unit 7 aphug

Industrial Revolution

the transformation from an agricultural to an industrial nation

Economic sectors

Subdivisions of the economy

agglomeration

when clustering occurs purposefully around a central point or an economic growth pole

HDI

A measure of a country's standard of living, including health and education

GNI

GDP plus the net income earned from investments abroad

UNMDG

UN goals to end poverty and increase gender equality and literacy world wide

periphery

regions outside those most developed

semi periphery

regions that are in between most developed and least developed

core

the most developed regions

microloans

small-business loans often used to buy equipment or operate a business

development

improvement in human well-being through economic advancement

Less Economically Developed Countries (LEDC)

Countries that are developing

More Economically Developed Countries (MEDC)

Developed countries

Complementarity

Is the degree to which one place can supply something that another place demands.

Comparative advantage

The ability of a country to produce a good at a lower cost than another country can.

Trade Bloc

a group of countries that work together to promote trade with one another

European Union

A family of democratic countries committed to working together for peace and prosperity in Europe.

North American Free Trade Agreement (NAFTA)

Agreement that created a free-trade area among the United States, Canada, and Mexico.

globalization

the process in which countries are increasingly linked to each other through culture and trade

deindustrialization

loss of industrial activity in a region

outsourcing

using suppliers outside the company to provide goods and services

international division of labor

the specialization, by countries, in particular products for export.

maquiladoras

a factory in Mexico that assembles imported materials into finished goods for export

special economic zones

where foreign investment is allowed and capitalistic ventures are encouraged

free trade zones

A region where a group of countries has agreed to reduce or eliminate trade barriers

service sector

the section of the economy that involves providing intangible services

growth poles

economic activities that are deliberately organized around one or more high-growth industries.

sustainable development

conducting business in a way that protects the natural environment while making economic progress

environmental degradation

damage to or destruction of the natural environment

natural resources

materials found in nature that are used by living things

mass consumption

buying and using products and services on a large scale

pollution

Release of harmful materials into the environment

climate change

a change in global or regional climate patterns

ecotourism

the practice and business of recreational travel based on concern for the environment

Rustbelt

Decay of the once bustling factory-based economy regions of the northeastern United States.

Weber's Least Cost Theory

theory that described the optimal location of a manufacturing firm in relation to the cost of transportation, labor, and advantages through agglomeration

UN Sustainable Development Goals

17 goals, examples: no poverty, zero hunger, good health and well being, quality education

Mercosur (Common Market of the South)

(1991) free trade within, and a common external tariff for, Argentina, Brazil, Paraguay, Uruguay, and Venezuela; accounts for 70 percent of South America's total economy

OPEC (Organization of Petroleum Exporting Countries)

coalition of nations that utilize oil as their primary trade commodity

Rostow's Modernization Model

Developed in the 1950s, this model exemplifies the liberal development ideology, as opposed to structuralist theory, Under the model, all countries develop in a five-stage process. The development cycle is initiated by investment in a takeoff industry that allows the country to grow a comparative advantage, which sparks greater economic gain that eventually diffuses throughout the country's economy. Drawbacks to this model include its not identifying cultural and historic differences in development trajectories because it is based on North American and western European development histories.

Maquiadoras

A factory built by a U.S. company in Mexico near the U.S. border, to take advantage of the much lower labor costs in Mexico.

Non-renewable resources

a resource that cannot be reused or replaced easily (ex. gems, iron, copper, fossil fuels)