AP Human Geography Unit 7

industrial revolution

period of rapid economic and technological change that began in Great Britain in the late 18th century and spread to continental Europe and the United States

sector

a broad economic segment that contains industries

primary sector

the economic sector that involves the extraction of raw materials from nature, such as agriculture, logging, fishing

secondary sector

the economy that involves manufacturing raw materials from the primary sector into finished products

tertiary sector

the economy that provides services to consumers and other organizations, rather than producing goods

quaternary sector

the economy that involves the creation and distribution of knowledge and information

quinary sector

policy-making and decision making that drives the other sectors of the economy. it includes activities such as administration, high level management, and policy development

least cost theory

all major corporations make their decisions about where to house their production and manufacturing facilities based on the least possible combination of cost

bulk gaining

the final product weighs more or has a greater volume than the inputs

bulk reducing

the final product weighs less or has a lesser volume than the inputs

break of bulk point

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

gdp

gross domestic product, a measure of the total value of goods and services produced in a county

gnp

gross national product, is the total value of all goods and services produced by a country's citizens, including income received from abroad

gni

gross national income, a measurement of a country's wealth that includes the total value of all goods and services produced within the borders of a country

gender equality

the state of having equal access to resources and opportunities, regardless of gender, including economic participation and decision making

gender inequality index

a measure of the extent of each country's gender inequality. the higher gii, the greater the inequality

microloans

small loans given to people who are usually excluded from traditional financial services. they are often used to help small businesses

free trade

an economic policy that allows the unrestricted glow of goods and services between countries with little or no government regulation

human development index

a statistical composite that measures a country's development based on life expectancy, education, and per capita income

gender empowerment measure

a metric that assesses gender equality and women's empowerment in a region. it measures the ability of women and men to participate in economic and political decision making, as well as women's access to education and healthcare

gender wage disparity

the difference between what men and women earn

rostow's stages of economic growth

the steps that should be taken by a nation to become fully developed (traditional society, preconditions for take-off, take off, drive to maturity, and age of high mass consumption)

wallerstein's world systems theory

an economic theory that suggests that developed nations enrich poor nations by taking resources from them

complementary advantage

the mutual trade relationship between two countries that occurs when each country has a comparative advantage in producing different goods or services

comparative advantage

the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers

tariffs

taxes imposed on imported goods and services by a country's government

trade embargo

a restriction on the trading of products, services, or goods that is imposed by a government

outsourcing

the process of hiring an outside company to perform services of create goods that were previously done in-house by the company's own employees

offshoring

the practice of moving business processes or operations to another country to reduce costs and increase efficiency

deindustrialization

the process of reducing or removing industrial activity in a region or country, especially in the manufacturing industry