aphug unit 7 vocab cards

access to health care

the ability of individuals to obtain medical services, influenced by cost, distance, and availability

agglomeration

the clustering of businesses and economic activities in one area to benefit from shared services, labor, and infrastructure

break of bulk point

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

climate change

long-term changes in earth’s climate, especially temperature and weather patterns, largely caused by human activities

colonialism

the process by which a country establishes control over another territory, often exploiting its resources and people

commodity dependence

when a country relies heavily on exporting one or a few raw materials for income

comparative advantage

the ability of a country to produce a good more efficiently or at a lower opportunity cost than others

complementarily

when two places have different goods or services that the other wants, leading to trade

core countries

wealthy, developed countries with strong economies and high levels of industrialization

dependency theory

the idea that poorer countries are dependent on wealthier countries, which limits their economic development

economic restructuring

the shift of an economy from one sector to another

economic sectoral structure

the distribution of a country’s workforce among the primary, secondary, and tertiary sectors

economies of scale

cost advantages gained by producing goods in large quantities, reducing cost per unit

ecotourism

tourism focused on conserving the environment and supporting local communities

empowerment measures

policies that improve the status and rights of marginalized groups

european union

an economic and political organization of european countries that promotes trade, cooperation, and a common market

export processing zones

areas where governments allow foreign companies to operate with fewer regulations and lower taxes

fertility rate

the average number of children a woman has during her reproductive years

formal economy

economic activities that are regulated, taxed, and monitored by the government

fossil fuels

nonrenewable energy resources formed from ancient organic matter

free trade agreements

agreements between countries to reduce or eliminate trade barriers like tariffs and quotas

free trade zones

designated areas where goods can be imported, manufactured, and exported with little or no taxes/tariffs

gender inequality

unequal treatment or opportunities based on gender, often disadvantaging women

gender inequality index

a measure of gender disparities using reproductive health, empowerment, and labor participation

global financial crises

a severe worldwide economic downturn affecting banks, markets, and economies

globalization

the increasing interconnectedness of the world’s economies, cultures, and populations

government initiative

actions or policies taken by a government to improve economic or social conditions

gross domestic product

the total value of goods and services produced within a country in a year

gross national income per capita

total income earned by a country’s residents divided by the population

gross national product

the total value of goods and services produced by a country’s residents, including abroad

growth pole

an area of economic development that spreads growth to nearby regions

high technology industry

industry that produces advanced technology using skilled workers

human development index

measure of development using income, education, and life expectancy

imperialism

one country taking control of another’s land/resources

income distribution

how wealth is spread among a population

industrialization

shift from agriculture to manufacturing-based economy

industrial revolution

period of rapid industrial growth starting in the 1700s

infant mortality rate

number of infant deaths per 1000 births

informal economy

economic activity not regulated or taxed by government

international division of labor

different countries specialize in different types of work

international lending agencies

global organizations that provide loans and financial assistance to countries, especially for development projects or economic stability

just in time delivery

system where materials arrive exactly when needed in production

labor market participation

percentage of working-age people who are employed or seeking work

least cost theory

businesses choose locations to minimize transportation, labor, and agglomeration costs

literacy rate

percentage of people who can read and write

mass consumption

economy focused on buying large amounts of goods and services

mercosur

trade organization in south america that promotes free trade

microlending/microfinance/microloan

small loans given to low-income individuals to start businesses

multiplier effect

initial investment created additional economic activity

neoliberal economic policies

policies favoring free markets, privatization, and less government control

newly industrialized countries

countries that have recently shifted from agriculture to industry and manufacturing

opec

group of oil-producing countries that control oil supply and prices

outsourcing

hiring another company (often abord) to do work or provide services

offshoring

moving a company’s production to another country

periphery countries

less developed countries with weaker economies and lower standards of living

post-fordism

flexible production with small batches, customization, and skilled labor

primary sector

extracts natural resources from earth

secondary sector

manufactures goods from raw materials

teritary sector

provides services to people

quaternary sector

information-based services and knowledge work

quinary sector

high-level decision-making jobs

renewable energy

energy from sources that do not run out

reproductive health

health related to reproduction and childbirth

rostow’s stages of economic growth

model showing 5 stages countries go through to develop; traditional society, preconditions for take-off, take-off, drive to maturity, and high mass consumption

semi-periphery countries

countries between core and periphery with mdoerate development

special economic zones

areas where governments offer tax breaks and fewer regulations to attract business and industry

sustainable development goals

17 global goals created by the united nations to improve living conditions while protecting the environment

tariff

tax placed on imported goods to protect domestic industries

wallerstein’s world system theory

model diving countries into core, semi-periphery, and periphery based on economic roles

world trade organization

international organization that promotes free trade and resolves trade disputes

footloose industry

industry not tied to one location and can move easily

bulk reducing vs bulk gaining industries

bulk-reducing: loses weight during production - located near raw materials

bulk-gaining: gains weight - located near market

labor intensive vs capital intensive industry

labor-intensive: requires lots of workers

capital-intensive: requires expensive machines/technology

gini coefficient

measure of income inequality (0 - equal, 1 - very unequal)

fordism

system of mass production using assembly lines and standardized products