Studied by 37 peopleAdolescent Fertility Rate (AFR)
The annual number of births to women aged 15-19 years per 1,000 women in that age group
agglomeration (economies)
A localized economy in which a large number of companies and industries cluster together and benefit from the cost reductions and gains in efficiency that result from this proximity.
Asian Tigers
high-growth economies of Hong Kong, Singapore, South Korea, and Taiwan
Austerity
strict economic policies that a government imposes to control growing public debt
command economy
the central government dictates the level of production of goods and controls their distribution and prices
commodity chains
A linked system of processes that gather resources, convert them into goods, package them for distribution, disperse them, and sell them on the market.
commodity dependence
When economies rely too heavily on the export of raw materials from other countries (the other countries typically mark-up the prices a whole lot).
Core-periphery model(World Systems Theory)
A model that describes how economic, political, and/or cultural power is spatially distributed between dominant core regions
dependency theory
LDCs (Less developed countries) are highly dependent on foreign factories and technologies from MDCs (More developed countries) to provide employment and infrastructure.
Developed country
a modern, industrialized country in which people are generally better educated and healthier and live longer than people in developing countries do (USA and Great Britain).
Developing country
A country that is at a relatively early stage in the process of economic development (Sudan and Cambodia)
Development
A process of improvement in the material conditions of people through diffusion of knowledge and technology.
economic imperialism
Forceful extension of a nation's authority by conquest or by establishing economic and political domination of other nations that aren't it's colonies.
Ecotourism
A form of tourism, based on the enjoyment of scenic areas or natural wonders, that aims to provide an experience of nature or culture in an environmentally sustainable way.
Fair trade
a concept used in developing countries to help create sustainability.
foreign direct investment (FDI)
investments made by a foreign company in the economy of another country.
formal economy
The legal economy that is taxed and monitored by a government and is included in a governments
gender gap
A difference between men and women in their opportunities, rights, benefits, behavior, or attitudes.
Gender Inequality Index (GII)
a composite measure, reflecting inequality in achievements between women and men in three ways.z
Gender-Related Development Index (GDI)
a measure of gender-based inequalities in a country, taking into account factors such as life expectancy, education, and income
gross domestic product (GDP)
a total accounting of a nation's output, including all expenditures, revenues, and profits.
gross national income (GNI)
the total amount of money earned by a nation's people and businesses
growth poles (growth centers)
Area of a country where specific industries that bring employees and thus causing economic growth w/i the industry as well as the housing market and local economy.
Human Development Index (HDI)
a scale that measures the status of life in any given place based off of life expectancy, education levels, and income per capita
Inequality-adjusted HDI
An index that accounts for the impact of inequality on the human development of people in a country
informal (sector) economy
economic activities that are not regulated or recognized by the government
infrastructure
the basic framework of a building or a system
International Monetary Fund (IMF)
an organization of 190 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
Literacy rate
the percentage of people ages 15 and above who can, with understanding, read and write
Maternal mortality rate
reflects the number of women, per thousand, who die during childbirth
Microcredit (microfinance) (microloans)
Provision of small loans and other financial services to individuals and small businesses in developing countries.
Millennium Development Goals (MDGs)
A declaration with the goal of improving the living conditions of people in the least developed countries.
multiplier effect
how many times money spent circulates through a country's economy.
newly industrialized countries (NICs)
a developing economy that has transitioned from being based on agriculture or extraction of raw materials, to being primarily based on the production of manufactured goods.
primary sector
jobs directly related to the extraction of the Earth's natural resources (e.g. forestry, raw materials, or agriculture).
Productivity
the value of a particular product compared to the amount of labor needed to make it
purchasing power parity (PPP)
a popular macroeconomic analysis metric used to compare economic productivity and standards of living between countries
secondary sector
Processing or refining of natural resources
Semi-periphery
countries that have a standard of living lower than those in the "core," but much higher than those in the "periphery."
Stages of Economic Growth model
Traditional Society; Preconditions for Take-Off; Take-Off; Drive to Maturity; and Age of High Mass Consumption.
Structural adjustment program
Economic policies imposed on less developed countries by international agencies to create conditions encouraging international trade
Sustainable Development Goals
a set of 17 goals adopted by the United Nations in 2015 to end poverty, protect the planet, and ensure peace and prosperity for all.
technopoles
an area planned for high technology
tertiary sector
associated with the sale and exchange of manufactured products and raw materials.
uneven development
The increasing gap in economic conditions between core and peripheral regions as a result of the globalization of the economy.
Value added
The gross value of the product minus the costs of raw material and energy.
World Bank
A specialized agency of the United Nations that makes loans to countries for economic development, trade promotion and debt consolidation.
World Trade Organization (WTO)
a supranational organization that creates policies on global trading.
break of bulk point
a location where transfer is possible from one mode of transportation to another.
bulk-gaining industries
make products that weigh more after assembly than before assembly
bulk-reducing industries
make products that weigh less after assembly than before assembly.
Capital
wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
commodities
a raw material or primary agricultural product that can be bought and sold
comparative advantage
the ability of a country, firm, or individual to produce a good or service at a lower opportunity cost than other producers.
complementarity
The actual or potential relationship between two places, usually referring to economic interactions.
Containerization
The loading and shipping of containers on to ships.
cottage industry
An industry in which the production of goods and services is based in homes, as opposed to factories.
deglomeration
The process of industrial deconcentration in response to technological advances or increasing costs due to competition.
deindustrialized
a process in which the industrial activity in a country or region is removed or reduced because of a major economic or social change.
Economies of scale
the reduction in the per unit cost of production as the volume of production increases.
export processing zones (EPZs)
industrial estates that are fenced in for producing manufactured goods for export. In short, they are trade enclaves that import raw materials, process them, and then export to the world market.
Female labor force participation rate
The percentage of women holding full-time jobs outside of the home.
footloose industry
one which is not tied to any particular location or country and can relocate to another place without effect from factors of production such as resources, land, labour, and capital.
Fordist production (Fordism)
a form of mass production in which each worker is assigned one specific task to preform repeatedly.
free-trade zones (FTZS)
allow for goods from foreign countries to be imported without a tariff,
Greenhouse effect
the anticipated increase in Earth's temperature caused by carbon dioxide
Industrial Revolution
A series of improvements in industrial technology that transformed the process of manufacturing goods.
Investment capital
Wealthy technology pioneers wanted to start to develop technologies and more innovations which helped to lead to the rise of some industrial regions.
just-in-time delivery
a method of managing inventory that provides products only as they are needed, rather than storing them.
Labor intensive industry
an industry for which labor costs comprise a high percentage of total expenses.
least cost theory (Weber's)
suggests that all major corporations make their decisions about where to house their production and manufacturing facilities based on the least possible combination of costs, so as to derive the greatest possible profit.
manufacturing
The process of making a raw material into a finished product; especially in large quantities.
maquiladoras
The term given to zones in northern Mexico with factories supplying manufactured goods to the U.S. market. The low-wage workers in the primarily foreign-owned factories assemble imported components and/or raw materials and then export finished goods.
new international division of labor (NIDOL)
transfer of some types of jobs, especially those requiring low-paid, less skilled workers, from more developed to less developed countries.
Nonpoint source pollution
pollution that comes from many sources rather than from a single, specific site
outsourcing
A decision by a corporation to turn over much of the responsibility for production to independent suppliers.
Passive solar energy
Solar energy system that collects energy without the use of mechanical devices
Photochemical smog
air pollution that occurs when sunlight reacts with other pollutants in the air.
post-Fordist
the idea that modern industrial production has moved away from mass production in huge factories
postindustrial economy
the period following a significant reduction in a developed country's manufacturing activity.
Potential reserve
A supply of energy that is undiscovered but thought to exist.
Proven reserve
the supply of energy remaining in deposits that have been discovered
raw materials
Unprocessed natural products used in production
right-to-work states
a state law that prohibits prehire agreements
Rust Belt
northeastern and midwestern states of US in which heavy industry has declined
Site
physical characteristics of a place
Situation
the location of a place relative to other places
special economic zones (SEZS)
specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign business and investment
supply chain
the connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function
tariffs
Taxes on imported goods
trade deficit
situation in which a country imports more than it exports
trade surplus
situation in which a country exports more than it imports
trading blocs
groups of countries with formalized systems of trading agreements
transnational corporations (TNCs)
Global corporations that have facilities and processes spread among several companies in a global assembly line
Vertical integration
Practice where a single entity controls the entire process of a product, from the raw materials to distribution
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