econ geo midterm 1

supply and demand

the relationship between buyer and seller

market equilibrium

the happy medium where the price curve and the demand curve intersect

laissez-faire

the name for the government having no control in the economy

guiding imperative

profit is the ____ (the biggest means for motivation)

resource and product markets

____ and product markets

gdp

added value of all goods and services produced in a given country in a year

gdp per capita

the gdp divided by the population

resource distribution

shaped by networks, processes, and institutions, changes how products and resources are given out / produced

capitalist economy

the type of economy that exists in first world countries

periphery

the word for third world countries being outside of the economies of first world countries

integrated and independent

processes make societies more ______ and _____

cultural homogeneity (sometimes seen as americanization)

culture and consumption leads to increased ____

tncs and mnes

primary agents of international trade

north america, western europe, or japan

where do tncs and mnes have there hq

foreign direct investment

factories opened by foreigners, place chosen bc of resources, market, and political environment

low wage, low cost, low regulation areas

command centers in new york, london, and tokyo look for places to manufacture that are ___, _____, and ____ areas

enormous desperities between the wealthy and the poor

globalization created ______ because of the differential development between urban and rural

industrial revolution

---

marked the exponential increase in capitalist development

feudalism

the economy of the middle ages, lasted longer than 1000 years

the church (aristocratic)

the predominant political / ideological institution during feudalism

nobility, surfs

highest class/ lowest class during feudalism

feudalism

what was the pre capitalist form of economy (of the fourteenth century)

international trade

what major part of the economy expanded with industrialization (hint: globalization)

bubonic plague (black death)

what killed ¼ of europeans in the fourteenth century

northern italy

where did capitalism begin?

rise of the middle class

what changed between upper class and lower class with industrial revolution

labor

what became a commodity with the industrial revolution

europe

what continent was at the center of the industrial revolution

comparative advantage

what changed with the process of countries choosing what to manufacture

opportunity cost

what a company loses by making products instead of other products

origin of species

darwin theory that helped ‘demistify nature’

industrialization

what can be defined as the harnessing of the inanimate sources of energy

technology

the major means of converting inputs to outputs

life expectancy

what statistic rose with the industrial revolution

britain

what was the first industrialized country

france, then germany, then italy

in what order did the industrial revolution spread between germany, italy and france

waves, technology

capitalism is spread out between ____ centered around different ____

britain

where did the industrial revolution begin

spain and portugal

what area was on top before the industrial revolution (during the mercentile era )

WW2

what ended colonization

berlin conference

a gathering of colonies dividing the continent of africa with no knowledge of tribes, land, or former territories

1884

when did the berlin conference take place?

sepoy rebellion

what was eventually crushed by colonizers, that led to indias first blow against their trials for independence

negative balance of trade

what did britain do with china (trade) that they had to smuggle drugs to fix

indigenous population

annihilation of ____ came with colonization

homoginization

beginning of ____ of local cultures

employees

in the labor market, what is the supply curve?

companies / employers

in the labor market, what is the demand curve?

salary/ wages

in the labor market, what is the y axis (price)

number of employees

in the labor market, what is the x axis (quantity)

growth rates

what was nonexistent in populations for most of human existence

with the industrial revolution

when did growth rates begin to rise ?

east asia and south asia

where was population density really high in 2010?

60%

what percentage of the world population does asia hold ?

5%

what percent of the world population does north america hold?

development

there is no real relationship between economic growth and economic _____

bangladesh

what country has the highest population density?

population density

the measure of how dense an area is packed with people

physical environment, economic and political environment, demographic components, social disasters (famine/war), natural disasters, policies

what is an example of a factor that influences population distribution?

the industrial revolution

high populations can be because of what major historical era

fertile agriculture

high populations can be because of what natural aspect

eastern parts

what part of china holds most of its population?

demographic transition theory

what theory was created by american demographers in the 1950’s

homogenization

“the process of making things uniform or similar”

pre industrial

during what time period did stage 1 occur

low growth rate, high birth rate, high death rate

what was high / low during stage 1

early industrial

during what time period did stage 2 occur

high growth rate, high birth rate, rapid decline of death rate

what was high/low for stage 2

late industrial

during what time period did stage 3 occur

low birth, low death, low growth rate

what was high/low for stage 3

post industrial

during what time period did stage 4 occur

low birth and death, growth rates almost 0

what was high/low for stage 4

as they develop from pre industrial to modern

when are the stages of demographic transition theory experienced by a country?

high fertility rate

use of child labor is a major driver of ____

birth rate - mortality rate

how do you calculate natural growth rate

the west, non west areas

where was demographic transition theory derived from, and where is it not entirely applicable

demographic transition

a large family is an example of demographic _____, but only in an impoverished area

decreased

death rate ____ before vaccines were introduced

preventative public health measures

death rate decreased before vaccines were introduced because of ______

rises

the opportunity cost of having children ___ with higher income

TFR (total fertility rate)

____ declines as women’s education rate rises

because of the money that the women could make instead of staying home with their children

opportunity cost of having children rises in higher education/income areas because ______

TFR (total fertility rate)

the name for the rate that women have children

smoking

primary drivers of death include : _____, obesity, alcohol use, etc

heart disease

what drives people to death that smoke, or are obese

TFR

future growth rate depends on current ___

10 billion

if fertility rate stays constant, by 2050 we will reach ____ people in the world

fertility rate is high, but life expectancy is low

in developing countries, the population pyramid has a broad base and a narrow top. this means that :

proportional

developed countries have a more ____ population pyramid (fertility rate is high and life expectancy is high)

babies on bottom, elderly on top

what age range is on top of a population pyramid, and which one is on top