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Unit 7 aphug
vocab for unit 7
| Term | Definition |
|---|---|
| Industrial Revolution | The transition from cottage industries to mass production from 1760-1820 in Great Britain. |
| Cottage Industries | The industry in which most products are made in homes |
| Primary Sector | The production or retrieval of raw materials and production of basic foods |
| Secondary Sector | The production into commercial goods from raw materials |
| Tertiary Sector | The giving away of direct services to it's customers |
| Quaternary Sector | A subset of the Tertiary Economic sector which involves the use of technology or knowledge based sectors |
| Quinary Sector | The economic sector that focuses on interpretation of existing or the new ideas, evaluation of new technologies, and the creation of services. |
| Multiplier Effect | the proportional amount of increase or decrease in final income that results from an injection or withdrawal of spending |
| Least Cost Theory Model | The theory that if the final product is heavier than it's raw materials, then the manufacturing plant will be closer to the end user and vice versa |
| Agglomeration Economies | When firms ore people are closer to each other, then many benifits will arise |
| Gross National Product | The total amount of goods or services produced in a year plus foreign investments |
| Gross National Income | The total amount earned by a countries citizens within a year |
| Gross Domestic Product | The total amount of final goods and services made in a year |
| Per Capita | Per citizen |
| Purchasing Power Parity | The measurement of a countries currency and how much it can buy |
| Formal Sector | The sector which has a very formal process of recruitment and job responsibilities |
| Informal Sector | The sector which has a very formal process of recruitment and job responsibilities |
| Gini Index (or Coefficient) | A number that helps to signify a nations economic equality |
| Human Development Index | A summary created to reflect how countries are good at living in. |
| Gender Inequality Index | A measurement reflecting the gender gap between men and women |
| Transnational Corporation | Compeny that operates in many different countries. |
| Dependency Model | The notion that goods come from poorer countries to rich countries |
| Rostow’s Stages of Economic Growth | Explains the economic growth of countries through a 5 step process |
| World System’s Theory Model | A theory that says that the richer and more developed countries will abuse and exploit less developed countries |
| Comparative Advantage | Ability to produce goods or services at a cheaper cost than another manufacturer |
| Complementarity | When two countries supply and satisfy each others needs through the trade of goods and services |
| Outsourcing | Outsourcing the manufacturing of a product to a less developed country because of lower wages and lower costs |
| Offshoring | The process of basing some of a company's processes or services overseas |
Created by:
Cool Sword
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