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What are the main economic models and theories to know for Unit 3 in AP Human Geography?

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1

What are the main economic models and theories to know for Unit 3 in AP Human Geography?

Brandt Line, Core-Periphery Concept, Dependency Theory, Rostow’s Modernization Model, World Systems Theory.

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2

Fill in the blank: The key economic terms include __________, break-of-bulk, comparative advantage, and deindustrialization.

agglomeration industries

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3

What is HDI in the context of economic development?

Human Development Index, a measure of a country's social and economic development.

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4

Fill in the blank: The sectors of the economy are primary, secondary, __________, and quaternary.

tertiary

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5

What does the Brandt Line illustrate?

A visualization dividing the world into the more developed 'Global North' and the less developed 'Global South'.

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6

Fill in the blank: Weber’s Least-Cost Theory suggests that industries should locate to minimize _________, labor, and agglomeration costs.

transportation

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7

What are some of the problems created by industrialization in developed countries?

Pollution, deindustrialization, and job insecurity due to shifts towards a service economy.

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8

Fill in the blank: Theories such as _________ argue that economic relationships keep LDCs dependent on MDCs.

Dependency Theory

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9

What is the significance of transnational corporations (TNCs)?

They operate in multiple countries, often locating production in LDCs to take advantage of lower costs.

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10

Fill in the blank: The primary sector involves _______ resources, whereas the quaternary sector involves knowledge-based services.

extracting

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11

What is the Core-Periphery Concept?

A model that describes how economic, political, and cultural power is distributed between dominant core regions and dependent peripheral areas.

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12

What does Dependency Theory explain?

The theory that resources flow from poor and underdeveloped states to a wealthy state, enriching the latter at the expense of the former.

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13

Define Rostow’s Modernization Model.

A five-stage theory of development that argues economies develop in a linear fashion from traditional society to the age of high mass consumption.

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14

What does World Systems Theory emphasize?

A view that focuses on the global economic system, viewing the world as a complex system of interdependent nations, divided into core, semi-periphery, and periphery countries.

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15

What is agglomeration in economic terms?

The clustering of industries and businesses in a specific area to achieve production efficiencies and cost reductions.

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16

Describe deindustrialization.

A process whereby the industrial sectors of an economy decline, leading to job losses and a shift towards a service-based economy.

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17

What is the significance of the Human Development Index (HDI)?

HDI measures average achievement in key dimensions of human development: health, education, and standard of living.

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18

List the four sectors of the economy.

Primary, Secondary, Tertiary, and Quaternary sectors.

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19

Explain the term 'break-of-bulk'.

A point where goods are transferred from one mode of transport to another, often leading to lower transportation costs.

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20

What are transnational corporations (TNCs)?

Corporations that operate in more than one country and are often involved in global production and distribution.

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21

What is the definition of economic development?

The process through which a nation improves the economic, political, and social well-being of its people.

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22

What is the purpose of economic indicators?

To measure the economic performance and health of a country.

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23

What are examples of economic indicators?

GDP, unemployment rate, inflation rate, and HDI.

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24

What is GDP?

Gross Domestic Product, the total value of all goods and services produced within a country's borders in a specific time period.

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25

What does the term ‘regional development’ refer to?

The efforts and policies directed towards improving the economic conditions of specific areas.

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26

What are mixed economies?

Economic systems that combine elements of both capitalism and socialism.

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27

What does urbanization mean?

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

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28

What is the role of infrastructure in economic development?

Infrastructure supports economic activity by providing essential services like transportation, communication, and utilities.

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29

What are microfinance institutions?

Organizations that provide financial services to low-income individuals or those lacking access to typical banking services.

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30

Define sustainable development.

Economic development that is conducted without depletion of natural resources.

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31

What is the role of foreign direct investment (FDI)?

Investment made by a company or individual in one country in business interests in another country.

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32

What is the difference between relative poverty and absolute poverty?

Relative poverty is defined in relation to the economic status of other people in society, while absolute poverty refers to a set standard of income.

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33

What does the term ‘population density’ refer to?

The number of people living per unit of area, typically expressed as people per square kilometer.

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34

What is a demographic transition model?

A model that describes the transformation of countries from having high birth and death rates to lower birth and death rates.

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35

Explain informal economy.

Economic activities that are not monitored or regulated by the government.

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36

What is the primary goal of taxation?

To generate revenue for government expenditure and to redistribute resources within society.

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37

What are export-led growth strategies?

Economic strategies that focus on increasing the production of goods and services intended for export.

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38

What is industrialization?

The process of transforming an economy from primarily agrarian to one based on the manufacturing of goods.

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39

What are the three main types of economies?

Traditional, command, and market economies.

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40

What does the term ‘brain drain’ mean?

The emigration of highly trained or qualified people from a particular country.

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41

What is urban sprawl?

The uncontrolled expansion of urban areas into surrounding rural land.

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42

Define the term 'gentrification'.

The process of renovating and improving a district so that it conforms to middle-class taste.

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43

What does 'localized economy' mean?

An economic system that prioritizes local resources, production, and consumption.

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44

What are the primary components of a market economy?

Supply and demand, competition, and private property.

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45

What is a planned economy?

An economic system where the government makes all economic decisions.

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46

Explain the concept of 'value chain'.

The full range of activities that businesses engage in to bring a product to the market.

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47

What is the role of government in a capitalist economy?

To regulate the economy, provide public goods, and ensure competition.

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48

Define 'entrepreneurship'.

The process of starting and managing a new business venture.

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49

What does the term 'subsidy' mean?

Financial assistance granted by the government to encourage the production of certain goods.

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50

What is 'inflation'?

The rate at which the general level of prices for goods and services is rising.

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51

What is the significance of 'consumer confidence'?

A measure of how optimistic consumers are regarding their expected financial situation.

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52

Define 'monopoly'.

A market structure where a single seller controls the entire market for a product or service.

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53

What are 'natural resources'?

Materials or substances that occur in nature and can be used for economic gain.

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54

Explain the term 'fiscal policy'.

The use of government spending and taxation to influence the economy.

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55

What is 'capital', in economic terms?

Financial assets or resources used to fund the production of goods and services.

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56

Define 'tax base'.

The total value of assets or income that can be taxed by the government.

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57

What are 'public goods'?

Goods that are non-excludable and non-rivalrous, meaning everyone can use them.

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58

What is 'labor market'?

The market in which workers find paying work, employers find willing workers, and wage rates are established.

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59

Define 'trade deficit'.

When a country's imports exceed its exports, leading to negative balance of trade.

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60

What is the responsibility of a central bank?

To oversee the monetary system for a nation, manage interest rates, and control inflation.

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