AP HUG U7 review

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Cottage industry

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38 Terms

1

Cottage industry

A small scale business usually operated out of a persons home. A modern day example would be etsy stores

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2

Primary sector

Involves extracting natural resources from the Earth (Ex. farming, coal mining, logging)

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3

Secondary sector

Takes raw resources to produce or manufacture products of greater value. (Ex. textile industry)

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4

Tertiary sector

Provides a service for others (Ex. laywers, doctors, etc.)

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5

Quaternary sector

Revolves around acquiring, processing and sharing information (ex. teachers, journalists)

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6

Quinary sector

Revolve around decision making (ex. CEOs of businesses, gov officials)

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7

Break-of-bulk point

A location where goods are transferred from one mode of transportation to another (ex. airports/ports)

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8

Bulk-gaining product

Becomes heavier after they are produced, making them more expensive to transport and locate themselves closer to the market

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9

Bulk-reducing product

Become lighter and easier to transport, allowing industries to locate themselves near heavier raw resources and farther away from the market

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10

GDP

Gross domestic product: the total value of all goods and services produced within a country over a specific period of time

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11

GNP

Gross national product: the total economic output produced by a country’s residents and businesses, regardless of their location

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12

GNI

Gross national income: the total amount of income generated both domestically and abroad

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13

GNI per capita

Gross national income per capita: measures the standard of living of a population by giving an estimate of the average income earned

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14

GII

Gender inequality index: measures health, education and economic participation

Closer to 0 shows less inequalities

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15

HDI

Human development index: measures social and economically, analyzing life expectancy, years of schooling and GNI

Closer to 1 shows a more developed country

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16

Microfinancing

Financial services for people who lack access to traditional banking services

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17

Traditional society (RMD)

Relies on subsistence agriculture, mostly in the primary sector

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18

Preconditions for takeoff (RMD)

Society sees a demand from outside states for raw materials, changing the economic climate. New opportunities and a shift from the primary to secondary sector

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19

Takeoff (RMD)

Urbanization as the secondary sector begins to take off. New technology as well as selling resources to the world market

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20

Drive to maturity (RMD)

More specialization, global trade and a diverse economy. More jobs in the tertiary sector.

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21

Age of mass consumption (RMD)

Beyond serving basic needs. Most jobs are in the tertiary sector and outside states have less influence

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22

Dependency theory

A theory that suggests economically developing countries are dependent on developed countries for their economic growth

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23
<p>Wallerstein’s world systems theory</p>

Wallerstein’s world systems theory

Core countries purchase consumption goods from the semi/periphery countries. Periphery countries provide cheap labor and raw materials for the core/semi periphery countries

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24

Complementarity index

A measure used to assess the compatibility between the products and services that two countries produce and trade with each other.

A higher number indicates they should trade with each other

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25

Neoliberalism

Emphasizes individual freedom, free markets and free trade over control

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26

Special economic zone

Regions within a country that provide different economic incentives with the objective of attracting foreign investment and economic growth

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27

Free-trade zone

A region within a country where imported goods can be stored and processed without being subject to tariffs/barriers

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28

Export processing zone

Offers special economic regulations/incentives to promote the production of goods/services for export

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29

Multiplier effect

An original investment in something leads to a chain reaction of spending and increased economic activity

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30

Offshoring

Relocating a business process or service to a foreign country

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31

Outsourcing

When a business contracts a service or job to an external provider

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32

Agglomeration

Clustering of different economic activities/industries in an area

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33

Growth poles

Specific regions, cities or economic sectors that are considered centers of economic growth and development

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34

Ecotourism

Tourism focused on responsible travel to natural areas that conserve the environment and improve the well being of the local people

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35

Comparative advantage

the ability of a country to produce a good or service at a lower opportunity cost than others

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36

Entrepot

a port, city or trading post

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37

Gender parity

ensuring that both genders have equal opportunities

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38

Absolute advantage

when a country has absolute advantage over international trade than any others

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