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Primary sector
Extraction of raw materials and natural resources from the Earth's surface
Secondary sector
Processing and manufacturing raw materials into a finished product
Tertiary sector
Processing and manufacturing raw materials into a finished product requires no education/training
Quaternary sector
Knowledge based sector, focusing on research and info. creation and transfer.
Quinary sector
Highest levels of decision making, includes top officials in government and business.
GDP( Gross Domestic Product )
Total value of officially recorded goods and services by the citizens and corporations with a country’s border in a given year.
GNP( Gross National Product)
Total value of goods and services by the citizens and corporations of a country as well as foreign investments in a given year.
GNI(Gross National Income)
Most accurate measure of wealth, because it accounts for the impacts of trade.
Formal eco sector
Regulated and/or taxed by the gov.
Included in GDP and GNI
Typical professions
Informal eco sector
Mostly illegal products that are sold and/or NOT regulated by the government
Drugs, Black MArket goods, babysitting,”under the table work” like landscaping or house cleaning.
Gini Coefficient
Measures the distribution of income within a population.
Fossil fuels
non-renewable energy sources formed from the decayed remains of prehistoric plants and animals that have been buried in the Earth's crust for millions of years
Renewable energy
energy sources that are naturally replenished on a human timescale
Per capita
by the head/ per person
TFR(Total Fertility Rate)
Calculation of avg. number of children per woman
IMR(Infant Mortality Rate)
Calculation of the avg. number of children under the age of one that die.
Life expectance
Avg. number of years a person is expected to live based on mortality rates when they were born
Literacy rate
How much of the population in a country knows how to read and write.
HDI( Human Development Index)
score between 0-1
Lower the Score the less developed
Combo of different indications makes HDI more accurate measure of development then other measures
Combines social and economic
GII( Gender Inequality Index)
Score between 0 and 1
High value- high Inequality and vise versa
another combo
Combines social and economic and political indicatiors
MDC
More developed Country
LDC
Less developed Country
NIC
Newly Industrialized Country
Rostow's stages of econ. growth
five-stage path to development, from a traditional economy to a modern, consumer-oriented one.
Brandit Line
spatial analysis of development
generally, MDCs are in Northern Hemisphere while LDCs are in the southern hemisphere
Fallen Out due to favor of development of NICs located in the southern hemisphere
Wallerstein's World Systems
Wallerstein explains the spatial relationships between countries and explains uneven economic development.