AP HUG Unit 6
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63 Terms
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Agglomeration
Businesses clustering together in a specific area to share resources and benefits.
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Alfred Weber’s Least Cost Theory
Explains where industries locate based on minimizing transportation costs.
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Break
of
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Colonialism
When one country controls and exploits another country for its resources.
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Commodity Theory
Says a product’s value depends on how useful and rare it is.
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Comparative advantage
When a place or person can make something at a lower cost than others.
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Complementary advantage
When two areas help each other because of their different strengths.
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Core countries
Rich, industrialized nations that dominate global trade.
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Debt crisis
When a country can’t pay back its debts, causing economic problems.
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Dependency Theory
Suggests that poorer countries are dependent on richer ones and exploited for resources.
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Economies of scale
When the cost per unit decreases as production increases due to factors like specialization and efficiency.
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Ecotourism
Tourism that focuses on nature and helps protect the environment.
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European Union
A group of European countries that work together on trade and politics.
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Export processing zones
Special areas where foreign companies can set up factories with fewer taxes.
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Fertility rates
How many babies are born on average per woman in a population.
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Formal economy
Legal, regulated jobs that pay taxes and follow rules.
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Fossil fuels
Non
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Free Trade Agreements
Deals between countries to reduce trade barriers like taxes.
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Gender empowerment
Helping women take part in society and the economy equally.
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Gender Inequality Index
Measures how fairly men and women are treated in a country.
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Gross Domestic Product (GDP)
Total value of goods and services made in a country.
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Gross National Income per capita
Average income per person in a country.
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Gross National Product (GNP)
Total value of goods and services made by citizens and businesses of a country.
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Growth poles
Areas that drive economic growth and development.
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High technology industries
Businesses making advanced products using science and technology.
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Human Development Index (HDI)
Rates how well people live in a country based on health, education, and income.
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Imperialism
When a strong country controls and takes resources from a weaker country.
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Income distribution
How money is shared out among people in a country.
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Industrialization
When a society starts making goods in factories, not just by hand.
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Infant mortality rates
How many babies die before they turn one, per 1000 born.
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Informal economy
Jobs that aren’t regulated or taxed by the government.
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International division of labor
When different countries do different parts of making a product.
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International Monetary Fund
An organization that helps countries with financial problems by providing loans and advice.
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Just in
time delivery
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Labor
market participation
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Literacy rates
The percentage of people who can read and write in a population.
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Manufacturing
Making goods in factories using machines and workers.
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Markets
Places where buyers and sellers meet to exchange goods and services.
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MERCOSUR
A group of South American countries that trade and work together.
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Microloans
Small loans given to people in poor countries to start small businesses.
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Multiplier effect
When spending in one area leads to more spending and economic growth.
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Neoliberal policies
Economic ideas promoting free markets and less government control.
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OPEC
A group of oil
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Outsourcing
Hiring workers from other countries to do jobs.
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Periphery countries
Less developed countries that rely on richer countries for support.
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Post
Fordist methods
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Primary sector
Jobs that involve taking raw materials from nature, like farming and mining.
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Public transportation projects
Building things like roads and trains for everyone to use.
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Quaternary sector
Jobs that involve information and knowledge, like research and IT.
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Quinary sector
Top
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Renewable energy
Power from sources that don’t run out, like sunlight and wind.
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Reproductive health
Access to healthcare and education about family planning and pregnancy.
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Rostow’s Stages of Economic Growth
A theory about how countries develop from poor to rich.
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Secondary sector
Jobs making things from raw materials, like factories.
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Semi
periphery countries
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Service sectors
Jobs that provide services rather than making goods, like banking and teaching.
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Small
scale finance
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Special economic zones
Areas with special tax rules to attract businesses and create jobs.
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Tariffs
Taxes on imported goods, making them more expensive.
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Tertiary sector
Jobs that provide services, like healthcare and education.
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UN’s Sustainable Development Goals
Goals to make the world better by 2030, like ending poverty and hunger.
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Wallerstein’s World System Theory
A theory about how rich countries exploit poor ones for profit.
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World Trade Organization
An organization that sets rules for international trade and helps solve disputes.
Note 
Flashcards (25)