Definitions
It involves the low income per capita, the human assets index, and economic and environmental vulnerability. It has been characterized by low economic output, industrialization, and infrastructure.
What is LDC
Whait are the three different models or theories discussed in unit 7?
World systems theory, Webers least cost theory, and Rostow's stages of development
Name the four types of economic activities?
What is Primary, Secondary, Tertiary, Quadinary.
What is Industrialization
Characterized by a high standard of living and advanced technology, the countries are marked out for nowadays highest levels of economic output, industrialization, and infrastructural development.
What is MDC?
Define core, periphery, semi-periphery
Core: These are the most economically developed and politically powerful countries, which tend to have advanced technology, capital, and skilled labor.
Semi-periphery: This group of countries falls in between the core and the periphery. They have some level of industrialization, but they are still dependent on the core countries in many ways.
Periphery: These are the countries that are less economically developed and dependent on the core. They often provide raw materials, cheap labor, and agricultural products to the core countries.
Define a primary economic activity
Any type of economic activity that involves the direct extraction or harvesting of natural resources from the Earth
Transportation by water, air, rail, and road.
Modes of Transportation
This is what NAFTA stands for.
What is the North American Free Trade Agreement.
The total value of the goods and services produced inside a country in a year
What is GDP
Name the 5 stages of Rostow's stages of development.
What is Traditional Society, Preconditions of Takeoff, Takeoff, Drive to Maturity, and High Mass Consumption
Define a secondary economic activity
The processing, manufacturing, or construction of products using the raw materials obtained from primary economic activities.
Shows spatial variations between states in levels of development.
HDI
Bulk Gaining
The composite measure was birthed by the United Nations Development Programme (UNDP) that reflects the potential human development loss from gender inequality due to three dimensions of reproductive health, empowerment, and labor market.
What is GII?
What theory says that the cost of items increases with the distance that you have to travel to get the materials?
What is Weber's least cost theory
Define a tertiary economic activity
The provision of services rather than the production of goods. These activities support both the primary and secondary sectors and are essential for the functioning of the economy and society.
Explain Export Processing Zones
Export processing zones are special areas within a country designed to attract foreign investment and promote exports by offering favorable business conditions. They are typically set up near ports or borders to facilitate the easy movement of goods.
An industry where the final product takes up less space than the raw materials.
Travel based outdoors that contributes not only to the conservation of the environment by protecting natural ecosystems and enhancing the welfare of local communities but also provides educational and interpretive experiences.
The theory argues that global inequalities are not the result of isolated events but are part of a larger, interconnected global system where some countries benefit at the expense of others using core, semi-periphery, and periphery.
What is the world systems theory
Define a quaternary economic activity
Intellectual services and knowledge-based activities. These are high-level tasks that focus on information, research, education, and the development of new ideas.
The group was formed to promote peace, stability, and cooperation, to foster economic and social progress, and to ensure the free movement of people, goods, services, and capital.
What is the EU
Explain what Agglomeration is
Agglomeration refers to the clustering or concentration of people and economic activities in a particular area. It’s a concept used to explain why businesses, industries, and services tend to locate close to each other, especially in cities or industrial regions.