Unit 7 Study Guide Flashcards

A collection of vocabulary flashcards from Unit 7, covering key terms and concepts relevant to economic geography and development.

Industrialization

The process of developing machine production of goods and the growth of industries.

Deindustrialization

The decline of industrial activity in a region or economy, often resulting in job loss and economic change.

GDP

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

GNP

the total value of all goods and services produced by a nation's residents, regardless of where they are produced.

GNI

the total income received by a country's residents and businesses, including income from abroad.

Break of Bulk Point

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

Comparative Advantage

The ability of a country or entity to produce a particular good or service at a lower opportunity cost than others.

Agglomeration

The clustering of producers or plants in a particular location to benefit from shared resources.

Growth Poles

Areas that attract investment and industrial activity, serving as focal points for economic development.

Outsourcing

The practice of hiring external firms to handle certain business functions or processes.

UN Sustainable Development Goals

A set of 17 global goals set by the United Nations to address social, economic, and environmental challenges by 2030.

Human Development Index

A composite statistic of life expectancy, education, and per capita income indicators to rank countries into tiers of human development.

Gender Inequality Index

A measure that reflects the inequality between genders across three dimensions: reproductive health, empowerment, and labor market.

Formal Economy

The part of the economy that is regulated and taxed by the government.

Informal Economy

The part of the economy that is not monitored or regulated by the government.

Microloans

Small loans provided to entrepreneurs or small businesses lacking access to traditional banking services.

Rostow's Stages of Economic Growth

A model outlining five stages of economic growth that countries go through as they develop.

Wallerstein's World Systems Theory

A sociopolitical theory that categorizes global economies into core, semi-periphery, and periphery nations.

Free Trade Zones

Areas where goods may be landed, handled, manufactured, or reconfigured without the intervention of customs authorities.

Causes of climate change

Factors contributing to changes in global climate, including greenhouse gas emissions, deforestation, and industrial pollution.

Ecotourism

Responsible travel to natural areas that conserves the environment and improves the well-being of local people.