Studied by 24 people
Primary Activities
extracts or harvests products such as raw materials and basic foods
Secondary Activities
produces finished goods from the raw materials extracted by the primary sector
Tertiary Activities
sells the goods produced by the secondary sector, also known as the service industry
Quaternary Activities
the knowledge, economy, and jobs dealing with other people’s money
Quinary Activities
includes the highest levels of decision-making in a society or economy
Human Development Index (HDI)
a composite statistic used to rank countries by level of “human development” It is a comparative measure of life expectancy, literacy, education, and standards of living for countries worldwide.
Gross Domestic Product (GDP)
total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period
Globalization
refers to the growing interconnectedness of the world through trade, culture, technology, and transportation
Commodity Chain
a process used by firms to gather resources, transform them into goods or commodities, and finally distribute them to consumers
Complementarity
actual or potential relationship between two places, usually referring to economic interactions
Comparative Advantage
an economy’s ability to produce a particular good or service at a lower opportunity cost than its trading partners
Gross National Income (GNI)
total amount of money earned by a nation’s people and businesses
Gross National Product (GNP)
income earned by residents from overseas investments, minus income earned by foreign residents, includes GDP
Per capita GDP
a measure of the total output of a country (gross domestic product) divided by the number of people in the country
Life Expectancy
the average expected number of years of life
Infant Mortality Rate
the number of deaths of babies under one year of age per 1,000 live births
Total Fertility Rate
the average number of children that would be born to a woman over her lifetime
Literacy Rate
the percent of the population that can read and write
Gender Inequality Index
a composite metric of gender inequality using three dimensions: reproductive health, empowerment, and the labor market
Wallerstein’s World Systems Theory
theory that countries are dependent on each other economically and politically
Core Countries
the industrialized or imperialist countries, which depend on appropriation from peripheral and semi-peripheral countries. Core countries control and benefit from the global market
Semi-Periphery Countries
the industrializing, mostly capital countries which are positioned between the core and peripheral countries
Periphery Countries
those that are less developed than the other countries and they usually receive a disproportionately small share of global wealth
Weber’s Least Cost Theory
states that industry is situated within the area where the costs of transporting raw materials and the final output are minimal. Weber attempted to consider the role of transportation costs when choosing the location of an industry
Bulk-gaining
products that are larger/bulkier/more volume than their parts
Bulk-reducing
products that are smaller/lighter/less volume than their parts
Growth Poles
places of economic activity agglomerated (clustered) around one or more high-growth industries that stimulate economic gain
Special Economic Zones (SEZ)
these zones are subject to lower taxes and improves infrastructure for foreign businesses (China)
Export Processing Zones (EPZ)
a kind of SEZ that is specific for outsourcing manufacturing for export to the home country (Mexico)
Free Trade Zones (FTZ)
type pf SEZ that covers a larger area, even entire cities, that provides low-cost warehousing, storage, and transportation of goods (Hong Kong, Singapore)
Just In Time Delivery
increases the efficiency of modern manufaturing
Outsourcing
when manufacturing jobs have been moved offshore in semi-periphery and periphery countries
Agglomeration
the spatial grouping of people or activities for mutual benefit (cluster)
Maquiladoras
factory in Mexico run by a foreign company and exporting its products to the country of that company
Infrastructure
basic structure of services, installations, and facilities needed to support industrial, agricultural, and other economic development
Uneven Development
increasing gap in economic conditions between core and peripheral regions as a result of the globalization of the economy
Ecotourism
A form of tourism, based on the enjoyment of scenic areas or natural wonders, that aims to provide an experience of nature or culture in an environmentally sustainable way
Sustainability
meeting the needs of the present without compromising the ability of future generations to meet their own needs
Note 
Flashcard (93)