Extra
What is offshoring?
The practice of a company moving part of its operations to another country.
What theory declares that prosperity is sustained in the core while poverty is sustained in the periphery.
Dependency Theory.
What measures the total value of goods and services produced inside a country in a year.
GDP - Gross Domestic Product.
When and Where did the Industrial Revolution begin.
Began in Great Britain in the 18th Century.
What are the four economic sectors?
Primary, Secondary, Tertiary, Quaternary.
What are the advantages of offshoring?
Low labor costs, fewer regulations, and more economic benefits.
What is Rostow's Stages of Economic Growth?
There are five steps/stages that a country must undergo in order to develop.
What does HDI stand for?
Human Development Index.
What was the Industrial Revolution?
A period of scientific and technological development in the 18th century.
What are Tertiary and Quaternary also known as?
Services and Knowledge Sectors.
What are economies of scale?
Cost advantages that businesses get as they increase production.
What stage of Rostow's stages of economic growth includes a traditional society and the social structure is rigid.
Stage one.
What does GII mean?
The measurement of gender inequality including reproductive health, empowerment, and labor market participation.
What is deindustrialization.
The loss of industrial activity in one region.
Define Break of bulk.
What is outsourcing?
When a company hires another company to handle part of its operations or services often in another country.
What is Commodity Dependence?
When a country's economy relies heavily on exporting a few raw materials.
The total value of goods and services produced by a country in a year - goods made inside and outside of the country.
GNP - Gross national product.
What is Imperialism?
Imperialism is the policy or practice of extending a nation's power and influence.
What is Weber's Least Cost Theory.
Theory looks at how the location of an industry is influenced by three main factors. (Transportation, Labor, and Agglomeration.)
What is the international division of labor?
Refers to how different parts of the world specialize in different types of economic activity.
What are the three cores involved with the Wallerstein's World System Theory?
Core, Semi-periphery, Periphery.
What is GNI?
GNI - Gross National Income.
GDP + Income from foreign investments and debt.
How was Colonialism impacted by the Industrial Revolution?
It fueled its expansion and reshaping its nature.
What is the characteristic of the Secondary Sector.
Taking the primary product and changing it into something else. Processed foods, making things. (Manufacturing)