hgap AP units 6-7

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Capitalism

An economic system characterized by private ownership of the means of production and operation for profit, where supply and demand dictate prices.

Command Economy

An economic system in which the government makes all decisions regarding the production and distribution of goods and services, often with centralized planning.

Complementary advantage

A theory in economics that suggests that countries will specialize in the production of goods where they have a lower opportunity cost, leading to more efficient global trade.

Comparative advantage

The ability of a party to produce a particular good or service at a lower opportunity cost than another party, leading to increased efficiency in trade.

Competitive advantage

The attributes or conditions that allow a company or country to produce goods or services more efficiently or at a lower cost than others, enabling it to outperform competitors.

Economies of scale

The cost advantage that a business gets as it produces more of a good or service.

Export-processing zones (Special economic zones)

Geographically designated areas in which companies benefit from reduced taxes and regulations to promote export manufacturing.

Free market (Laissez-faire)

An economic system that allows supply and demand to determine prices and production without government intervention.

International division of labor

The allocation of different tasks in production processes across different countries, where each country specializes in specific aspects of production to enhance efficiency.

International Monetary Fund

An international organization that promotes global economic cooperation and financial stability by providing monetary support and advice to member countries.

MERCOSUR

A regional trade bloc in South America that promotes free trade and economic integration among its member countries, primarily Argentina, Brazil, Paraguay, and Uruguay.

Neoliberal policies

Economic reforms advocating deregulation, privatization, and reducing government intervention.

OPEC

An intergovernmental organization of oil-exporting countries that coordinates and unifies the petroleum policies of its members, aiming to secure fair prices and a regular supply of oil.

Opportunity cost

The loss of potential gain from other alternatives when one alternative is chosen.

Public investment

Investment in infrastructure and services by the government to stimulate economic growth.

Public transportation & infrastructure projects

Expenditures by the government aimed at increasing public facilities and services that benefit society, typically leading to economic growth.

Socialism

an economic system where the means of production and distribution are owned or regulated by the community as a whole.

World Trade Organization (WTO)

An international organization that regulates and promotes global trade. It aims to ensure that trade flows as smoothly, predictably, and freely as possible.

International Monetary Fund

An international organization that aims to promote global economic stability and growth by providing financial assistance and advice to its member countries.

African City Model (Sub-Saharan)

A model used to explain the urban structure of African cities, characterized by a central business district, informal settlements, and various zones of social and economic activity.

Burgess Concentric-Zone model

A model that describes urban land use in concentric circles, where each zone has distinct characteristics and functions, typically radiating from the central business district.

Farmland protection policies

Policies aimed at preserving agricultural land from development and urban sprawl, ensuring sustainable farming practices.

Galactic city model

An urban model that describes a city with multiple centers of activity, often with a decentralized structure and a focus on automobile accessibility.

Garden city movement

A planning concept aimed at creating self-contained communities surrounded by greenbelts, combining both urban and rural features to optimize living conditions.

Gentrification

The process of renovating deteriorated urban neighborhoods by influxes of more affluent residents, often leading to the displacement of lower-income families.

Gravity Model

A model used to predict the interaction between two places based on their size and distance, indicating that larger places attract more people and that distance affects the level of interaction.

Griffin-Ford Latin America city model

A model that describes the spatial structure of Latin American cities, highlighting the elite residential sector and the elements of urban morphology that impact social and economic dynamics.

Harris and Ullman Multiple-Nuclei model

an urban model that depicts a city as a collection of independent clusters, each with its own function, rather than a single central business district.

Hoyt Sector model

A model that describes urban land use in sectors radiating out from the central business district, with different land uses arranged in wedges based on transportation routes.

Metropolitan area/metropolis

A large urban area that typically comprises a densely populated city core and its surrounding suburban and rural areas, functioning as an economic and social hub.

New Urbanism

An urban design movement that promotes sustainable and walkable communities, emphasizing the creation of mixed-use neighborhoods that reduce reliance on cars.

Southeast Asian City Model

A model that illustrates urban land use patterns in Southeast Asian cities, characterized by a central zone of colonial commercial activities surrounded by ethnic neighborhoods and squatter settlements.

Slow-growth cities

cities that prioritize sustainability and quality of life over rapid development, often implementing policies to control urban sprawl.

Smart-growth policies

strategies aimed at sustainable urban development that focus on environmental protection, economic viability, and quality of life.