Unit 7 Vocab Test 1

Bulk-reducing industry

an industry in which the final product weighs less or comprises a lower volume than the inputs (ex: ethanol)

Special economic zones

specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign business and investment (mostly in newly industrialized countries.....China, some in Latin America, & Africa)

Global financial crisis

a worldwide period of economic difficulty experienced by markets and consumers

Bulk-gaining industry

an industry in which the final product weighs more or comprises a greater volume than the inputs (ex: automotive manufacturing)

Primary Sector

Extracting Natural resources from the earth

Secondary Sector

Making products from natural resources

Tertiary Sector

providing information and services to people

Quaternary Sector

Managing and processing information

Quinary Sector

Creating information and making high level decisions

Multiplier Effect

The potential of a job to produce addiction jobs (Highest in secondary sector)

Break of bulk point

A location where cargo is transferred from one mode of transportation to another

Weber's Least Cost Model

Many factory owners would locate their factories where they could minimize costs by balancing transportation and labor costs and agglomeration economies. Locational Triangle

Gross National Product

The dollar amount of all goods and services produced by a country's citizens in one year

Gross Domestic Product

The dollar amount of goods and services produced within a country in one year

Formal Sector

Economic activities that are monitored by the government

Informal Sector

Economic Activities that are not monitored by the government

Income distribution

Measured by the Gini coefficient ; range fron 0-1: the higher the number, the higher the degree of income Inequality

Gender Inequality Index

measured by 3 dimensions: Reproductive health, empowerment, and labor market participation

Reproductive Health

Maternal mortality, Adolescent fertility rate

Empowerment

Government seats by gender and secondary education levels

Human Development Index

Combines GNI per capita, life expectancy, expected years of schooling and average years of schooling

Gross National Income

The total dollar value of everything produced by a country and the income its residents receive -whether it is earned at home or abroad

Microcredit

Small amounts provided by individuals or non government organizations rather than banks or governments