APHG - Unit 7 Vocabulary (WIP)

textile

a fabric or cloth woven from the fibers of wool, cotton, or flax

labor productivity

the average amount of goods or services produced per worker per unit of time

fossil fuels

natural fuel derived from the fossilized remains of living organisms

crude oil

a yellowish-black liquid fossil fuel found in geologic deposits

working class

the people in an industrial economy who depend on wage labor to obtain the necessities of life

capital class

people who own the means of production and pay the wages of workers

middle class

people who are either salarial professionals (such as lawyers, educators, and physicians) or office wage workers (such as bank tellers and store clerks)

Labor Unions

associations of workers in particular industries

Mass Production

the machine manufacture of large quantities of identical products

Assembly Lines

a system of manufacturing in which parts and procedures are added one step at a time through a series of workstations until a fiinished product is assembled

Mass Consumption

the purchase of large amounts of mass-produced goods by large numbers of people

International Division of Labor (IDL)

the situation on which the labor forces of different countries and world regions play complementary roles in an interdependant global economy

Economic Sectors

groupings of industries based on what is produced and the activities of the workforce

Primary Sector

industries that extract natural resources from the environment

Secondary Sector

industries that process the raw materials extracted by primary industries, transforming them into finished, usable forms

Tertiary Sector

industries that provide services to businesses and consumers, including all the different types of work necessary to transport and deliver goods and resources

Quaternary Sector

the portion of the economy dedicated to intellectual and informational services, such as scientific research and development

Quinary Sector

the portion of the economy where the highest-level management decisions are made in the areas of business, government, and science

Base Industry

an industry of disproportionate economic importance on whose existence other countries and employment sectors extend

Semi- Periphery Country

countries whose economies have elements of both the core and the periphery

Break-of-bulk point

a location where cargo is transferred from one morde of transportation to another

Least Cost Theory

Alfred Weber's theory that transportation costs and labor costsplay a strong role in determining the location of manufacturing facilities

Rowstow’s Stages of Economic Growth

describes five steps that all countries go through to become developed: traditional society, preconditions to take-off, take-off, drive to maturity, and high-mass consumption

World System Theory

Wallerstein's theory of economic development that regard world history as moving through a series of socioeconomic systems, culminating in the modern world system by about the year 1900.

Dependency Theory

the theory that the periphery is poor because it was economically dependant on the core in a disadvantegous relationship orginally estabished under colonialism and imperialism

Commodity Dependence

occurs when commodities account for more than 60% of a country's total exports

Gross National Product (GNP)

the total value of all goods and services made by a country's residents and businesses in a specific time period regardless of the country/location it was made

Gross Domestic Product (GDP)

the total value of all goods and services made within a country over a specific period, regardless of the producer's national origin

Gross National Income (GNI)

the total income of a country's residents and businesses, including investment income, regardless of when it was earned, as ewll as money recieved from abroad such as foreign investment and development aid

Purchasing Power Parity (PPP)

mesures how much a common "basket of goods" costs locally in the currency of each country being compared

Gender Inequality Index (GII)

a statistical measure of gender inequality that combines data on reproductive health, empowerment, and labor-market participation

Human Development Index (HDI)

a statistical measure of human achievement that combines data on life expectancy at birth, education levels, and gross national income per capita (purchasing power parity) population

Informal Sector

the part of any economy that is not officially recorded, monitored, or taxed by the government

Formal Sector

the part of the economy that is officially recorded by the government

Income Distribution

how a country's total GDP is distributed among the individuals in its population

Transnational Corporation (TNC)

a firm with the power to coordinate and control operations in more than one country, even if it does not own those operations

Competitive Advantage

a firm's relative ability to outperform other transnational corporations (TNCs) in its industry

Neoliberalism

a range of pro-market and anti-government positions on the economy, such as reducing government ownership and regulation and promoting privatization and market-based solutions

International Monetary Fund (IMF)

international organization that seeks to foster global monetary cooperation, achieve financial stability, facilitate international trade. and promote sustainable economic growth

World bank

an international financial organization that provides funding and expertise to promote sustainable economic growth to developing countries

World Trade Organization (WTO)

an international organization that regulates trade among 184 member states, providing a framework for negotiating trade agreements and resolving trade disputes

Free-Trade Agreement

a treaty between two or more countries that reduces tariffs and promotes foreign investment

Tariff

tax on imported goods or services

NAFTA

a 1994 trade agreement between Canada, the US, and Mexico; revised as the United States-Mexico-Canada agreement (USMCA) in 2020

Customs Union

a free-trade agreement among two or more member countries, combined with a single, common external trade policy for non-members

MERCOSUR

trade bloc established in 1991 promoting free-trade and economic integration among Argentina, Uruguay, and Paraguay

OPEC

organization enabling the cooperation of leading oil-producing and oil-dependant countries to influence global oil market and maximize profit

Trade Embargo

an official ban on trade with a specific country or of a specific good

Financial Market

marketplace where financial instruments are traded; stock markets, bond markets, and foreign exchange markets are all financial markets

Debt Crisis

Import Substitution Industrialization (ISI)

an economic development policy intended to replace imported goods with domestically produced goods as a way to spur industrialization and reduce dependance on other nations

Fordism

the economic and social arrangment based on the mass production of standardized goods, high labor union membership rates, stable and full-time manufacturing employment, and high factory wages that enable mass consumption

Offshoring

the relocation of manufacturing and support services from one country to another

Outsourcing

the transfer of a firm's internal operations to a third party

Deindustrialization

the decline, and sometimes complete disappearance of employment in the secondary sector, especially in core countries

Special Economic Zones (SEZ)

specific area within a country's borders where business and trade laws are different from the rest of the country

Maquiladoras

export-processing cities that exist in northern Mexico, close to the border with the United States

Export Processing Zones

industrial zone with special incentives to attract foreign investment to places where imported materials undergo processing or assembly before being re-exported

Free-trade Zones

specially designed duty-force area that provides warehousing, storage, and distribution facilities for goods intended for trade or re-export

New International Division of Labor

the spatial shift of manufacturing from developed countries to developing countries, including the global sealing of labor markets and industrial cities

Post-Fordism

the shifts from manufacturing centers to spatially dispersed production sites, from standardized mass production to spaciallized batch production, and from a permanent workforce to temporary and contract workers

Just-in-time Manufacturing

the production of small batches of goods as needed by customer demand

High Technology industry

an industry that develops and uses the most advanced technologies available and has the highest levels of research and development

Agglomeration Economies

Multiplier Effects

the creation of new businessea and jobs in other industries as the result of investment in a dfferent industry

Growth Pole

geographically pinpointd centre of conomoc actvty ganzed around a designated industry, commonly in the high-tech sector

Sustainable Development

development that meets present consumption needs without compromising the aboility of future generatoins to meet their consumption needs

Environmental Pollution

the combination of the physical (air, water, earth) and biological components of the environment to the point that normal functions are negatively affected

Cogeneration

Carbon Neutrality

achieving zero CO2 releases through a combination of emmissions reductions and carbon renewal

Carbon Offsets

processes that remove or sequestor (store) carbon from the atmosphere to make up for CO2 emmisions elsewhere

Ecotourism

travel to natral areas of ecological value in support of conservation efforts and socially just economic development

UN Sustainable Development Goals

a set of 17 goals proposed by the UN, aimed to be completed by 2030