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rowstows stages of economy aa

-Traditional society:  economy is in primary sector(agriculture.)

-precondition for takeoff: economy begins to grow, productivity increases. jobs open up in manufacturing processes raw resources

-Takeoff: rapid economic growth, jobs evolve. leads to urbanization

-drive to maturity: participates more in global trade, more consumer goods

High mass consumption stage- economy is fully developed.

5 economic sectors

Primary- Agriculture, natural resources

Secondary- production of raw materials

Tertiary-  Jobs and activities to provide services

Quaternary - Jobs for acquiring and processing information (teachers, journalists)

Quinary-  Jobs for making decisions ( Ceo, presidents)

GDP, HDI,

GDP- total value of all goods and services produced within a countrys border over a specific period of time

core, semi periphery, periphery

Core- most advanced economy best standard living

semi-periphery- getting there, industrializing

periphery- lower standard of living, rely on developed countries

break of bulk

break of bulk point:

A location where goods are transferred from one mode of transportation to another

Alfred Weber's

Least Cost Theory

Transportation Costs

Labor Costs

Agglomeration

Agglomeration / deglomoration

Clustering of different economic activities and industries in a specific geographic area

apposite of agglomeration

bulk reducing good- bulk gaining good

bulk reducing-becomes lighter to transport

bulk gaining- becomes heavier to transport

NAFTA/USMCA

nafta- north american free tarde agreement ; agreement between us canada and mexico to eliminate trade barriers.

usmca- united states mexico-canada agreement. replaced nafta

four tigers/ dragons

highly developed rapidly growing economies

hong kong, south korea, Singapore, taiwan

methods transport

road,rail,sea,air (sea cheapest)

industrial revolution and characteristics

began in late 18 century, characterized by mass production . technological innovations

industrial hearths

where industrialization began. first hearth was britan

manufacturing regions in the world

east asia, western eu, northeastern usa

outsourcing

contracting work to external companies

BRICS

brazil, russia,india, china, south africa. emerging economies

maquiladora

factories near us border, produce goods for

exports

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