Wallerstein's Theory
Give 3 examples of Core countries
Australia, Canada, Finland, France, Germany, Japan, UK, USA, Belgium, Denmark, Norway, Portugal
What is the definition of GNI
(Gross National Income) is the total amount of factor incomes earned by the residents of a country
Give an example of Outsourcing
Customer Service, Human Resourcing, Sales, Accounting, Payroll, Marketing, Call Centers, Manufacturing
Define Industrialization
The process by which economic activities evolved from producing primary goods to using factories and manufacturing for mass producing goods
Name the 4 types of Economic Activies
Primary, Secondary, Tertiary, Quaternary
Explain Wallerstein's Theory
Wallerstein's Theory claims that rich core capitalist societies succeed by exploiting poorer peripheral ones.
What is a Bulk-Gaining Industry
An industry in which the final product has more space than the raw materials
Define Outsourcing
When a company hires an external party to preform tasks or services that were previously done in-house
What were 3 major impacts of Industrialization
Economic growth, more efficient division of labor, growth spurt in technological innovation
Define Break of Bulk
A location along a transport route where goods must be transferred from one mode to another
Give 3 examples of Periphery countries
Afghanistan, Argentina, Bangladesh, Cambodia, CAR, Cuba, Greece, Philippines, Zimbabwe, Bolivia, Vietnam, Chad, Egypt, Haiti, China
Define Off-Shoring
The practice of basing some of a company's processes or services overseas, so as to take advantage of lower costs
Name 3 companies that use Outsourcing
Google, Skype, Whatsapp, Apple, IBM, American Express, Facebook, Walmart, Amazon, Nike
What was the main problem with Industrialization
Poor living and working conditions
What is the Dependency Theory
Declares that prosperity is sustained in the core, while poverty is sustained in the periphery
Give 3 examples of Semi-Periphery countries
China, India, Russia, Brazil, Mexico, Indonesia, Argentina, South Africa, Chile, Saudi Arabia, Turkey, Ukraine
Define Economies of Scale
A proportionate saving in costs gained by an increased level of production
Name the 4 types of Outsourcing
Professional, IT, Manufacturing, Project
Explain the difference between Industrialization and Deindustrialization
Industrialization is the process of shifting from agriculture to manufacturing, while Deindustrialization is production shifted from manufacturing to services
What were the 5 acronyms that we had on the back of our folders
HDI, GNI, GDP, GNP, GII
What is a strength and a weakness of Wallerstein's World Systems Theory
Strength- it's ability to provide an understanding of global economic relationships
Weakness- it fails to fully account for the rise of globalization
Agglomeration is the process of collecting in a mass, while Deglomeration is the process of breaking up a mass into fine particles
How does Outsourcing influence the relationship between domestic industries and global markets
Opens up vulnerabilities to shifting global relations, trade wars, and economic instability abroad
Water/Air pollution, reductions in biodiversity, destruction of wildlife habitat, global warming
Name the 5 stages of Rostow's model of development
1. Traditional Society 2. Preconditions to Takeoff 3. Takeoff 4. Drive to Maturity 5. High Mass Consumption