Unit 7 Outline Review

Flashcards covering key concepts and vocabulary from Unit 7 Outline Review.

Industrial Revolution

A period of major industrialization that took place during the late 18th and early 19th centuries, significantly impacting society and production.

World System Theory

A macro-scale approach to analyzing the world economy, focusing on the socio-economic and political connections among countries.

Weber's Least Cost Model

A theory that proposes that the location of production is determined by minimizing costs associated with transportation, labor, and agglomeration.

GNP/GNI

Gross National Product/Gross National Income; measures of economic activity that include total economic output produced by a country's residents.

GDP

Gross Domestic Product; the total value of goods and services produced within a country in a given period.

PPP

Purchasing Power Parity; a method of measuring economic variables in different countries to compare the purchasing power of currencies.

GINI Index

A statistical measure that represents the income distribution of a nation's residents, used to gauge economic inequality.

TFR

Total Fertility Rate; the average number of children a woman would have over her lifetime, used as a measure of population growth.

IMR

Infant Mortality Rate; the number of infant deaths per 1,000 live births in a given year, indicating healthcare quality.

Life Expectancy

The average period a person may expect to live based on current mortality rates.

Literacy Rate

The percentage of people who are able to read and write, indicating education levels in a population.

GII

Gender Inequality Index; a measure of gender disparities in reproductive health, empowerment, and labor market participation.

HDI

Human Development Index; a composite statistic of life expectancy, education, and per capita income indicators used to rank countries.

Rostow's Stages of Economic Growth Model

A theory that proposes five stages of economic growth that countries progress through, from traditional society to high mass consumption.

Wallerstein’s World System Theory

A theory that divides the world into core, semi-periphery, and periphery countries based on economic development and power.

Comparative Advantage

The ability of a country to produce goods and services at a lower opportunity cost than others.

Complementarity

The concept that countries can benefit from trade if they offer goods or services that complement each other.

Trading Blocs

Groups of countries that engage in trade agreements to reduce tariffs and enhance trade among member countries.

New International Division of Labor

The spatial division of labor where different tasks of production are distributed globally based on cost efficiency.

EPZs

Export Processing Zones; areas where goods can be manufactured or processed for export with reduced tariffs and regulations.

Technopoles

Agglomerations of high-tech industries and associated services that foster innovation and economic growth.

Sustainability

The ability to meet present needs without compromising the ability of future generations to meet their own needs.

Ecotourism

Responsible travel to natural areas that conserves the environment and improves the well-being of local people.

UN Sustainable Development Goals

A collection of 17 global goals set by the United Nations in 2015 to achieve a better and more sustainable future for all.