Ap Hug

Quinary Sector

Involves high-level decision making and specialized knowledge including services like education, healthcare, and scientific research.

Quaternary Sector

Focuses on information services, knowledge-based services, and technology, leveraging skills related to finance, insurance, real estate, and education.

Tertiary Sector

Involves the provision of services rather than goods.

Secondary Sector

Comprises industries that process raw materials and manufacture goods.

Primary Sector

Involves extraction of natural resources and raw materials.

GDP (Gross Domestic Product)

The total monetary value of all goods and services produced within a country's borders in a specific time period.

GNP (Gross National Product)

Measures the economic output produced by the residents of a country, including any income earned abroad.

GNI (Gross National Income)

Similar to GNP, it measures the total income of a nation from domestic and foreign sources.

GDP Per Capita

GDP divided by the population of the country, providing a per-person measurement.

Human Development Index (HDI)

A composite statistic of life expectancy, education, and per capita income indicators.

Gender Inequality Index (GII)

Reflects gender-based inequalities in reproductive health, empowerment, and labor market participation.

Gender Empowerment Index (GEM)

Measures gender inequality in terms of women's participation in economic and political life.

Purchasing Power Parity (PPP)

A method of measuring the relative purchasing power of different countries' currencies through a market basket of goods approach.

Dependency Theory

Suggests that resources flow from periphery nations to core nations, leading to wealth concentration in developed countries.

World System Theory

Analyzes societies based on a global economic system’s core, semi-periphery, and periphery dynamics.

Least-Cost Theory

Model that explains the location of industries based on minimizing costs of transport, labor, and agglomeration.

Mercantilism

Economic theory advocating for a positive balance of trade to generate wealth.

Neoliberalism

Advocates for free-market capitalism with minimal government intervention.

Wage Labor

The socioeconomic relationship where labor is exchanged for monetary compensation.

Labor Productivity

Measurement of the amount of goods and services produced by a worker in a given time period.

Worker Class and Middle Class

Refers to socio-economic classes categorized by income and occupational status.

Mass Production

Manufacturing large quantities of standardized products using assembly line technology.

Labor Unions

Organizations formed by workers to protect their rights and interests.

Mass Consumption

A societal consumption pattern where large amounts of standardized goods and services are consumed by a population.

Transnational Corporation (TNC)

A company that operates in multiple countries, often with headquarters in one nation.

World Trade Organization (WTO)

An intergovernmental organization that regulates international trade.

Import Substitution Industrialization (ISI)

Trade and economic policy aiming at replacing foreign imports with domestic production.

Free Trade Agreement

A pact between two or more countries to reduce trade barriers and tariffs.

Agglomeration Economies

The benefits that firms obtain by locating near each other, which creates efficiencies.

Export Processing Zones (EPZ)

Areas in a country where goods can be imported and manufactured for export without the usual tariff or customs duties.

Just-In-Time Manufacturing (JIT)

An inventory management system that aligns raw-material orders with production schedules.

Debt Crisis

A situation in which a country or organization is unable to repay its accrued debt.

Deindustrialization

The decline of industrial activity in a region or economy.

Outsourcing

The practice of obtaining goods and services from an outside supplier.

Corporate Disinvestment

The withdrawal of corporate investments in specific sectors or geographical areas.

Sustainable Development

Development that meets current needs without compromising future generations.

Ecotourism

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

Carbon Neutrality

Achieving net-zero carbon dioxide emissions by balancing carbon emitted with carbon offset.

Resource Depletion

The consumption of a resource faster than it can be replenished.

Carbon Offsets

Reductions in emissions of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere.

Point Source Pollution

Contaminants that enter the environment from a single, identifiable source.

Nonpoint Source Pollution

Contaminants that come from multiple diffuse sources, often related to rainwater runoff.