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SS3201 - 7.0
Terms for Outcome 7.0
| Term | Definition |
|---|---|
| economy | the systems and procedures used by a country to provide for peoples needs and wants |
| economic sectors | The economy is made up of various sectors (parts) that together generate wealth through trade and provide employment for people. There are three sectors we will focus on: Primary Secondary Tertiary |
| primary sector | This involves the collection or extracting of raw materials (resources) from the Earth through farming, fishing, mining, and forestry. |
| secondary sector | This involves turning a raw material or resource into a finished product for people to buy. Also called the manufacturing or processing sector. |
| tertiary sector | This involves providing a range of services to people to make aspects of their lives easier or to improve the quality of their lives. Also called the service sector. |
| economic disparity | can be defined as an inequality in which some people or countries are much better off economically than other people or countries. |
| poverty | refers to minimum level of income deemed adequate in a particular country. Differences in cost of living and wealth make this a relative term that depends on the country being discussed. |
| stages of economic development | economist Walt Rostow suggested in 1960 that a nation will go through 5 stages of economic development, each with identifying characteristics. |
| gini index | A number which gives a general value of how equally wealth is distributed in a country. A value of zero for this represents perfect equality. A value of 1 perfect inequality. MEDC usually less than than 0.40 LEDC usually more than than 0.40 |
| extreme poverty | when people have to live on less than one dollar a day (US$) |
| wealth | refers to money and possessions accumulated by a person over the course of their lifetime. |
| income | refers to the money received or earned on a continuous basis as a result of work or investments. |
| colonialism | a political system that had countries take over other regions and peoples for resources needed due to the mercantile system. These regions are then colonies of the mother country. |
| mercantile system | a incorrect economic system that puts forward that countries have to take over other lands and resources in order to create new wealth for the mother country. |
| concession companies | companies created of private investors that have been given the right to exploit a colony by the mother country. Its resources and people are used by the company to create profit. |
| land tenure | the manner in which land is held. Traditionally land was shared amongst community members, but now it was privately owned. A few people owned most land, others had little or none. |
| plantations | large farming operations used to grow crops. Companies owned the best land. Landless local population were used as cheap labour. |
| cash crops | a crop grown for sale rather than for personal use (e.g., tea, coffee, sugar, cotton). Local people became dependent on imported food, as they rarely produced their own. |
| neocolonialism | control of one country by another based on economic dominance rather than political dominance. |
| transnational corporations | large companies with many areas of business that operate in two or more countries. (also called transnationals or multinationals) |
| global 500 | a list of the 500 largest transnationals in the world |
| gdp | total value of a country’s goods and services produced in a year |
| gdp per capita | is an economic indicator that takes the total value of goods and services produced by a country (gross domestic product) and divides it by the population (per capita) using an equivalent currency (purchasing power parity). |
| free trade | trade that occurs without the restrictions caused by tariffs and non-tariff barriers. |
| tariff | a tax on imported goods. This makes cheap imports more expensive and allow domestic manufacturers to compete for customers. |
| non-tariff barrier | is any other restriction placed on goods that allow domestic companies greater opportunity to succeed. An example of this is a trade quota, which is a limit on the number or value of goods that can be traded. |
| quota | a limit on the number or value of goods that can be traded. |
| world trade organization | international organization responsible for coordinating and promoting trade in the world. It develops rules for trade with the goal of keeping trade running smoothly. |
| European Union | made up of 27 European nations, which have made free-trade agreements to encourage economic globalization of its members. |
| North America free trade agreement (now USMCA) | a treaty signed by Canada, the United States, and Mexico that phased out most trade restrictions among the countries. Cheap labour costs and growing levels of wealth in Mexico has made it an attractive new market for North American business. |
| traditional economy | is based on agriculture, fishing, hunting and gathering or a combination of these, to provide for the needs of people. |
| market economy | an economic system in which the prices of all goods and services are determined by supply and demand (free enterprise). |
| command economy | an economic system in which the supply of goods and services are determined by government as part of a total plan. |
| mixed economy | an economic system that combines elements of both free enterprise and government intervention. |
| progressivism | The belief that government should step in to solve social and economic problems. Progressivist policies are often based on left-wing ideas. |
| protectionism | The belief that government should protect local industries by placing heavy tariffs on similar imported goods from other countries. |
| neoliberalism | The belief that private individuals and business should have a greater role in controlling economic activity. Neoliberal policies are often based on right-wing ideas. |
| development assistance | When money moves from wealthier countries to poorer countries as a form of foreign aid, it is called development assistance. |
| official development assistance | is foreign aid delivered by governments |
| private development assistance | is foreign aid delivered by non-governmental organizations (NGOs), which are not linked to governments and are non-profit (e.g., Oxfam, World Health Organization, etc.) |
| non-governmental organization (ngo) | organizations that deliver aid that are not a part of any government |
| aid fatigue | reductions in the amount of aid given by government and NGOs for various reasons. |
| economic structure | a term that describes a country’s economy in terms of how much wealth is generated by each economic sector. |
Created by:
craigcgilbert
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