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Break-Of-Bulk Point
- Location where cargo is transferred from one mode of transportation to another
Commodity Dependence
- Country’s economy is based primarily on the production and export of a commodity (more often not diversified)
- Commodities account for more than 60% value of a country’s total exports
Dependency Theory
- Periphery is poor because it was economically dependent on the core in a disadvantageous relationship originally established under colonialism and imperialism
- Core countries (MDCs) exploited the periphery countries (LDCs)
Ecotourism
- Tourism based in natural environments—often environments that are threatened by looming industrialization or development—that frequently helps to protect the environment in question while also providing jobs for the local population
- Form of tourism involving visiting fragile, pristine, and relatively undisturbed natural areas, intended as a low-impact and often small scale alternative to standard commercial mass tourism
- Travel to natural areas of ecological value in support of conservation efforts and socially just economic development
Fertility Rate
- Measure of the average number of children a woman gives birth to during her reproductive years (15-49)
- MDCs have lower; LDCs have higher
Formal Sector of the Economy
- Part of the economy that is officially recorded with the government
- Businesses, enterprises, and other economic activities that have government supervision, monitoring, and protection, and are also taxed
Gender Inequality Index (GII)
- Statistical measure of gender inequality that combines data on reproductive health, empowerment and labor-market participation
Gross Domestic Product (GDP) Per Capita
- Total value of the output of goods and services produced in a country over a specific time period, regardless of the producer’s national origin
- Divide GDP by total population to get per capita
Gross National Income (GNI) Per Capita
- Total income of a country’s residents and businesses, including investment income, regardless of where it was earned, as well as money received from abroad such as foreign investment and development aid
- Per capita GNI measures average wealth NOT distribution (rich v. poor)
Gross National Product (GNP) Per Capita
- Total value of goods produced and services made by a country’s residents and businesses in a specific period of time, regardless of the country or location in which they were made
Human Development Index (HDI)
- Statistical measure of human achievement that combines data on life expectancy at birth, education levels, and GNI per capita (PPP) population
- Indicator of level of development for each country combining three factors (economic, social, and demographic)
Income Distribution
- How a country’s total GDP is distributed among the individuals in its population
- Used to assess economic inequality within countries
Infant Mortality Rate
- Number of infant deaths per 1,000 live births
- Key demographic indicator used to assess social, economic, and other conditions
Informal Sector of the Economy
- Part of any economy that is not officially recorded, monitored, or taxed by the government
- Any part of a country's economy that is outside of government monitoring or regulation
Least Cost Theory
- Theory developed to try to describe the industrial location of certain industries in terms of minimization of three basic expenses:Â relative transportation costs, labor costs, and agglomeration costs
Literacy Rate
- Percentage of adults in a given country or region who can read and write
Microloans
- Very small loan to people with little income or collateral intended to help them establish or expand a small business
- Women in developing countries are the “poorest of the poor” and policies needed to break the bonds of poverty
Primary Economic Sector
- Those that harvest or extract from the earth
- Hunting and gathering, grazing, agriculture, fishing, forestry, and mining and quarrying are examples
- Largest in periphery (low-income) pre-industrial nations
Quaternary Economic Sector
- Services rendered by “white collar” professionals working in education, government, management, information processing, and research
- College degree typical
- Largest in core countries (post-industrial)
Quinary Economic Sector
- Services in high-level decision making roles; management decisions
- CEO/CFO, owners, high government officials
- Largest in core countries (post-industrial)
Renewable Energy
- Energy derived from natural sources that are constantly replenished at a rate faster than they are consumed
- Sunlight, wind, water, geothermal, and biomass
Secondary Economic Sector
- Manufacturing/processing/refining of primary products into new products
- Largest in semi-periphery (industrializing) countries
Sectoral Structure of an Economy
- Economic sectors are part of the global economy where different types of work are undertaken
- Primary, secondary, tertiary, quaternary, quinary
Shipping Container
- Standardized, stackable, intermodal boxes used to transport goods by ship, railroad, or truck
- Loading/unloading done more efficientlyÂ
- Dramatically lowered the cost of global shipping
Sustainable Development
- Development that meets present consumption needs without compromising the ability of future generations to meet their consumption needs
Tertiary Economic Sector
- Service industry – provides services (support) to the primary and secondary sectors
- Include financial, business, professional, clerical, personal services, wholesale and retail trade activities
- Largest in core countries (post-industrial)
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