Economic Sectors & Location Theory
This primary sector activity involves the cultivation of crops or the raising of livestock.
What is Farming/Agriculture?
This nation was the first to industrialize, serving as the hearth for the Industrial Revolution.
What is Great Britain?
This index combines income, education, and life expectancy to measure a country's development level.
What is the Human Development Index/HDI?
This term refers to the ability of a country to produce a good at a lower opportunity cost than another country, driving international trade.
What is comparative advantage?
Economic activities that involve the extraction of natural resources, such as lumbering, fishing, mining, and agriculture, are called ______________ .
A) subsistence activities
B) organic activities
C) secondary economic activities
D) primary economic activities
E) tertiary economic activities
What is (D) primary economic activities?
A waiter, a banker, or a teacher works in this economic sector.
What is tertiary?
These were the four factors (capital, labor, resources, entrepreneurs) necessary for an industrial revolution to occur.
What are the factors of production?
This metric measures the value of output of goods and services produced in a country in a year, including money that enters and leaves.
What is GNI - Gross National Income?
This type of area has special economic laws, such as reduced taxes, designed to attract foreign investment and promote manufacturing for export.
What is special economic zone? (SEZ)
As a less developed country’s economy evolves, the size of the primary sector, the size of the secondary sector, and the size of the tertiary sectors fluctuate. Which of the following statements best describes the highest level of job-opportunity change as countries shift from the periphery to the semiperiphery level of development?
A) Primary sector employment increases as the country’s domestic demand for food and energy increases.
B) Primary sector employment increases as the country’s economy becomes increasingly export oriented.
C) Tertiary sector employment grows more quickly than any other sector because of foreign direct investment.
D) Secondary sector employment increases as the demand for manufactured products increases.
E) Secondary and tertiary sector employment declines as factories and offices are increasingly automated.
What is (D) Secondary sector employment increases as the demand for manufactured products increases?
This economic sector activity involves the extraction of natural resources, such as fishing, mining, or logging.
What is primary sector?
This type of diffusion occurred when textile technology spread from England to America through skilled workers.
What is relocation diffusion?
This economic metric measures the distribution of income within a population and is used to examine income inequality
What is gini coefficient?
This economic philosophy advocates for free-market capitalism, deregulation, and privatization, often promoted by organizations like the WTO and IMF.
What is neoliberalism?
The literacy rate of any country correlates most closely with which of the following?
(A) Population density
(B) General level of intelligence
(C) Petroleum production
(D) Annual precipitation
(E) Per capita income
What is (E) per capital income?
This specific type of farming, common in LDCs (Less Developed Countries), involves growing just enough food to feed oneself or one's family.
What is subsistence farming?
These overcrowded, unsanitary housing structures became common for factory workers.
What are tenements?
This index measures inequality in reproductive health, empowerment, and labor market participation.
What is Gender Inequality Index (GII)?
This supranational organization, originally focused on coal and steel, allows free movement of goods and labor among its member nations.
What is the European Union (EU)?
Which of the following is positively correlated with gross domestic product (GDP) per capita?
A) Infant mortality rate
B) Carbon dioxide emission per capita
C) Rate of natural increase
D) Rice production per capita
E) Distance from the Greenwich meridian
What is (B) Carbon dioxide emission per capita?
The process of shifting a service job, such as a call center, to a foreign country to reduce costs is known as this.
What is outsourcing?
This term describes the shift from cottage industries to large-scale production in central locations.
These types of institutions, often aimed at women, provide small loans to encourage development of small businesses.
What are microloans/microfinance?
This, the 5th and final stage of Rostow’s model, is defined by mass consumption and a high-service economy.
What is high mass consumption?
Which of the following processes explains the change in coal miners employed in the United States from 1950 to 2000?
(A) Technological diffusion
(B) Just-in-time production
(C) The Industrial Revolution
(D) Devolution
(E) Deindustrialization
What is (E) deindustrialization?