Unit 7 Industry-Development Vocabulary Review

These flashcards cover key vocabulary terms from Unit 7 Industry-Development, providing definitions to aid in studying for the exam.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain.

Urbanization

The process by which an increasing percentage of a population lives in cities and suburbs.

Gross National Product (GNP)

The total value of all finished goods and services produced within a country's borders in a specific time period, plus the net income from abroad.

Class Structure

The hierarchical organization of individuals in society based on factors such as wealth, income, education, and occupation.

Infant Mortality Rate

The number of deaths of infants under one year old per 1,000 live births in a given year.

Formal/Informal Structure of Economy

The distinction between officially recognized economic activities (formal) and those that are not regulated by the government (informal).

Dependency Theory

A theory that suggests that the economic development of a country is influenced by external factors and that exploitation by wealthier nations leads to a state of dependency.

Comparative Advantage

The ability of a country to produce a good at a lower opportunity cost than another country.

Neoliberal Policies

Economic policies that advocate for free-market capitalism, deregulation, and reduction of government spending.

Mass Consumption

A consumer economy characterized by the widespread purchase of goods and services by the general public.

Ecotourism

Responsible travel to natural areas that conserves the environment and improves the well-being of local people.

Inequality-Adjusted Human Development Index (IHDI)

An index that adjusts the Human Development Index for inequality in the distribution of each dimension.

World-Systems Theory

A sociological perspective that sees the world as a complex system of interrelated parts, including core, semi-peripheral, and peripheral nations.

Foreign Direct Investment

Investment made by a company or individual in one country in business interests in another country, in the form of establishing business operations or acquiring business assets.

Pupil/Teacher Ratio

The number of students for every teacher, which indicates the level of educational resources in a school.

Photochemical Smog

Air pollution that forms when sunlight reacts with pollutants such as volatile organic compounds (VOCs) and nitrogen oxides.

Fossil Fuel

Natural fuels such as coal or gas, formed in the geological past from the remains of living organisms.

Renewable Energy

Energy from sources that are naturally replenished, such as solar, wind, and hydroelectric power.

Just-in-Time Delivery

A supply chain management strategy that reduces inventory carrying costs by receiving goods only as they are needed in the production process.

Right-to-Work Law

Legislation that allows employees to work without being compelled to join a union or pay union dues.