Vocab
___ Country.
Country that is industrialized and benefit most from the global market, possessing strong economies, technology, and political influence.
Core Country
What are the three parts of Wallerstein's World System Theory?
Core, Semi-periphery, Periphery
Primary
Secondary
Tertiary
Quaternary
What is GDP?
GDP stands for Gross Domestic Product.
This measure the total economic output of a country over a given period of time.
Name 2 core countries.
U.S.A
Spain
Italy
Canada
France
Great Britain
Australia
Germany
What are microloans?
Small loans provided to individuals/small businesses who are typically excluded from traditional banking services.
What stage is Preconditions for Takeoff? (Rostow's Theory)
Stage 2
What are some economic characteristics of a country of a primary sector?
Agriculture, ranching, mining, hunting, etc.
What are 3 measures of development?
GNI
GDP
GNP
HDI
GII
What does EPZ stand for and what is it?
Export Processing Zone
An area where businesses can import/export goods without tariffs or duties.
What is Commodity Dependence?
When a country has more than 60% of its total exports made up of just commodities.
What is Dependency Theory?
Anti-Rostow Theory.
Theory that suggests that developing countries are dependent on developed countries for their economic growth.
What are type of services does the tertiary sector offer?
Bankers, lawyers, teachers, nurses, etc.
What is GNI?
GNI stands for Gross National Income.
Total amount of income generated by a country's businesses/residents, both domestically and abroad in a given year.
What are some criticisms for Wallerstein's Theory?
Theory fails to account for nongovernmental organizations that offer microfinancing.
It's too simplistic because it focuses on core-periphery that fails to capture the diversity of different regions.
What is the term for a clean, sustainable way of traveling? What are its characteristics?
Ecotourism
Activities/tours that promote conservation and information about the culture and environment
What are the names of the five stages of Rostow's Modernization Theory?
Traditional Society
Preconditions of Takeoff
Takeoff
Drive to Maturity
High Mass Consumption
How do the sectors relate to each other?
The economic sectors are interconnected, each relying on the others for resources, production, and distribution.
What is GII?
GII stands for Gender Inequality Index
Composite index that measures gender-based inequality based on health, education, and economic participation.
What stage would the first Agricultural Revolution fit into? (Rostow's Theory of Modernization)
Stage 1
Stage consists of subsistence farming and a rigid social structure.
What is an economic/political ideology that emphasizes individual freedom over government control. (Free markets and free trade)
If a country was in stage three of the Demographic Transition Model, what stage would it be in for Rostow's Modernization Theory? Why?
Stage 3
Because that is when more people have access to education, healthcare, and it is more industrialized.
How do technological advancements affect the different economic sectors?
Technological advancements impact economic sectors by boosing innovation, productivity, creating new industries/job opportunities, and transforming traditional business models.
What measure of development is used to measure the social/economic development of a country?
HDI - Human Development Index
Name a periphery country in Asia.
Bangladesh
Indonesia
Afghanistan
Bhutan
Cambodia
Laos