Theories/Models
What are the 3 types of countries in Wallerstein's World Systems Theory?
Core, Semi-Periphery, and Periphery
What does GDP stand for?
Gross Domestic Product
The unequal distribution of wealth and income in society
Income inequality
Define Industrialization.
The process by which economies transform from primarily agrarian societies to ones based on the manufacturing of goods and services.
The process of using standardized containers to transport goods efficiently by land, sea, or air.
Containerization
What are some characteristics of a stage 5 country according to Rostow's Stages of Economic Development?
High incomes, widespread production of goods and services, many people working in the service sector
The measure of a country's total income earned by its residents, regardless of whether that income is earned domestically or abroad.
GNI (Gross National Income)
Small loans provided to individuals or small businesses for promoting economic development
microloans
Who created the Least Cost Theory?
Alfred Webber
A sustainable travel approach that focuses on responsible visits to natural areas, conserving the environment, and improving the well-being of local communities.
Ecotourism
Which theory declares that prosperity is sustained in the core while poverty is sustained in the periphery?
Dependency Theory
What does the Human Development Index (HDI) measure?
The status of life in a country based off life expectancy, education levels, and income per capita.
Women earn less than men for the same work force a phenomenon known as
gender pay gap
What are some reasons a company might outsource labor?
- Cost Savings
- Increased efficiency
- Access to talent
-Increased flexibility
The clustering of people, businesses, and activities in a particular area, creating a concentration that often leads to increased efficiency and collaboration.
Agglomeration
Less developed countries are characterized in which ecomonic sector?
Primary Sector
What's the difference between Gross Domestic Product (GDP) and Gross National Product (GNP)?
Gross Domestic Product only counts the product made within the country's borders, while Gross National Product counts any product produced by the country's citizens regardless of whether it was produced domestically or abroad.
Less developed countries tend to have _ wage gaps whereas more developed countries have _ wage gaps.
Wide, Narrow
If two countries have a complementary index score of 92, are they a good or bad match for trade?
Good Match
Taxes imposed by a government on imported goods, which raise the price of these goods in order to protect domestic industries and generate revenue.
Tariff
A core country is most likely to be in which stage of the Demographic Transition Model?
Stage 4 or 5
What does the Gender Inequality Index (GII) measure?
The gender disparities in reproductive health, empowerment, and labor market participation.
As women get involved in the workforce what are the results?
Increased participation in workforce, changes in family dynamics, economic independence, Social attitude changes.
What is the place where goods are transported from one mode of transportation to another called?
Break-Of-Bulk Point
An economic and political ideology that promotes free markets, deregulation, and minimal government intervention in the economy.
Neoliberalism