APHG Unit 7 Vocabulary

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Economic Restructering

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47 Terms

1

Economic Restructering

a significant shift in production, employment, investment, trade patterns, or underlying economic systems and processes

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2

Offshoring

the process of relocating a business process or service to another country

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3

Outsourcing

when a business contracts out a service or job to an external provider in order to reduce their costs and increase their efficiency

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4

Economies Of Scale

as a company grows, it is able to reduce the average cost to produce its product

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5

International Division of Labor

a concept that describes how countries utilize their comparative advantage to specialize in different economic activities, resources, and capabilities

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6

Special Economic Zones (SEZ’s)

regions within a country that provide different economic incentives with the objective of attracting foreign investment and promoting economic growth

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7

Free Trade Zones (FTZ’s)

a region within a country where imported goods can be stored and processed without being subject to tariffs or trade barriers

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8

Export Processing Zones (EPZ’s)

regions within a country’s border that offer special economies regulations and incentives to promote the production of goods and services for export

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9

Multiplier Effect

a phenomenon when an original investment by an individual, business, government, or organization leads to a chain reaction of spending and increased economic activity

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10

Fordism

a system of production that emphasizes mass production of standard goods

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11

Post-Fordism

a system of production that emphasizes more flexible production methods where workers are trained in multiple tasks and produce custom

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12

Just-In-Time Delivery

a production and inventory control system where products and materials are delivered to the manufacturing plant precisely when they are needed for production process

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13

Growth Poles

Specific regions, cities, or economic sectors that are considered centers of economic growth/development

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14

Capitol Investment

the funds or resources that a company or individual put into an activity, project, or business with the exception on generating future profits

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15

Complementarity Index Score

a measure used in economies and trade to access compatibility between the products and services that the two countries produce and trade with each other

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16

Comparative Advantage

the ability of a country, individual, or organization to produce a good or service at a lower opportunity cost than another country, individual, or organization

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17

Trade Deficit

a situation where a country imports more goods and services that it exports

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18

Neoliberalism

an economic and political ideology that emphasizes individual freedom over government control, free markets, and free trade

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19

Free Trade

international trade where there are no restrictions or barriers that increase the cost of trade or prevent trade from occurring

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21

Primary Sector

jobs focusing on the extraction of natural resources

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22

Secondary Sector

jobs focusing on the processing and manufacturing of extracted raw materials

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23

Tertiary Sector

jobs focusing on anything related to the sale or exchange of goods; service-based jobs

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24

Quaternary Sector

jobs focusing on processing info and human knowledge; involves technology, information, financial planning, research, and development

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25

Quinary Sector

jobs focusing on decision-making and policy-making that drives the other sectors of the economy; the highest level of economic activity

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26

GDP (gross domestic income)

total value of all goods and services produced within a specific period of time

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27

Core Countries

countries with the most advanced economies and higher standard or living, typically having political and economic influence

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Semi Periphery Countries

countries with emerging economies an are industrializing, have in increased standard of living

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29

Periphery Countries

countries that rely heavily on the exportation of raw materials to more economically developed countries, low standard of living

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Multinational Corporations

a company that has business operation in at one one country other than its home country

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31

Break of Bulk Point

a location where goods are transferred from one mode of transportation to another

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32

Weber’s Lost Cost Theory

industry is situated within the area where the cost of transporting raw materials and the final output is minimized

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Agglomeration

clustering of different economic activities and industries in a specific geographic ara

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34

Bulk Reducing Good

a product that becomes lighter and easier to transport as production occurs

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35

Bulk Gaining Good

a product that becomes heavier and more difficult to transport

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36

Formal Economy

economic activities that are recognized by law and are overseen by the government

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37

Informal Economy

economic activities that are not recognized by law or overseen by the government.

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38

GNP (gross national product)

the total economic output produced by a country’s residents and business, regardless of location

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39

GNI (gross national income)

the total amount of income generated by a country’s residents and business, both domestically and abroad

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40

GII (gender inequality index)

a composite index that measures gender based inequalities in health, education, and economic participation

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41

HDI (human development index)

an index that is used to measure the social and economic development of a country

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42

Microloans

small loans provided to individuals or small businesses who are typically excluded from traditional banking services

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43

MicroFinancing

a category of financial services that are for individuals and small business who lack access to traditional banking services

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44

dependency theory

developing countries are dependant on developed countries for their economic growth

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45

Wallerstein’s World System Theory: Core Countries

  • purchasers of high-profit consumption goods from semi-periphery and periphery countries

  • have high power, control the global economy

  • most often exploit raw materials

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46

Wallerstein’s World System Theory: Semi Periphery Countries

  • established infrastructure for the exportation of goods, cheaper labor, and less production regulations on goods and services

  • leads to more production and exportation of goods from semi-periphery to core

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47

Wallerstein’s World System Theory: Periphery Countries

  • economy can become dependant on a few core countries

  • leads to exploitation of labor and resources

  • resources go to core countries rather than their local economy

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