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AP HUG Unit 7

review of what you need to know for unit 7

TermDefinition
Industrial Revolution 1700s England. transition to machine manufacturing (coal, iron, and textile Mills)
Weber's least cost theory factory location minimizes transport and labor cost
Primary Sector extracts raw materials (farming, mining)
Secondary Sector manufacturing (auto assembly)
Tertiary Sector services (retail, healthcare)
Quaternary Info and knowledge (research, IT, computer stuff)
gross domestic product (GDP) total value of goods/services produced within a country
Gross National Income (GNI) average income earned per person in a country
Gender Inequality Index (GII) measures disparities in reproductive health, empowerment, and labor
Rostow's Stages 5 stage model of economic modernization that every country goes through that is linear and Western biased model (traditional --> preconditions --> takeoff --> maturity --> consumption)
Wallerstein's World-systems core (most developed countries exploit) -->semi-periphery --> periphery (least developed countries exploited) explains divide in global wealth
Comparative advantage countries specialize in efficient production --> trade benefits both
dependency theory lower developed countries stay poor and the global economy structure benefits more developed countries
Free Trade Zone designated areas in a country where goods can be re-exported without intervention of customs authorities
Trade Organizations WTO (rules), IMF (financial stability), World Bank (loans to lower developed countries
Created by: Mila_pic
 

 



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