Acronyms
Total value of the goods and products produced within a country's borders, excluding any outside the borders.
GDP
The theory that country's all interact with each other on different levels, including periphery, semi-periphery, and core countries.
Wallerstein's World Systems Theory
Jobs in this sector are focused on research and development. Ex: Research scientists, analysts and consulting.
Quaternary Sector
Multiple companies and businesses clustering within a specific area.
Agglomeration
A zone where agreements between countries and companies have been made to benefit the larger corporations by providing cheap labor and lower taxes.
EPZ (Economic Processing Zone)
The inequality and difference of power between women and men across 170 countries, considering reproductive health, empowerment, and labor market participation.
GII
The theory that businesses and production companies will locate where transportation and production costs are minimized.
Weber's Least Cost Theory
This sector focuses on harvesting, farming and mining raw materials from the earth. Ex: farmers, fishermen and miners.
Primary Sector
Moving production and business to a smaller periphery country for cheaper labor and production costs.
Outsourcing
Methods used to move people and goods like railroads, ships and planes.
Modes of Transportation
The value of goods and services that are produced by a country's residence, regardless of location or borders.
GNP
The theory that explains the general process in which a country develops and matures, including five steps.
Rostow's Stages of Development
Jobs in this sector include positions of power and decision making. Ex: CEOs, presidents and government officials.
Quinary
Form of tourism that focuses on travelling in a way that preserves environmental and local well-being.
Ecotourism
When a product takes up MORE space than the raw material it is made of did.
Bulk Gaining
A measure of a country's development considering health, education and standard of living across 170 countries.
HDI
The theory that there must be core, semi-periphery and periphery countries because they all depend and interact with each other in necessary ways.
Dependency Theory
Jobs in this sector focus on providing services and businesses. Ex: Retail, healthcare and finance.
Tertiary
Decrease in industrial and manufacturing activity in a region or country that often leads to a more service-based country.
Deindustrialization
When the finished product takes LESS space than the raw material used to create it.
Bulk Reducing
Total amount of income made by a country's residents.
GNI
When a country's economy is very dependent on one commodity or raw material that they sell to other countries.
Commodity Dependency
Jobs in this sector focus on taking the raw materials from the primary sector and creating products and finished goods out of them. Ex: Manufacturing, construction and food production.
Secondary Sector
The dispersal of companies and businesses from a clustered area usually due to economic situations.
Deglomeration
Agreement between Canada, Mexico and the United States that aimed to eliminate tariffs and other trade barriers between the three countries.
NAFTA (North American Free Trade Agreement)