Understanding Economic Sectors and Development Models

These flashcards cover key concepts related to economic sectors, development models, and indices that will help students prepare for their exam.

What does the tertiary sector include and where is it primarily found?

The tertiary sector involves services like retail, education, and healthcare, and is mainly found in More Developed Countries (MDCs).

What is the focus of the secondary sector and where is it commonly present?

The secondary sector focuses on manufacturing and industrial production, often prevalent in emerging economies or semi-periphery countries.

Which economic activities are included in the primary sector and where are they mostly found?

The primary sector involves natural resource extraction such as farming, fishing, and mining, commonly found in Less Developed Countries (LDCs).

What are the characteristics of Wallerstein's core countries?

Core countries dominate the tertiary sector, including services and high-tech industries.

What does GDP measure?

GDP measures the total value of goods and services produced within a country.

How is GNI calculated?

GNI is calculated as GDP plus income earned from abroad by nationals.

What does 'per capita' refer to in economic terms?

Per capita refers to GDP or GNI divided by the population, giving an average economic output per person.

What does the Human Development Index (HDI) measure?

HDI measures development using life expectancy, education, and income levels.

What is the informal economy?

The informal economy includes economic activities that are not regulated by the government, such as street vending or unregistered businesses.

What is microlending?

Microlending refers to small loans provided to individuals in LDCs to support entrepreneurship.

What does microfinance encompass?

Microfinance is a broader system that includes microlending, savings, and financial services for the poor.

What does a lower Gender Inequality Index (GII) score indicate?

A lower GII score indicates more gender equality.

What is comparative advantage?

Comparative advantage occurs when a country produces goods at a lower opportunity cost.

What is complementarity advantage?

Complementarity advantage occurs when two regions produce goods that complement each other, fostering trade.

What is a growth pole?

A growth pole is an area where economic activities cluster, stimulating regional development.

What is economic restructuring?

Economic restructuring refers to the shift from manufacturing to services, often seen in post-industrial economies.

What is ecotourism and what are some of its pros and cons?

Ecotourism is environmentally responsible travel to natural areas; it promotes conservation but can lead to overcrowding.

What are the United Nations Sustainable Development Goals?

The UN Sustainable Development Goals are 17 global goals aimed at eradicating poverty, protecting the planet, and ensuring prosperity.

What impact did the Industrial Revolution have on transportation and trade?

The Industrial Revolution led to inventions like railroads and steam engines that revolutionized the movement of goods and people, increasing trade efficiency.

What were some of the effects of the Industrial Revolution in other countries?

The Industrial Revolution led to colonization and the exploitation of resources in LDCs to fuel industrial production in MDCs.

What are the differences between MDCs and LDCs?

MDCs have higher HDI indicators, lower land prices, and aging populations, whereas LDCs face higher birth rates and limited access to resources.

What are Rostow’s Stages of Development?

Rostow’s Stages of Development is a model of economic development with five stages, from traditional societies to high mass consumption.

What does Wallerstein’s World System Theory explain?

Wallerstein’s World System Theory explains global inequalities through core, semi-periphery, and periphery roles.

What is deindustrialization?

Deindustrialization is a decline in manufacturing due to globalization, causing unemployment and economic shifts toward services.

What industries are examples of manufacturing?

Examples of manufacturing industries include automotive, textiles, and electronics.

What characterizes the Post-Fordist model of production?

The Post-Fordist model is characterized by flexible production methods using automation and outsourcing, replacing rigid assembly lines.

What does Weber's Least Cost Theory predict?

Weber's Least Cost Theory predicts industrial locations by minimizing transportation, labor, and agglomeration costs.