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Gross National Product (GNP)
The total value of all the goods and services made by a country's residents and businesses in a specific time period, regardless of the country or location in which they were made.
Gross National Income (GNI)
The total income of a country's residents and businesses, including investment income, regardless of where it was earned, as well as money received from abroad such as foreign investment and development aid.
Gross Domestic Product (GDP)
The total value of all goods and services produced within a country over a specific period, regardless of the producer's national origin.
GDP per capita
Countries total GDP/population.
Gender Inequality Index (GII)
A statistical measure of gender inequality that combines data on reproductive health (MMR - the number of mothers who die in childbirth for every thousand births, AFR - number of births per 1000 women ages 15-19), empowerment (Number of women that hold government positions, and number of women who gain higher education), and labor-market participation (women's participation in the workforce).
Human Development Index (HDI)
A statistical measure of human achievement that combines data on life expectancy at birth, education levels (expected years of schooling), and GNI per capita (PPP) population.
Commodity Dependence
Occurs when commodities account for more than 60% of the value of a country's total exports.
Least Cost Theory
If there is a bulk-reducing industry - input (raw materials) heavier than final product, needs to be near the source of the inputs. Bulk-gaining industry - final product weighs more than inputs, need to be located near the market.
Transportation Cost
Determiner for the location of industries based on the weight of inputs versus final products.
Labor Costs
Cheaper labor can sometimes offset high transportation costs.
Agglomeration
Benefits of industries clustering together to share resources and services.
World-Systems Theory
Proposed by Wallerstein, it divides the global economy into three sectors: Core, Periphery, and Semi-Periphery.
Core Economies
Dominant developed countries controlling global trade, exploiting weaker nations for resources. Examples include the US, Germany, and Japan.
Periphery Economies
Less developed with weaker economies, depend on core countries for stability. They export raw materials and rely on agriculture/cheap labor costs. Examples include African, Latin American, and Asian countries.
Semi-Periphery Economies
Between core and periphery, have more developed industries but are less dominant. Examples include China, Brazil, and India.
Traditional Society
The economy is subsistence-based, focused mainly on agriculture and basic tools. Most people work in farming, with few resources invested in other sectors.
Preconditions for Take-Off
Introduction of more productive agriculture, basic infrastructure, and investment in education.
Take-Off
Rapid economic growth and industrialization as economies invest in new technologies and industries.
Drive to Maturity
Economic diversification: industries expand beyond initial focus areas into more complex manufacturing.
Age of High Mass Consumption
Shift from industrial manufacturing to services, with an emphasis on consumer goods like automobiles, electronics, and luxury products.
Criticisms of Rostow's Theory
Includes linear progression assumption, western-centric model, overlooks external factors, and economic over-simplification.
Primary Sector
Raw materials and physical labor, including mining for coal and farming.
Secondary Sector
Manufacturing and industrial activities.
Tertiary Sector
Services, which make up most of the US economy, including office work and banking.
Quaternary Sector
Knowledge-based activities, including information technology, education, research and development, and consulting.
Quinary Sector
Highest levels of decision-making in a society or economy, including top executives or officials in government, science, and healthcare.
Women and Development
Women work more in primary, secondary, and tertiary economies and are found less in quaternary and quinary sectors.
Labor Force Participation
70% or more of women are employed in agriculture, with the lowest percent of women participating in the labor force in the Middle East.
