Rostow's Theory
What is one trait of stage 1 of Rostow's Model?
- subsistence farming
- slow technology growth
- rigid social structure
- hunting/gathering
This process involves the transfer from an agriculture economy to one dominated by manufacturing of goods in factories.
Industrialization/Industrial Revolution
What is an example of a common core country?
United States, United Kingdom, Australia, Canada
What is HDI?
Human Development Index; a measure of a country's average achievement (measurement of health, knowledge, education)
If a manufacturing process is bulk gaining, does the end product weigh more or less than the raw materials?
More.
At what stage in Rostow's Model are incomes highest?
Stage 5: High Mass Consumption
What is the term that refers to he decline old industrial activity in a region, often leading to job loss and economic decline.
Deindustrialization
What theory is the basic alternative to Rostow's Model?
Dependency Theory
What is GNI?
Gross National Income; total income earned by a country's residents
If a manufacturing process is bulk reducting, does the end product weigh more or less than the raw materials?
Less
At what stage in Rostow's Model does a country have an Industrial Revolution?
Stage 3: Take-Off
What is a key effect of industrialization?
- new social classes
- rise in labor movements
- urbanization
- rise in commuting
- increased healthcare and education access
What are the three categories of Wallerstein's Theories?
What is GDP?
Gross Domestic Product; total value of all goods and services produced in a year for a theory
What is the EU?
European Union; a political and economic union of 27 member states in Europe, created to promote peace, cooperation, and economic integration
Name three of the Rostow Model's stages.
1. Traditional Society
2. Preconditions (of take-off)
3. Take-off
4. Drive to Maturity
5. High Mass Consumption
The cluster of film and entertainment industries in Los Angeles is an example of what?
This economic theory proposed by Arthur Weber, explains the location of manufacturing industries based on the minimization of transportation, labor, and agglomeration costs.
(Weber's) Least Cost Theory
What is GNP?
Obtaining goods and services from a foreign supplier, especially when it is instead of an inside source
What model does Rostow's Model reflect?
A key benefit to agglomeration is the reduction for transportation costs particularly for industries that rely on the movement of raw materials. This is known as ___ effect.
Scale
This theory by Immanuel Wallerstein divides the world into core, semi-periphery, and periphery regions, explaining global economic inequalities.
World-System's Theory
What is GII?
Gender Inequality Index; composite measure that reflects gender inequality in a country
What effect does literacy rates have on a country's economy?
- increased productivity
- increased innovation
- economic growth