1/35
Words and Definitions Only
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
Primary sector
The part of the economy focused on extracting natural resources (farming
Secondary sector
Manufacturing and processing raw materials into finished goods
Tertiary sector
Service-based economic activities like retail
Quaternary sector
Knowledge-based services such as research
Quinary sector
High-level decision-making roles like CEOs and government leaders
Formal economy
Economic activity that is taxed
Informal economy
Economic activity that is untaxed
World Trade Organization (WTO)
International organization that regulates global trade and resolves trade disputes
NAFTA
Trade agreement between the U.S.
Bulk-gaining industry
Industry where the final product is heavier or bulkier than inputs
located near markets
Bulk-reducing industry
Industry where the final product weighs less than inputs
located near raw materials
Break-of-bulk point
Location where goods are transferred between transportation modes (ship → truck)
Agglomeration
Clustering of related industries for shared labor
Maquiladoras
Factories in Mexico near the U.S. border that assemble goods for export
EPZs
Export Processing Zones—areas with tax incentives to attract foreign manufacturing
FTZs
Free Trade Zones—areas where goods can be imported
Outsourcing
Contracting specific tasks to another company
Offshoring
Relocating entire business operations to another country
Eco-tourism
Tourism focused on natural environments and sustainability
Sustainable Development Goals
UN goals aimed at reducing poverty
Human Development Index (HDI)
Measure of development using life expectancy
Rostow’s Stages of Economic Growth
Model describing five stages countries move through from traditional society to mass consumption
Wallerstein’s World Systems Theory
Framework dividing the world into core
Weber’s Least Cost Theory
Explains industrial location based on minimizing transportation
Dependency theory
Argues that wealthy countries exploit poorer ones
Commodity dependence
When a country relies heavily on exporting one or two raw materials
Fordism
Mass production using assembly lines and standardized labor
Post-Fordism
Flexible production
Economic tigers
Rapidly growing Asian economies (South Korea
Economic lions
Rapidly growing African economies
Economies of scale
Cost advantages gained by producing larger quantities
Commodity chain
The sequence of production from raw materials to finished product
Value added
The increase in value as a product moves through production stages
Comparative advantage
Ability of a country to produce a good at a lower opportunity cost than others