Studied by 7 people
fse
quaternary economic activity
“white-collar jobs”; professionals working on management and information processing and disseminating.
developing country
a country in an earlier stage of development. developing implies that the country has already made some progress and expects to continue
less developed country
a country that, according to the United Nations, exhibits the lowest indicators of socioeconomic development
monarchy
a form of autocracy with a hereditary king or queen exercising power
totalitarian
a form of government that attempts to assert total control over the lives of its citizens
cottage industry
a kind of business that employs workers in their homes; small-scale production, not for commercial business
one-party state
a sovereign state in which only one political party has the right to form the government, usually based on the existing constitution. All other parties are either outlawed or only enjoy limited and controlled participation in elections
human development index
a statistic composite index of life expectancy, education, and per capita income indicators, which is used to rank countries into tiers of human development
traditional economy
a system in which tradition and custom control all economic activity; exists in only a few parts of the world today
secondary economic activity
add value to the raw materials by changing their form, or combining them into useful and hence more valuable commodity
free trade zone
an area of a country in which trade restrictions do not apply
service industry
an industry in that part of the economy that provides services rather than tangible objects
United Nations (UN)
an international governing body formed in 1945 to increase political and economic cooperation among its member countries
nationalism
belief in the right of each people to be an independent nation
Command economy
Complete government control over the economic production and distribution of goods in a country; private businesses and ownership are not allowed
tertiary economic activity
Consist of those businesses and labor specialization that provide services to the general community.
subsistence farming
farming that provides the basic needs of a family with little surplus
republic
form of government in which a state is ruled by representatives of the citizen body
dictatorship
form of government in which one person or a small group possesses absolute power without effective constitutional limitations
commercial farming
growing large quantities of crops or livestock in order to sell them for a profit
developed country
high-income country, is a sovereign state that has a high quality of life, developed economy, and advanced technological infrastructure
Free market economy (laissez-faire)
No government interference for any economic activities; the production and distribution of goods is controlled by the people, not the government
outsourcing
obtain (goods or a service) from an outside or foreign supplier, especially in place of an internal source.; contract (work) out or abroad.
commercial industry
producing goods for a widespread consumer base
Geopolitical significance
regions that can/will impact relations with other regions and nations
Communism
society based on equitable distribution of wealth, land, and public ownership of production
mixed economy
Some government interference in economic activities; private businesses are acceptable and possibly encouraged although the government somewhat regulates the production and distribution of goods
democracy
system of government in which leaders rule with consent of the citizens
theocracy
system of government in which the officials are regarded as divinely inspired
sustainable development
technological and economic growth that does not deplete the human and natural resources of a given area
Gross Domestic Product per capita (GDP per capita)
The average income earned per person in a given area in a specific year
sovereignty
the right to have absolute and unlimited power, either legal or political, within a territory of a state
infrastructure
the set of systems that affect how well a place or organization operates, such as telephone or transportation systems, within a country
terrorism
the use of force or violence against persons or property in violation of the criminal laws of the United States for purposes of intimidation, coercion, or ransom
Gross National Product (GNP)
the value of all products and services produced by the citizens of a country both domestically, and internationally minus income earned by foreign residents
Gross Domestic Product (GDP)
the value of goods and services produced within a country in a year
primary economic activity
These economic activities are directly tied to the extraction resources of the earth. Such economic activities occur at the beginning of the production cycle where people live in close contact with the resources of the land.
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Flashcard (55)