Studied by 9 people
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
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