Unit 7 Vocab APHG

primary sector of economy

Economic activities that generate or extract raw materials from the natural environment

secondary sector of the economy

economic activities that transform raw materials into manufactured goods

Tertiary sector of the economy

economic activities related to delivering services, including the creation and distribution of information

Quaternary Sector of the Economy

The growth in technology and business leads to specialization of services, including the handling and processing of information and capital, medicine, law, education, investment and finance, research and development, computer technology

Quinary Sector

The most advanced form of Quaternary activities consisting of high-level decision making for large corporations or high-level scientific research.

Alfred Weber's Theory of Industrial Location (Least Cost Theory)

Also called Weber's least cost theory, states that the location of industrial manufacturing is determined by the characteristics that will lead to the lowest cost for the produce. Also states that cost of production is the number one determining factor in the process of deciding where manufacturing is located.

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.

Economic measures of development

Methods for measuring the economic development of a country such as GDP per capita, Types of Jobs, Productivity, Consumer Goods

Gross National Income (GNI)

The value of the output of goods and services produced in a country in a year, including money that leaves and enters the country

Income distribution

how the nation's total income is distributed among its population

Index of Empowerment

The Gender-related Development Index (GDI) is an index designed to measure of gender equality. GDI together with the Gender Empowerment Measure (GEM) were introduced in 1995 in the Human Development Report written by the United Nations Development Program

Human Development Index (HDI)

Measures life expectancy, literacy, education, GDP per capita, etc. Importance: Shows standard of living and well being of a nation's people.

MDC

More Development Country. A country that has progressed relatively far along a continuum of development.

LDC

Less Developed Country. A country that is at a relatively early stage in the process of economic development

Rostow's Stages of Development

A model of economic development that describes a country's progression which occurs in five stages transforming them from least-developed to most-developed countries.

Wallerstein's World Systems Theory

Developed by sociologist Immanuel Wallerstein. Is an approach to world history and social change that suggests there is a world economic system in which some countries benefit while others are exploited

UN Millennium Development Goals

A set of goals and accompanying targets set by the UN, aimed at addressing poverty and inequality.

periphery countries

the least developed and least powerful nations; often exploited by the core countries as sources of raw materials, cheap labor, and markets

semi-peripheral nations

in-between nations, not powerful enough to dictate policy but acting as a major source of raw materials and an expanding middle class marketplace

core country

countries that dominate trade, control the most advanced technologies, and have high levels of productivity within diversified economies.

Microloans / Microcredit / Microfinance

The extension of very small loans to impoverished borrowers who typically lack collateral, steady employment, or a verifiable credit history. It is designed to support entrepreneurship and alleviate poverty.

Standards of living

a measurement of prosperity or wealth for the people in a country usually measured in terms of income

Complementary Advantages

When two regions specifically satisfy each other's needs through exchange of raw materials and or finished goods

Comparative advantage

the ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals

International trade blocs

type of intergovernmental agreement, often part of a regional intergovernmental organization, where barriers to trade (tariffs and others) are reduced or eliminated among the participating state (EU, USMCA)

Global Financial Crisis

The economic crashes that happened internationally due to the globalization of the world's economy. Problems in some countries (Europe and the United States), caused financial problems in countries that trade with them. Ex. period of extreme stress in global financial markets and banking systems between mid 2007 and early 2009

newly industrialized country

A country that has begun transitioning from primarily agricultural to primarily manufacturing and industrial activity

Outsourcing

A decision by a corporation to turn over much of the responsibility for production to independent suppliers.

International division of labor

An outcome of globalization. The term is meant to explain the spatial shift of manufacturing industries from advanced capitalist countries to developing countries.

economic restructuring

changes in the way the economy, firms, and employment relations are organized

De-industrialization

process of social and economic change caused by the removal or reduction of industrial capacity or activity in a country or region, especially heavy industry or manufacturing industry. It is the opposite of industrialization

Manufacturing Zones

property on which the zoning ordinances allows manufacturing or industrial use

free trade zone

a selected area where products can be imported duty-free and then stored, assembled, and/or used in manufacturing.

Service Sectors of the economy

The tertiary sector or service sector is the third of the three economic sectors of the three-sector theory, provides intangible goods

high-technology industries

the high-tech sector can be defined as industries having high concentrations of workers in STEM (Science, Technology, Engineering, and Mathematics) occupations.

Growth Poles/Growth Centers

The concentration of highly innovative and technically advanced industries that stimulate economic development in linked businesses and industries

Silicon Valley

a region in California south of San Francisco that is noted for its concentration of high-technology industries

Research Triangle

Raleigh, Durham, and Chapel Hill are called this, because of the several universities and many research organizations located there.

Government Initiatives

an important act or statement by the government that is intended to solve a problem, executed by the government

Mass Consumption

a large number of people purchasing large quantities of goods

Ecotourism

Tourism directed toward exotic, often threatened, natural environments, intended to support conservation efforts and observe wildlife

cottage industry

Manufacturing based in homes rather than in a factory, commonly found before the Industrial Revolution.

Factory System

When workers are gathered into one location, and all necessary machinery is powered by belts from one steam engine.