Economic Sectors
Coffee bean growers falls under what economic sector?
Primary Sector
Define core countries
Define Formal Economy and Informal Economy
Formal Economy is the legal economy, and informal economy is illegal economy that isn't taxed
What does Rostow's Model assume?
It assumes all countries follow the same process of development
New International Division of Labor is an outcome of globalization and pursuit of cheap labor. True or False?
True
"The extraction of economically valuable products from the earth" is what economic sector?
Give an example of a core country
U.S, Canada, Japan
What is gross domestic product
Gross domestic product is the total value of goods and services produced INSIDE a country in a year
What is Traditional Society defined as in Rostow
their dominate activity is subsistence farming with slow to change to technology
Why were Economic Processing Zones created?
These were created to attract new industries
Service Industries such as teacher, doctors, nurses fall under what economic sector?
Tertiary Sector
Define Periphery countries
A country with lower levels of education, lower salaries, and less technology
The total value of goods and services produced by a country in a year is...
Gross National Product
What are the five stages of Rostow
Traditional society, Precondtions to takeoff, takeoff, drive to maturity, and high mass consumption
What is Outsourcing
Outsourcing is when you relocate companies to a periphery country where labor costs are lower
"Taking the primary product and changing it into something else" is the definition of what sector?
Secondary Sector
Define Semi-Periphery countries
This country is exploited by a core country meanwhile exploiting a periphery country
What is Gross National Income
It's the most accurate way to measure a country's wealth
Define High Mass Consumption
This involves high incomes, widespread of production goods and services, and many people working in the service sector
What is Agglomeration
The spatial process of clustering by commercial enterprises for mutual advantage and benefit
What is the Quaternary Sector?
Services that is concerned with information or the exchange of money or goods
Give an example of a Semi-Periphery country
GDP+income from foreign investments-foreign debts
What is the alternative to Rostow's Model? Define it
The alternative is Dependency Theory and it essentially states that oeriphery countries are exploited by core countries in order to sustain economic growth
The breaking up of industry is what?
Deglomeration