Human Geography - U5

Capitalism/Free Market

An economic system based on private ownership of the factors of production

Communism/Command

An economic system in which there is no private ownership of property and little or no political freedom

Consumer

A person who purchases goods and services for personal use

Scarcity

Limited quantities of resources to meet unlimited wants

Abundance

A very large quantity of something

Human Development Index (HDI)

A composite statistic of life expectancy, education, and per capita income indicators used to rank countries in terms of human development.

GDP Per Capita

Gross domestic product divided by the number of people in the population.

Gross National Income (GNI)

The total income received by a country's residents and businesses, including any income earned abroad, typically measured over a specific time period.

GINI Coefficient

a statistical measure ranging from 0 to 1 (or 0 to 100) that quantifies income or wealth inequality within a population

Gender Development Index (GDI)

A metric that measures gender gaps in human development achievements by comparing the Human Development Index (HDI) values for women and men.

Literacy Rate

The percentage of a country's people who can read and write.

Environmental Performance Index (EPI)

A biennial ranking that quantifies and compares the environmental health and ecosystem vitality of 180 countries based on 58 performance indicators.

Primary Sector

The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry.

Secondary Sector

The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.

Tertiary Sector

The portion of the economy concerned with transportation, communications, and utilities, sometimes extended to the provision of all goods and services to people in exchange for payment.

Formal Economy

The legal economy that is taxed and monitored by a government and is included in a government's Gross National Product; as opposed to an informal economy

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

Less Developed Country (LDC)

A country that is at a relatively early stage in the process of economic development; “developing” country

More Developed Country (MDC)

A country that has progressed relatively far along a continuum of development; “developed” country

Special Economic Zone (SEZ)

A "business-friendly" zone where companies get tax breaks and fewer regulations to set up factories and create jobs.

Cash Crops

Crops, such as tobacco, sugar, and cotton, raised in large quantities in order to be sold for profit.

Multinational Corporation

An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management

Renewable/Non-Renewable Resources

Renewable: a natural resource that can be replaced

Non-renewable: a natural resource that cannot be replaced

Sustainability

The use of Earth's renewable and nonrenewable natural resources in ways that do not constrain resource use in the future.

Resource Curse

The difficulties faced by resource-rich developing countries, including dependence on exporting one or a few commodities whose prices fluctuate, as well as potentials for corruption and inequality

Agriculture

The science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products.

Deforestation

The removal of trees faster than forests can replace themselves.

Gross Domestic Product (GDP)

A measurement of the price/cost of total goods and services produced within a country.