Unit 7 vocab

Gender Inequality Index (GII)

A composite index that measures gender-based inequalities in health, education, and economic participation (higher inequality in periphery)

Maternal Mortality Ratio

A measure of the number of maternal deaths per 100,000 live births that occur due to pregnancy or childbirth-related complications.

Adolescent Fertility Rate

The number of live births per 1,000 women aged 15-19 years old in a specific year

Human Development

An index that is used to measure the social and economic development of a country (Determined by analyzing a country's life expectancy, expected year of schooling, and gross national income per capita)

Gender Parity

Economic development generally increases the amount of gender equality in a society

(Women gain more roles in society as the societies advances in the DTM)

globalization

The process by which countries, economies, cultures, businesses, and people become interconnected and interdependent on one another (loss some sovereignty)

Tariff

A tax or duty imposed by a government on goods and services that are imported into the country. (Protect local businesses)

Trade deficit

A situation where a country imports more goods and services than it exports. (Occurs when a country spends more on imports than it earns on its exports)

Neoliberalism

An economic and political ideology that emphasises individual freedom over government control, free markets, and free trade.

Complementarity index

A measure used in economics and trade to assess the compatibility between the products and services that two countries produce and trade with each other

Comparative advantage

An economic concept that refers to the ability of a country, individual, or organization to produce a good or service at a lower opportunity cost than another country. individual, or organization

Commodity dependence

When a country has more than 60% of its total export made of up of just commodities.

Dependency theory

A theory that suggests that developing countries are dependent on developed countries for their economic growth.

Economic restructuring

A significant shift in production, employment, investment, trade patterns, or underlying economic systems and process

Enclosure movement

A movement in England which took agricultural land that was publicly owned by the community and privatised it. (Countered the tragedy of the commons and increased food production)

Offshoring

The process of relocating a business process or service to a foreign country. (Example: Company A moves its manufacturing centers out of the core country and into a semi-periphery country to take advantage of lower labor costs)

Outsourcing

When a business contracts our a service or job to an external provider, in order to reduce their costs and increase their efficiency (Example: Company A outsources their bookkeeping to a professional accounting firm to take advantage of the accounting fums experts)

International division of labor

A concept that describes how countries utilize their comparative advantage to specialize in difference economic activities, resources, and capabilities

Microloans

Small loans provided to individuals or small businesses who are typically excluded from traditional banking services.

Microfinancing

A category of financial services that are for individuals and small businesses who lack access to traditional banking services. (Often includes access to saving account, insurance, or money transfer services)

Multiplier effect

A phenomenon where an original investment by an individual, business, government, or organization leads to a chain reaction of spending and increased economic activity.

Fordism

A system of production that emphasizes mass production of standard goods

Post-Fordham

A system of production that emphasizes more flexible production methods where workers are trained in multiple tasks and produce custom goods.

Just-in-time delivery

A production and inventory control system where products and materials are delivered to the manufacturing plant precisely when they are needed in the production process.

Agglomeration

Clustering of different economic activities and industries in a specific geographic area.

Growth poles

an area where new businesses start up and or businesses locate to participate in the emerging market and or attract investment for a new product and service. Ex. Scillcon valley.

Deindustrialization

The decline of industrial production and manufacturing in an economy or region.

Ecotourism

A form of tourism that focuses on responsible travel to natural areas that conserve the environment and improve the well-being of the local people.

Cottage industry

Small-scale business, typically operated out of a person's home (Individuals typically use traditional techniques and tools to produce custom goods by hand)

Value-added product

Products that have been processed in a way that increases their overall value (Final product can be sold for a higher price than the original raw materials used to make it)

Capital investment

The funds or resources that a company or individual put into an activity, project, or business with the expectation of generating future profits. (New investment opportunities, new economic opportunity for people in periphery / semiperiphery)

Break-of-bulk point

A location where goods are transferred from one mode of transportation to another

Core countries

Countries with the most advanced economies and highest standard of living.

Semi-periphery countries

Countries that have emerging economies that are industrializing

Periphery countries

Countries that still rely heavily on the exportation of raw resources to more economically developed countries.

Gross Domestic Product (GDP)

The total value of all goods and services produced within a country's borders over a specific period of time

Gross National Product (GNP)

The total economic output produced by a country's residents and businesses, regardless of their location, during a specific period of time.

Gross National Income (GNI)

The total amount of income generated by a country's residents and businesses, both domestically and abroad, in a given year

Ecological footprint

The amount of land and resources that are used to support the population of a city. (Thee larger = likely to put strain on natural resources, contribute more to greenhouse gas emissions)

Resource depletion

Refers to the depletion or exhaustion of natural resources as a result of unsustainable practice and excessive consumption.

Degradation

Refers to the deterioration or decline in quality of natural resources or ecosystem due to human activities.

Soil erosion

The warning away and displacement of the upper layer of soil due to human activities, water, wind, or other natural forces.

Desertification

The process by which arable land loses its fertility and becomes a desert.

Soil salinisation

the process of salt accumulating in the soil making it difficult for crops and plants to grow.

Deforestation

The process of clearing a wide geographic area of trees and other vegetation.