Economic Structures and Globalization Concepts

These flashcards cover key concepts related to economic structures, globalization, and their implications, useful for understanding course material.

Semi-peripheral countries

Countries that typically have a large portion of their workforce in the secondary sector, focusing on manufacturing and construction.

Complementary trade relationship

The exchange of goods where countries export what they have a relative advantage in producing and import goods that are less expensive to acquire.

Sustainability

The idea that natural resources should be conserved to meet today’s needs without compromising the ability of future generations to meet theirs.

Gross Domestic Product (GDP)

A measure of a population's wealth calculated as the total value of goods and services produced by a country's citizens and companies in one year.

World system theory limitation

The theory's focus on economics overlooks how countries influence one another and does not account for unique geographic and developmental challenges.

Free-trade zone

A geographical area within a country that allows businesses to pay few or no tariffs on goods to facilitate international trade.

Agglomeration

The clustering of businesses in a specific geographical area, exemplified by tech industries in Silicon Valley and Bengaluru.

Postindustrial economy

An economic pattern characterized by predominant tertiary sector employment, with low primary and secondary sector employment.

Globalization

The expansion of economic, cultural, and political processes on a worldwide scale.

Supranational organizations

Alliances of three or more states that collaborate to achieve common goals or address challenges, often enhancing globalization.

Downside of globalization for core countries

Globalization can lead core countries to relocate jobs and factories to seek cheaper labor, resulting in job losses domestically.