of transportation costs when choosing the location of an industry. |
Periphery Countries | the least developed and least powerful nations; often exploited by the core countries as sources of raw materials, cheap labor, and markets. These countries usually receive a disproportionately small share of global wealth. |
Semi-Periphery Countries | The industrializing, mostly capitalist countries which are positioned between the periphery and core countries. |
Core Countries | According to world systems theory, the most advanced industrial countries, which depend on appropriation from peripheral countries and semi-peripheral countries. The countries control and benefit from the global market. |
Wallerstein's World Systems Theory | A theory that countries are dependent on each other politically and economically. |
Gender Inequality Index | A composite metric of gender inequality using three dimensions: reproductive health, empowerment, and the labor market. |
Literacy rate | The percent of the population that can read and write. |
Total Fertility Rate | The average number of children that would be born to a woman over her lifetime. |
Infant mortality rate | The number of deaths of babies under one year of age per 1,000 live births. |
Life expectancy | The average expected number of years of life. |
Per capita GDP | A measure of the total output of a country (the gross domestic product) divided by the number of people in the country. |
Gross National Product (GNP) | The total value of all goods and services produced by a country's economy in a given year, includes corporations and individuals of a country, whether or not they are located within the country. Includes GDP, minus income earned by foreign residents. |
Gross National Income (GNI) | The total amount of money earned by a nation's people and businesses. |
Comparative Advantage | An economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners |
Complementarity | The actual or potential relationship between two places, usually referring to economic interactions. |
Commodity Chain | Series of links connecting the many places of production and distribution resulting in a commodity that is then exchanged on the world market. A process used by firms to gather resources, transform them into goods or commodities, & distribute them. |
Globalization | Refers to the growing interconnectedness of the world through trade, culture, technology, and transportation. |
Gross Domestic Product (GDP) | The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. |
Human Development Index | A composite statistic used to rank countries by level of "human development." It is a comparative measure of life expectancy, literacy, education, and standards of living for countries worldwide. |
Quinary Activities | Involves highest-level decision-making in all types of large organizations. Requires a high level of specialized knowledge or technical skill. Examples include scientific research and high-level management. |
Quaternary Activities | The knowledge, economy, and jobs dealing with other people's money. Examples include finance, administration, insurance, and legal services. |
Tertiary Activities | Also known as the service industry. This sector sells the goods produced by the secondary sector. It brings together consumers and providers of services (e.g. wholesale and retail trade, associated transportation, and governmental services) |
Secondary Activities | Economic activities concerned with the processing of raw materials such as manufacturing, construction, and power generation. Produces finished goods from the raw materials extracted by the primary economy |
Primary Activities | Involved in making natural resources available for use or further processing; included are mining, agriculture, forestry, fishing and hunting, and grazing/extracts or harvests products from the earth such as raw materials and basic foods. |