Economic Theories
Which of Rostow's stages has the most agriculture?
Trad. Society
Name one property of an LDC and one property of an MDC.
LDC is likely poor/periphery, in the first two Rostow stages, less technology and manufacturing. MDC is likely richer/semi-periphery or core, within the last 3 Rostow stages, more technology and manufacturing.
Define NIDL.
International Division of Labor
Define the meaning of industrialization?
Becoming more industrial or machine-based.
Who has the highest GDP?
United States
What are some properties of Rostow's 3rd stage of development? (name at least 2)
Industrialization, Urbanization, More Technology, Mass Production
Australia outsources from the Philippines for many products and has advanced technology. MDC or LDC?
MDC/More Developed Country
What type of country is most likely to outsource from another country?
Core, 4th or 5th Rostow Stage, MDC
Define the meaning of Deindustrialization
The process of declining industrial activity in a region or economy, leading to shift away from manufacturing and service-based industries.
A higher GII score means a country is more...
Developed
Name 3 of Rostow's Five Stages of Development.
Trad. Society, Preconditions of Takeoff, Takeoff, Drive to Maturity, High Mass Consumption
An LDC is likely in which two of Rostow's Stages of Development?
1 and 2
What free trade agreement is the US a part of?
United States-Mexico-Canada Agreement (USMCA)
What trend occurred in the food production and population growth due to the Industrial Revolution?
there are more machines in agriculture.
What country has the highest GDP per capita?
Luxembourg
What is the difference between Semi-Periphery and Periphery countries?
Semi-Periphery still outsources from other countries, similar to a Core country.
An MDC is likely in which 2 of Rostow's Stages of Development?
4 and 5
What is it called when a company saves more money by producing more?
Economies of Scale
How is imperialism and colonialism impacted by industrialization?
Steam engines and other machinery opened the gate for many countries which made it easier for them to travel.
What are two factors considered in a GII score?
Reproductive health, Empowerment, Labor Market
Define the Dependency Theory.
Prosperity is sustained in the core and poverty is sustained in the periphery. Rich will stay rich and poor will stay poor.
Russia is commonly outsourced by China and other countries while also outsourcing from America and Canada. They are known for their advanced technology, but they are commonly outsourced for their petroleum and crude oil. MDC or LDC? Core, semi-periphery, or periphery?
MDC and Semi-Periphery
What are two FTAs excluding USMCA?
KORUS, AUFTA, CAFTA-DR, CETA, China-ASEAN, RCEP
What happened during industrialization and when did it happen?
Happened mid 1700s-1800s
- Shifts from agriculture to Manufacturing in england.
How is GDP calculated? Choose at least two factors.
Consumer Spending, Business Investment, Government Spending, Net Exports