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a system in which private farms are eliminated and peasants work land owned by the government. occurred in aftermath of communist revolutions in Russia and China.
Includes things produced by American companies outside of America
Human Development Index, measure used by the UN that calculates development not in terms of money or productivity but in terms of human welfare, evaluates human welfare based on life expectancy, education, and income
Purchasing Power Parity, a monetary measurement of development that takes into account what money buys in different countries
sharing of technology/ideas/research by governments with others to make sure the data is widely available
A process involving the clustering or concentrating of people or activities. The term often refers to manufacturing plants and businesses that benefit from close proximity because they share skilled-labor pools and technological and financial amenities.
each person does small job on assembly line; low skilled, low pay, quick product, warehouse spare parts and keep until needed
bid rent theory
theory that explains how real estate values change with distance from CBD
situation where a country produces goods more efficiently than another country (relative to other goods)
How much are tests worth to your semester grade?
Benefit of Cornell Notetaking
Saves you time because you only need to read over your notes once
Special Economic Zone
a huge, rocky region that curves around Hudson Bay like a giant horseshoe. The Shield covers half the land area of Canada.
The average weather that occurs in a given region over a long period-typically over several decades
the systematic acquisition of a particular object or set of objects.
Series of links connecting the many places of production and distribution and resulting in the commodity and is meant to exchange on the market
economic activities that are deliberately organized around one or more high-growth industries
the rapid economic and social changes in manufacturing that resulted after the introduction of the factory system to the textile industry in England at the end of the 18th century
those US firms that have factories just outside the United States/Mexican border in areas that have been specially designated by the Mexican government. In such areas, factories cheaply assemble goods for export back into the United States
offshore financial center
areas that have been specially designed to promote business transactions, and thus have become centers for banking and finance
The practice of having certain job functions done outside a company instead of having an in-house department or employee handle them
primary economic activities
economic activities in which natural resources are made available for use or further processing, including mining, agriculture, forestry, and fishing
secondary economic activities
economic activities concerned with the processing of raw materials such as manufacturing, construction, and power generation
activities that provide the market exchange of goods and that bring together consumers and providers of services such as retail, transportation, government, personal, and professional services
economic activities concerned with research, information gathering, and administration
a group of cities that form an interconnected, internationally dominant system of global control of finance and commerce
a firm that conducts business in at least two separate countries; also known as multinational corporations
economic activities that surround and support large-scale industries such as shipping and food service
A political and economic system where factors of production are collectively owned and directed by the state.
W. W. Rostow
Stages of Development Model, model of economic development that describes a country's progression which occurs in five stages transforming them from least-developed to most-developed countries
Law of Supply and Demand
consumers buy more when price is low and less when price is high, suppliers offer more of a good at a higher price
when certain species of bacteria use the energy contained in bonds of methane and hydrogen sulfide, generate energy instead of by photosynthesis
economic activities that provide income from sales to customers beyond city limits
economic activities that serve a city's own population
a measure of the goods and services provided within a particular country
quinary economic activities
the most advanced form of quaternary activities consisting of high-level decision making for large corporations or high-level scientific research
An idea by Thorstein Veblen (sociologist) that people feel the need to display their status by ostentatiously consuming goods and services materialism and affluenza
Gross Domestic Product
Value of the total number of goods and services produced in a country in a given period of time (normally one year). Also known as GNI (Gross National Income).
Gross National Product
Like "gross domestic product," only the incomes that people earn abroad are also considered.
Human Development Index (HDI)
Created by the United Nations to recognize a country's level of development as function of three factors: economic, social, and demographic factors.
Less Developed Country (LDC)
Country in an earlier stage of development. Several analysts prefer the term "developing country."
Percentage of a country's people who can read and write.
More Developed Country (MDC)
Also known as a relatively developed country or a developed country, country that has progressed further along the development continuum.
Country that displays economic dependence on another country; a country that displays so much economic independence on another country, that it seems to be a colony of the independent country.
Involves the extracting of raw materials such as: farming, fishing and mining
Purchasing Power Parity (PPP)
What a state's dollar can actually buy compared to another state's dollar; what a country is able to buy.
Sector that includes jobs that focus on business services, such as trade, insurance, banking, advertising, and wholesaling.
Rostow's "Modernization Model"
Model created by W.W. Rostow in the 1950's that gives an idea of where a country is in their stage of development. There are five stages in this model, including: 1. "The traditional society,…
Manufacturing/making finished products such as: textile, food and consumer durables.
Structural Adjustment Programs
Economic policies that encourage international trade.
Providing services such as: lawyers, doctors, accountants, teachers, retail and transport.
Gross value of the product minus the cost of raw materials and energy.
Don't experience turnover.
there are five stages of development and those who do not follow them will turn to communism
Agriculture uses more land in the world than any other economic activity and hires about 40% of world population
a material that can be used to produce crops or other products
Industrial revolution in 1700s (England)
Post colonial governments chose to remain neutral
Newly Industrializing Countries (NICs)
Taiwan, South Korea, Singapore, Hong Kong (1970s/80s)
An attraction between molecules of different substances
businesses that provide services rather than manufactured goods
the expansion of economic, political, and cultural processes to the point that they become global in scale and impact
Role of Governments
Policies shape economic activities
Renewable Resource Crisis
Renewable Resource Crises
Poisons fish, damages plants/ trees, diminishes soil
Global Climate Change
Evidence for global warming compelling
trapping and build-up of heat in the atmosphere near the Earth's surface
ozone layer acts to shield life on Earth from most harmful types of solar radiation, but it is being broken down as result of various chemicals in the atmosphere
Thick layer of rock high atop the Canadian Rockies, near the eastern border of British Columbia, a bed called the
ways industrialization has altered the cultural landscape
Secondary Industrial Landscapes
Early/mid 19th century: Mill towns