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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 Ā¼ 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 ādemistify natureā
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 1950ās
homogenization
āthe process of making things uniform or similarā
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 womenās 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
Note 
Flashcard (43)