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hgap 7
| Question | Answer |
|---|---|
| absolute advantage | ability of a country to produce a good more efficiently than another |
| agglomeration economies | benefits firms receive by locating near each other |
| assembly line | production method where a product moves through a sequence of workers |
| base industry | industry producing goods for export outside the local area |
| break-of-bulk point | location where goods are transferred between transport modes |
| capitalist class | group controlling production and capital in capitalist economies |
| carbon neutrality | achieving net-zero carbon emissions by balancing emissions and offsets |
| carbon offsets | actions to compensate for carbon emissions, e.g., tree planting |
| climate change | long-term changes in global or regional climate patterns |
| cogeneration | simultaneous production of electricity and heat from a single fuel source |
| commercial farmers | farmers producing crops for sale, not subsistence |
| commodity dependence | reliance of an economy on exporting primary products |
| comparative advantage | ability to produce a good at lower opportunity cost than another |
| competitive advantage | edge a firm or country has in producing certain goods |
| complementarity | situation where one place’s surplus meets another’s demand |
| containerization | use of standardized shipping containers for transport efficiency |
| corporate disinvestment | withdrawal of investment from a region or industry |
| crude oil | unrefined petroleum |
| customs union | group of countries removing trade barriers among themselves |
| debt crisis | situation where a country cannot repay external debts |
| deindustrialization | decline of industrial activity in a region or economy |
| dependency theory | view that developing countries are dependent on developed countries |
| economic sectors | categories of economic activity: primary, secondary, tertiary, quaternary, quinary |
| ecotourism | tourism focused on conservation and natural areas |
| environmental pollution | contamination of air, water, or land by harmful substances |
| export processing zone (EPZ) | area with incentives to promote export-oriented industrial activity |
| financial market | system facilitating buying, selling, and lending of capital |
| Fordism | system of mass production and consumption pioneered by Henry Ford |
| formal sector | legal, regulated part of the economy |
| fossil fuels | energy sources formed from ancient organic matter (coal, oil, gas) |
| free trade agreement | agreement eliminating trade barriers between member countries |
| free trade zone (FTZ) | area where goods can be imported, stored, and exported without customs restrictions |
| GDP per capita | gross domestic product divided by population |
| Gender Empowerment Measure (GEM) | indicator measuring gender equality in economic and political participation |
| Gender Inequality Index (GII) | indicator measuring gender-based disadvantages in health, education, and labor |
| gender parity | equal access to resources and opportunities regardless of gender |
| gross domestic product (GDP) | total value of goods and services produced within a country |
| gross national income (GNI) | total income earned by a country’s residents, including abroad |
| gross national product (GNP) | value of goods and services produced by a country’s residents |
| growth pole | industry or region stimulating economic development in surrounding areas |
| high-technology industry | industry producing advanced technological goods |
| Human Development Index (HDI) | composite measure of health, education, and income |
| import substitution industrialization (ISI) | strategy promoting domestic production over imports |
| income distribution | how income is shared among population groups |
| Industrial Revolution | period of mechanized manufacturing and urbanization beginning in the 18th century |
| informal sector | economic activities outside government regulation |
| international division of labor | global allocation of production tasks by country or region |
| International Monetary Fund (IMF) | organization providing financial assistance and advice to countries |
| just-in-time manufacturing (JIT) | production system reducing inventory by receiving goods only as needed |
| labor productivity | output per worker or per hour of labor |
| labor unions | organizations advocating for workers’ rights and interests |
| least-cost theory | model predicting industrial location based on minimizing transport, labor, and agglomeration costs |
| mass consumption | widespread consumer use of goods and services |
| mass production | large-scale manufacturing using standardized processes |
| mercantilism | economic policy emphasizing exports and accumulation of wealth |
| Mercosur | South American trade bloc promoting economic integration |
| microloan | small loan provided to individuals or small businesses |
| middle class | social group with moderate income and standard of living |
| multiplier effects | additional economic activity generated by an initial investment |
| neoliberalism | economic approach favoring free markets, privatization, and reduced government intervention |
| new international division of labor | global shift of production tasks to different regions based on comparative advantage |
| nonpoint source pollution | pollution from diffuse sources rather than a single outlet |
| offshoring | relocating production or services to another country |
| Organization of Petroleum Exporting Countries (OPEC) | group coordinating petroleum production and prices among member states |
| outsourcing | contracting work or services to external companies, often abroad |
| point source pollution | pollution from a single, identifiable source |
| post-Fordism | production system emphasizing flexibility, customization, and smaller production runs |
| primary sector | economic activities extracting natural resources |
| protectionism | policy restricting imports to protect domestic industries |
| purchasing power parity (PPP) | comparison of purchasing power across countries using a standard basket of goods |
| quaternary sector | economic activities involving knowledge-based services |
| quinary sector | economic activities involving high-level decision-making and research |
| resource depletion | exhaustion of natural resources due to overuse |
| secondary sector | economic activities transforming raw materials into goods |
| semi-periphery | countries with moderate development, acting as a buffer in the world system |
| shipping containers | standardized containers used to transport goods efficiently |
| special economic zone (SEZ) | region with relaxed economic regulations to attract investment |
| sustainable development | development meeting present needs without compromising future generations |
| tariff | tax on imported goods |
| tertiary sector | economic activities providing services |
| textile | industry producing fabric and clothing |
| trade embargo | government ban on trade with a specific country |
| transnational corporation (TNC) | company operating in multiple countries |
| wage labor | employment system where workers are paid for their labor |
| working class | social group employed in manual or industrial work |
| World Bank | international institution providing financial aid for development |
| world systems theory | theory dividing the world into core, semi-periphery, and periphery countries |
| World Trade Organization (WTO) | organization regulating international trade and resolving disputes |
Created by:
ush