Unit 7 - APHUG Vocab

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56 Terms

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economic sectors

five categories that divide the types of economic activities based on what is produced and the activities of the workforce; primary, secondary, tertiary, quaternary, quinary

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primary production

jobs that directly extract materials from the earth; ex. agriculture, mining, timber

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secondary production

manufacturers that process raw materials into finished consumer goods

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manufacturing

the process of transforming raw materials into finished goods on a large scale through various production methods and techniques

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tertiary production

provision of goods and services to people; ex. bankers, lawyers

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quaternary production

jobs involving innovation and invention; research and developing new things; ex. scientist

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quinary production

jobs involving decision making at the highest level; highly educated and experienced workforce; ex. ceo of a big global company

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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

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commodity-dependent country

a country that produces a single commodity accounting for more than 60% of its exports

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nonrenewable products

a natural resource that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption

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renewable products

a natural resource that can be readily replaced quickly enough to keep up with consumption

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value-added processing

processing a good and adding something to it to raise the value

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perishable goods

goods that will perish easily/quickly if not given to consumers quickly enough; ex. milk, cheese, bread

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low-benefit services

sectors where the labor force tends to be hourly employees who receive few if any additional benefits, like paid vacations or health insurance

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high-benefit services

sectors where the labor force receives many benefits

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service firms

businesses that provide services primarily to individual consumers, including retail services and education, health, and leisure services

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deindustrialization

decline or disappearance of employment in manufacturing sectors in core centers

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foreign competition

competition from businesses globally

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off-shore locations

locations of a corporation that are not in the home country

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investment value

the value of the property to a particular investor

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uneven development

when different parts of a country are unevenly developed

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industrialized economies

an economy focused on the production of goods intended for the market

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service-based economies

an economy focused on bringing services to consumers

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economic restructuring

the process in which economies move from an industrial base, especially around heavy industry and factories, into a service sector

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free-market reforms

changes in economic policy that promote open trade, private businesses, and land ownership

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resource-based economies

an economy whose gross national product or gross domestic product to a large extent comes from natural resources

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new industrialized countries (NICs)

economies have made a shift toward manufacturing; rapid population growth (between stages 2 and 3); urbanization; gaining capital from TNCs

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foreign aid

aid (such as economic or military assistance) provided to one nation by another

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foreign direct investment (FDI)

investment made by a foreign company in the economy of another country

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microloans

small loans that have created opportunities for people to create small business and improve standards of living

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world bank

international bank that lends loans to poorer countries for projects to help them develop; similar to international monetary fund

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comparative advantages

a country’s ability to produce one product more efficiently than other products

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off-shoring

relocation of manufacturing and support services from one country to another

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asian tigers

south korea, singapore, taiwan, and hong kong each followed the international trade path by producing manufactured goods with low labor costs and selling to developed countries

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economic indicators

indicators of a country’s development, including GDP, GNP, GNI, etc.

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gross domestic product (gdp)

the value of goods and services produced in a country, no matter who makes it; ex. a french person with a business in the US will count

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gross national product (gnp)

the value of all goods and services made by a country’s residents, regardless of location; ex. a US citizen who owns a business in france will count

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trade surplus

a country exports more goods than it imports

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trade deficit

a country’s imports account for more than its exports

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human development index (hdi)

created by the un, it takes decent standard of living, long and healthy life, and access to knowledge into account when determining a country’s level of development; scale of 0-1, 1 being the highest level of development

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income disparity

the unequal distribution of wealth or income among individuals within a population or a specific area

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agglomeration

occur when firms cluster spatially in order to take advantage of geographic concentrations of skilled labor and industry suppliers, specialized infrastructure, and ease of face-to-face contact with industry participants; mostly found in metropolitan areas

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dependency theory

theory stating the periphery is underdeveloped because of its dependency on the core, causing an unfair relationship

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export-processing zones (EPZs)

industrial zone with special incentives to attract foreign investment to places where imported materials undergo processing or assembly before being re-exported

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fordism (mass production)

a type of production that involves assembly lines, where workers are assigned one task to perform repeatedly; characterized by a permanent workforce year-round, high wages, and encouragement of labor unions

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import substitution

government policy of encouraging local manufacturers to produce goods that would replace imports

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localization economies

occur when an increase in the size of an industry in a city leads to an increase in productivity of a particular activity

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least-cost theory

the selection of a factory location has to do with minimization of land, labor, resource, and transportation costs; weight-losing bulk will locate near the inputs, while weight-gaining bulk will locate near the market

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maquiladoras

foreign-run factories running in northern Mexico border communities that were created by nafta and led to an increased population, better paying jobs, and better lives

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post-fordism

flexible production where workers are organized into teams that perform a variety of tasks

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rostow’s model of economic development

describes five stages of development that each country will eventually go through; traditional, preconditions for takeoff, takeoff, drive to maturity, and age of mass consumption

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transnational corporations (TNCs)

a company that conducts research, operates factories, and sells products in many countries, not just where its headquarters or shareholders are located

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world systems theory

regions are incorporated into the world economy through imperialism, creating interdependent but uneven relationships between core countries and former colonies

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purchasing power parity (PPP)

an adjustment made to the gni to account for differences among countries in the cost of goods

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gross national income (gni)

the total income of a country’s residents and business, including investment income as well as money received from abroad, such as direct foreign investment and development aid

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footloose industry

an industry that can be located anywhere; ex. telemarketing