Unit 5 & 6: Development & Resources Shortened

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29 Terms

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development

the process of improving the conditions of people through diffusion of knowledge and technology; synonyms are: growth, evolution, progress and expansion

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Less Developed Country (LDC)

also known as a developing country, a country that is at a relatively early stage in the process of economic development

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Newly Industrializing Countries (NICs)

countries that are shifting from agricultural to industrial economies

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More Developed Country (MDC)

also known as a relatively developed country or a developed country; a country that has progressed further along the development continuum

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agriculture

the deliberate modification of Earth's surface through cultivation of plants and raising of animals for sustenance or economic gain

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agricultural revolutions

the times when human beings domesticated plants and animals and no longer relied entirely on hunting and gathering; and when innovations increased food productivity

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domestication

the process of changing plants or animals to make them more useful to humans

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Industrial Revolution

a period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s

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core country

countries that dominate trade, control the most advanced technologies, and have high levels of productivity within diversified economies - ex: US, Canada, Western Europe

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periphery country

a less developed, economically poorer country that has lower levels of education, salaries, and technology

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semi-periphery country

industrializing countries which are economically in the middle between the core and periphery countries

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globalization

the process by which businesses or other organizations start operating on an international scale

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economic sectors

categories of jobs which range from jobs within the natural environment to intellectual jobs

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primary sector

this sector of the economy extracts or harvests products from the earth, such as raw materials and basic foods: i.e. agriculture, mining, forestry, farming, grazing, hunting and gathering, fishing, and quarrying

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secondary sector

this sector of the economy produces finished goods from raw materials and includes manufacturing, processing, and construction

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tertiary sector

this sector of the economy is also known as the service industry - consisting of retail and wholesale sales, transportation and distribution, restaurants, clerical services, and intellectual activities such as education, technology, consulting, research, healthcare, and high-level decision makers

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infrastructure

facilities and systems serving a country, city, or area, such as transportation and communication systems, power plants, and schools

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capitalism

A type of economic system where businesses are owned by private individuals and corporations not the government. Prices for goods and services are determined by competition and how much people want them - AKA a free market economy.

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socialism

An economic system that calls for putting the major means of production in the hands of the people, either directly or through the government. Modern followers of this system say it is somewhere between communism and capitalism and they believe wealth and income should be shared more equally among people.

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communism

a type of economic system where there is no private ownership; everything is shared among the people with the goal of trying to make everyone economically equal

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market economy

an economy based on free enterprise; where privately owned businesses and consumers decide what to buy and sell

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command economy

An economic system where the government closely controls the economy. The government determines what goods are manufactured, the price at which they will be sold, and who gets the profits. The government owns many of the major industries.

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mixed economy

an economy in which private enterprise exists in combination with government regulation and intervention for the public good

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supply and demand

an economic concept that states that the value or price of a good rises and falls depending on how many people want it and depending on how much of the good is available

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consumer

a person who purchases goods and services for personal use

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private goods

a product or service that is purchased and consumed by a single individual or entity (ex: clothing, food, movie tickets, cars, etc.)

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public goods

a product, service, or commodity that is available to everyone in a society (ex: fire, security, and environmental protection; roads and rails; education, etc.)

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resource

a substance in the environment that is useful to people, is economically and technologically feasible to access, and is socially acceptable to use

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irrigation

the process of applying controlled amounts of water to plants at needed intervals using either channels or drips within field rows or high-tech sprinkler systems