Economic Sectors
Farming, fishing, and forestry are part of this economic sector.
What is the primary sector?
This model explains the stages of economic growth, from traditional society to mass consumption.
What is Rostow’s Stages of Economic Growth?
The clustering of similar businesses in an area to reduce costs and increase efficiency is known as this.
What is agglomeration
This index, created by the UN, measures a country's overall development based on life expectancy, education, and income.
What is the Human Development Index (HDI)?
What is the Human Development Index (HDI)?
This term refers to the process where countries specialize in certain goods and trade them to maximize efficiency.
What is comparative advantage?
The processing of raw materials into finished goods, like turning cotton into textiles, belongs to this sector.
What is the secondary sector?
This 20th-century model explains the location of industry based on transportation, labor, and agglomeration costs.
What is Weber’s Least Cost Theory?
The shift of manufacturing from core to periphery and semi-periphery countries due to lower labor costs.
What is outsourcing?
This index measures gender-based inequalities in health, empowerment, and labor market participation.
What is the Gender Inequality Index (GII)?
What is the Gender Inequality Index (GII)?
When two countries have goods or services that the other needs, leading to increased trade between them
What is complementarity?
Jobs in this sector include teachers, doctors, and retail workers.
These countries are dependent on core countries, have lower wages, and provide raw materials and cheap labor.
What is the periphery?
The establishment of these trade agreements, such as NAFTA and the EU, has increased regional economic cooperation.
What are free trade agreements?
This measure adjusts a country’s total economic output to account for population size, showing the average economic output per person.
What is GDP per capita?
A global organization that regulates international trade and resolves disputes between countries.
What is the World Trade Organization (WTO)?
High-tech industries and research-based occupations belong to this economic sector.
What is the quaternary sector?
This is the name of the theory developed by Immanuel Wallerstein that explains global economic disparities.
What is the World-Systems Theory?
These zones, often located in developing countries, provide tax breaks and lower labor costs to attract manufacturing industries.
What are Export Processing Zones (EPZs)?
This HDI measurement reflects the standard of living by considering income levels.
What is Gross National Income (GNI) per capita?
Microlending primarily benefits this group, as they are more likely to reinvest earnings into their families and communities.
Who are women?
The economic sector that includes high-level decision-making and executive roles in organizations.
What is the quinary sector?
A system in which core countries exploit periphery countries for raw materials, reinforcing global economic inequality
What is dependency theory?
These areas within a country offer special regulations to attract foreign investment and boost exports.
What are Special Economic Zones (SEZs)?
Theses two indicators are used to calculate reproductive health in the GII
What are maternal mortality ratio and adolescent fertility rate?
The term for factories in Mexico near the U.S. border that assemble products for export using imported materials.
What are maquiladoras?