AP Human Geography Unit 7 non-textbook vocab

Industrialization

the process by which economies shift from agrarian (agricultural) bases to manufacturing, relying on machine-powered factories and mass production

Colonialism

the policy or practice of a state acquiring full or partial political control over foreign territories, establishing settlements, and exploiting them economically, culturally, and politically.

Imperialism

the policy or practice of a state extending its power, authority, and influence over other territories and peoples

quaternary sector

a knowledge-based part of the economy focused on intellectual activities, information processing, and advanced services, such as research and development (R&D), IT, and finance

Quinary sector

the highest level of decision-making in an economy, focusing on top-level management, government leadership, scientific research, and policy-making

Least cost theory

an economic model stating that industries locate to minimize costs—specifically transportation, labor, and agglomeration—to maximize profits

Core locations

highly developed, industrialized nations that dominate the global economy through high-value production, advanced technology, and significant political influence

semi-periphery locations

industrializing, middle-income nations positioned between core and periphery countries in Wallerstein’s World-Systems Theory

Periphery locations

a less developed nation with a low-income economy, weak infrastructure, and a heavy reliance on primary sector activities like agriculture and raw material extraction

Formal economy

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

informal economy

untaxed, unregulated, and unregistered economic activities that are not included in a country's gross national income (GNI) or protected by labor laws

equity

fairness, justice, and the equitable distribution of resources, opportunities, and rights, rather than equal, identical treatment

microloans

Microloans are small, short-term loans, typically provided to low-income entrepreneurs, often women, in developing nations who lack access to traditional banking

commodity dependance

occurs when a country derives >60% of its merchandise export revenue from raw materials (agriculture, fuel, or minerals)

complementarity advantage

a situation where two regions or countries satisfy each other's needs through trade because each possesses different resources, skills, or goods that the other desires

comparitive advantage

the economic principle that a country or region should specialize in producing goods or services that it can create at a lower opportunity cost—meaning it gives up less to produce them—compared to other nations

mercosur

a South American trade bloc established in 1991 to promote free trade, economic integration, and the free movement of goods, capital, and labor among members

neoliberal policies

a set of economic and political strategies prioritizing free-market capitalism, deregulation, privatization, and reduced government spending on social services to foster economic growth

tariff

a tax imposed by a government on imported goods and services, designed to make foreign products more expensive, protect domestic industries from foreign competition (protectionism), and generate government revenue

IMF-International monetary fund

an intergovernmental organization established in 1944 to promote global economic stability, international trade, and monetary cooperation

Economies of scale

the cost advantages reaped by companies when production becomes efficient, where the average cost per unit decreases as the total volume of output increases.

agglomeration

the clustering of similar or related firms, industries, and people in a specific geographic area to share infrastructure, labor pools, and services, resulting in reduced costs and increased efficiency.

ecotourism

a form of sustainable, low-impact tourism focusing on responsible travel to natural areas