AP Human Geography Unit 7 List 3

OPEC

OPEC

An international oil cartel originally formed in 1960; attempts to limit production and raise prices. (Organization of Petroleum Exporting Countries)

UN SDGs

17 UN goals to end poverty and hunger while increasing education and healthcare and ensuring gender equality

Weber's Least Cost Theory (Location Theory)

Explains and predicts the precise location of industry; emphasizing that firms seek a site of minimum transport and labor cost.

Wallerstein's World System Theory

Since 1450, the world has been divided into core, periphery, and semi-periphery regions. Core countries are dominant capitalist countries that exploit peripheral countries for labor and raw materials.

Losch's Model (Zone of Profitability)

zone of profitability; firms will identify a zone of profitability (not just a point) where income will outpace costs

ex: A place w/ low labor costs, easy travel, and resources.

MINTs

Mexico, Indonesia, Nigeria, Turkey

Pacific Rim

Japan, China, Vietnam, Thailand

ASEAN

Association of Southeast Asian Nations

Gender Inequality Index (GII)

index for measurement of gender disparity that considers the reproductive health, empowerment, and labor participation of women to determine a country's composite score.

Brandt Line (North/ South)

invisible line across the world that divides the rich north from the poor south

Industrial Revolution

A series of improvements in industrial technology that transformed the process of manufacturing goods.

Economic Sectors

primary (taking raw materials from earth

Dependency Theory

a model of economic and social development that explains global inequality in terms of the historical exploitation of poor nations by rich ones

Neoliberalism

A strategy for economic development that calls for free markets, balanced budgets, privatization, free trade, and minimal government intervention in the economy.

European Union (EU)

(syn Common Market) an economic association established in 1957 by a number of Western European countries to promote free trade among its members

MERCOSUR (Southern Common Market)

An alliance that promotes the free circulation of goods, services, and production factors, and has a common external tariff and commercial policy among member nations in South America

IMF (International Monetary Fund)

part of the UN; makes loans to countries to finance development

economies of scale

factors that cause a producer's average cost per unit to fall as output rises

sustainable development

economic development that is conducted without depletion of natural resources.

GDP per capita

Gross Domestic Product (total value of all goods and services) divided by the population

Informal Economy

Economic activity that is neither taxed nor monitored by a government; and is not included in that government's Gross National Product; as opposed to a formal economy