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Vocab Quiz
| Question | Answer |
|---|---|
| primary | economic activity that involves extracting (raw materials) or harvesting (food) products (gathering industries and extractive industries) |
| secondary | economic activity that processes that raw materials and transforms them into finished goods (ex. manufacturing industries) |
| tertiary | economic activity that provides services |
| quarternary | economic activity that involves collecting, processing, and manipulation of info and capital |
| quinary | economic activity consisting of high level decision making and advancement of human capacities |
| commodity theory | the theory that scarcity (limited supply) enhances the value or desirability of items that can be possessed, is useful to its processor, + can be transferable from one person to another |
| Supply and Demand | the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price: |
| Break-of-bulk points | a location where cargo is consolidated, sorted, and prepared for transportation to its final destination |
| Comparative advantage | advantages to locations that combine lower operating costs (labor, taxes, relaxation of environmental regulations) results in trade/sale opportunities that produce goods for a lower price |
| Footloose Industries | industry in which the location is not impacted by the cost of transporting either raw materials or finished products (ex. software, insurance, etc) |
| Dependency Theory | theory that maintains that less developed countries are kept in a position of dependency due to the existing economic and political structures sustained by MDCs. concentration of wealth makes it difficult for LDCs to improve their situation |
| Least cost theory | by Alfred Weber; describes the optimal location of industry in relation to costs of transport, labor, and relative advantages of agglomeration; industry is located where it can minimize costs + maximize its profits |
| Economies of Scale | cost advantages gained by an increased level of production |
| EPZ | export processing zone - designated area generally in developing countries by their gov. that offer exemptions from certain taxes and business regulations to promote industrial and commercial exports |
| SEZ | special economic zone - designated area that has economic laws that are more free market oriented than a country's typical national laws (ex. Shenzhen, China) |
| GNI | measurement of the total value of goods and services produced within the borders of a country plus the net income from companies that are located outside the country + foreign investments, but minus dividend payments and indirect tax once a year / pop |
| HDI | human development index - measurement used by the united nation to calculate development in terms of human welfare (using both economic and social) |
| HDI factors | long and healthy life (life expectancy) , knowledge (expected years + mean years of schooling), a decent standard of living (GNI per capita) |
| World trade organization | global international organization dealing with the rules of trade btwn nations, negotiates the bulk of the world's trade agreements that are signed and ratified by legislatures |
| international monetary fund | an organization of 189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and SD growth, reduce poverty |
| neoliberal policies | characterized by free market trade agreements, deregulation of financial markets, individualism, and the shift away from the state welfare provision have created new organizations, spatial connections, + trade relationships |
| outsourcing | when a company sends good/services out for external production, typically where labor is cheaper to achieve comparative advantages have led to a decline in jobs in core regions and increase in job in NICs. |
| international division of labor | The specialization of particular countries in distinct branches of production, whether this be in certain products, or in selected parts of the production process. |
| just in time delivery | system of production that is centered around using modern transportation to only order parts as needed and not by keeping large stockpiles in warehouses as in traditional mass production, the goal is to reduce costs by saving money on inventory |
| growth poles | concentration of highly innovative and technically advanced industries that stimulate economic development in linked businesses and industries |
| industrialization | process that occurs when countries evolve from primarily agricultural producing basic, primary goods to one based on mechanized mass manufacturing of goods(assembly lines) |
| Ecotourism | tourism based in natural environments that are often threatened by looming development and helps to protect the environment in questions while also providing jobs for the local population |
| Microlending | the lending of money in small amounts to impoverished individuals and groups who are unable to obtain loans from mainstream bank |
| GII | gender inequality index - measures gender inequality in terms of reproductive health (maternal mortality ration + adolescent birth rates), empowerment (political seats + education) , and economic status (labor market participation) |
| GINI index | measures inequality among values of a frequency (ex. levels of income) |
| agglomeration | clustering of businesses that can benefit from proximity because they shared skilled labor |
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