Development & Economy
What does GDP stand for, and what does it measure?
GDP stands for Gross Domestic Product. It measures the total value of all goods and services produced in a country over one year. This gives an idea of the country’s economic health.
What is the term for locating industries to minimize labor, transportation, and agglomeration costs?
This approach is called Weber’s Least Cost Theory, which helps businesses decide the best location by minimizing costs related to labor, transportation, and clustering of industries.
Who created the Least Cost Theory and what does it focus on?
The Least Cost Theory was developed by Alfred Weber. It focuses on minimizing transportation, labor, and agglomeration costs to help industries decide where to locate their operations
What does NAFTA stand for?
NAFTA stands for the North American Free Trade Agreement, which aimed to reduce trade barriers between Canada, the United States, and Mexico.
What is ecotourism?
Ecotourism is a form of tourism focused on visiting natural areas. It aims to conserve the environment and positively impact local communities by being responsible and sustainable.
Name one difference between MDCs and LDCs.
MDCs, or More Developed Countries, have high incomes, good infrastructure, and strong industries. They are economically advanced. In contrast, LDCs, or Less Developed Countries, have lower income levels, less infrastructure, and fewer industries.
What is outsourcing, and why do companies do it?
Outsourcing is when companies hire others, often abroad, to make goods or provide services. Companies do it to reduce costs associated with labor or production.
Question: What is agglomeration, and how can it benefit businesses?
Agglomeration happens when businesses in related industries gather in one place. This reduces costs, allows them to share services, and can lead to more innovation due to close proximity.
Name one goal of the European Union (EU).
One goal of the European Union is to enhance economic cooperation and integration among its member countries. This helps create a unified market for goods and services.
How can ecotourism help developing countries?
Ecotourism can benefit developing countries by providing jobs, generating income, and encouraging the protection of natural environments. It helps boost the local economy while promoting sustainability.
What does GII stand for, and what does a high GII indicate?
GII stands for Gender Inequality Index. A high GII means there is a lot of inequality between men and women. This can be seen in things like access to health, job opportunities, and political power.
Give an example of a bulk-gaining industry.
Beverage bottling is an example. During production, the final product, like bottled drinks, weighs more than the raw materials used initially.
In World Systems Theory, which countries belong to the periphery?
In World Systems Theory, the periphery includes less developed countries. These countries often supply raw materials, labor, and agricultural products to more developed core and semi-periphery nations. 400
How does the EU promote economic cooperation?
The EU promotes economic cooperation by allowing free movement of goods, services, people, and capital across member countries. This fosters a stronger economic bond.
Can you name a sustainable development goal related to tourism?
One example is Goal 8: Decent Work and Economic Growth. This goal aims to provide good jobs for people and help economies grow in a fair way, which can be supported by responsible tourism practices
Describe the Primary and Tertiary sectors of the economy.
The Primary sector involves collecting natural resources. This includes activities like farming, fishing, and mining. The Tertiary sector is about services, such as education, healthcare, and retail. It focuses on providing help and support rather than producing goods.
Question: How does deindustrialization affect urban economies?
Deindustrialization leads to the loss of manufacturing jobs, which can cause economic decline. This often results in urban decay in cities that were heavily reliant on industries.
What kind of transportation is most cost-effective over long distances?
Shipping by water using cargo ships is the most cost-effective way to transport goods over long distances due to low cost per unit.
What are some criticisms of NAFTA?
Some criticisms of NAFTA include job losses in certain sectors, exploitation of cheaper labor in Mexico, and negative environmental impacts.
What is a possible problem with ecotourism?
A possible problem with ecotourism is that if it's not managed well, it can lead to environmental damage and disturb the lifestyle and traditions of local cultures. This can happen if too many people visit or rules are not followed.
What is the main goal of Rostow’s Stage 5 in his Stages of Development?
Rostow’s Stage 5 aims for high mass consumption. Economies reach this stage when they focus on producing and consuming goods and services. It’s marked by high income levels and widespread prosperity.
What is the role of Export Processing Zones (EPZs) in global trade?
EPZs are special areas where governments provide benefits like tax breaks to attract foreign companies. The aim is to boost exports by making it appealing for businesses to operate there.
Compare the core and semi-periphery in World Systems Theory.
Core countries are rich and have a large influence on global trade and production. They are leaders in the economic world. Semi-periphery countries are those that are industrializing and show traits of both core and periphery countries, acting as a bridge between the two
How do trade blocs influence globalization?
Trade blocs encourage greater trade and economic interdependence between member nations, which accelerates the process of globalization by creating larger markets and reducing barriers.
How does tourism impact local cultures and economies in good and bad ways?
Tourism can have positive impacts by creating jobs and helping preserve local heritage and traditions. However, it can also have negative impacts if it makes cultures too commercialized and causes local economies to rely too much on tourism for income, which can be risky if tourist numbers drop.