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Gross Domestic Product

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The sum total of the value of all the goods and services produced in a nation. Includes items produced inside and outside its territory

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Gross National Income

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Consists of GDP plus the net income earned from investments abroad (minus any payments made to nonresidents who contribute to the domestic economy).

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Gross National Product

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Goods and services produced within a country in a given year.

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Per Capita

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per person

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Rostow's Stages of Economic Growth

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model of economic growth that has 5 different stages. traditonal, preconditions of take off, take off, drive to maturity, high mass consumption. This model does not take into account other countries and other forces within a country that can influence developmet

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World Systems Theory

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Wallersteins theory of the core, semi periphery, periphery, and external areas. The core benefited the most from the development of a capitalist world economy. Semi perihpery was the buffer between the core and periphery. Periphery are states that lack strong central gov'ts or are controlled by other states. External areas are states that mainteained their own economic system and for the mosr part, remianed outside of the capitalist world economy

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Human Development Index

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Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy

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Gender Inequality Index

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a measure that captures the loss in achievements due to gender disparities in the dimensions of reproductive health, empowerment and labour force participation. values range from 0(perfect equality)-1(total inequality)

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Gini Coefficient

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A measure of income inequality within a population, ranging from zero for complete equality, to one if one person has all the income.

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Primary economic activity

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economic activity concerned with the direct extraction of natural resources from the environment-- such as mining, fishing, lumbering, and especially agriculture

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Secondary economic activity

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Economic activity involving the processing of raw materials and their transformation into finished industrial products; the manufacturing sector

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tertiary economic activity

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Any economic activity pertaining to the provision of services - transportation, banking, retailing, education, etc.

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Dependency Theory

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A model of economic and social development that explains global inequality in terms of the historical exploitation of poor nations by rich ones

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Restrictions on economic development

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Social, political, economic factors (be able to explain them in details)

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Environmental consequences of development

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Deforestation, Overfishing, Pollution, Overuse of fuels for trade, Climate change

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Export Processing Zone

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Zones established by many countries in the periphery and semi-periphery where they offer favorable tax, regulatory, and trade arrangements to attract foreign trade and investment.

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Maquiladora

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The term given to zones in northern Mexico with factories supplying manufactured goods to the U.S. market. The low-wage workers in the primarily foreign-owned factories assemble imported components and/or raw materials and then export finished goods.

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Core

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Countries that have high levels of economic productivity, high income per capita, and generally high levels of development. The world economic core includes North America, Western Europe, Japan, and Australia

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Periphery

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Countries that usually have low levels of economic productivity, low per capita incomes, and generally low standards of living. The world economic periphery includes Africa (except for South Africa), parts of South America, and Asia.

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Semi-periphery

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places where core and periphery processes are both occurring; places that are exploited by the core but in turn exploit the periphery

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Desertification

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Degradation of land, especially in semiarid areas, primarily because of human actions like excessive crop planting, animal grazing, and tree cutting.

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Tourism

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A service industry based on foreigners visiting a country. Tourism can play a major role in a country's economy but tourism can lead to some conflict if a country relies too heavily on tourism.

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Moving capital

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Countries sometimes move capital cities in order to unite the country with a more central location, as a response to independence from a colonial power, or sometimes in order to develop an area of the country

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Island of Development

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Place built up by a government or corporation to attract foreign investment and which has relatively high concentrations of paying jobs and infrastructure.

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Nongovernmental Organization

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A nonprofit association or group operating outside of government that advocates and pursues policy objectives. Often these groups work to help develop aspects of a country in the periphery.

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Fordist Production

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Form of mass production in which each worker is assigned one specific task to perform repeatedly.

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Friction of Distance

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The increase in time and cost that usually comes with increasing distance

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Least Cost Theory

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Model developed by Alfred Weber according to which the location of manufacturing establishments is determined by the minimization of three critical expenses: labor, transportation, and agglomeration.

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Commodification

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The process through which something is given monetary value; occurs when a good or idea that previously was not regarded as an object to be bought and sold is turned into something that has a particular price and that can be traded in a market economy.

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Product Life Cycle

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Four stages that product goes through over its life: introduction, growth, maturity, and decline.

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Global Division of Labor

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Phenomenon whereby corporations and others can draw from labor markets around the world, made possible by the compression of time and space through innovation in communication and transportation systems.

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Just-in-time delivery

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Method of inventory management made possible by efficient transportation and communication systems, whereby companies keep on hand just what they need for near-term production, planning that what they need for longer-term production will arrive when needed.

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offshore

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With reference to production, to outsource to a third party located outside of the country.

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outsource

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Contract with an outside firm to produce goods or services rather than to produce them internally

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Deindustrialization

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process by which companies move industrial jobs to other regions with cheaper labor, leaving the newly deindustrialized region to switch to a service economy and to work through a period of high unemployment

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Newly industrialized country

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Refers to countries that are building up their industries and infrastructure. These countries are generally shifting from an agricultural to an industrial economy.

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Asian Tigers

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Collective name for South Korea, Taiwan, Hong Kong, and Singapore-nations that became economic powers in the 1970s and 1980s.

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Break-of-bulk point

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A location along a transport route where goods must be transferred from one carrier to another. In a port, the cargoes of oceangoing ships are unloaded and put on trains, trucks, or perhaps smaller riverboats for inland distribution.

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Rust Belt

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The northern industrial states of the United States, including Ohio, Michigan, and Pennsylvania, in which heavy industry was once the dominant economic activity. In the 1960s, 1970s, and 1980s, these states lost much of their economic base to economically attractive regions of the United States and to countries where labor was cheaper, leaving old machinery to rust in the moist northern climate.

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Sun Belt

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U.S. region, mostly comprised of southeastern and southwestern states, which has grown most dramatically since World War II.

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Silicon Valley

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A nickname for the Southern part of San Francisco Bay Area in the northern California, originally referring to the concentration of silicon chip innovators and manufacturers, but eventually referring to the concentration of all types of high-tech businesses

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bid rent

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geographical economic theory that refers to how the price and demand on real estate changes as the distance towards the Central Business District (CBD) increases.

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Purchasing Power Parity

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A monetary measurement which takes account of what money actually buys in each country based on the power of their currency and cost of living.

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Technopoles

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Technopoles are where there is a high based technology environment that is so big agglomeration happens.

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Sustainable Development

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Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

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Growth Poles

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economic development/growth that isn't uniform over an entire region deliberately organized around one or more high-growth industries.

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Footloose Industry

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Footloose industry is a general term for an industry that can be placed and located at any location without effect from factors such as resources or transport. These industries often have spatially fixed costs, which means that the costs of the products do not change despite where the product is assembled. (Computer Chips)

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Neo-fordism

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The evolution of mass production into a more responsive system geared to the nuances of mass consumption by using flexible production systems that allow production processes to shift quickly between various products

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Commodity Chain

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series of links connecting the many places of production and distribution and resulting in a commodity that is then exchanged on the world market

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Weight gaining industry

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an industry that manufactures a large-sized product from small-sized raw materials, so is located closer to the market; such as cars

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Weight losing industry

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An industry in which the finished product is less bulky/heavy than the raw materials, therefore this industry is located close to the raw materials; such as the paper industry

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Ancillary activities

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Economic activities that surround and support large scale industries such as shipping and food service.

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Economic backwaters

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Regions that fail to gain from national economic development.

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Renewable resource

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A natural resource that can be replaced at the same rate at which the resource is consumed

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Non-renewable resource

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a resource that cannot be reused or replaced easily (ex. gems, iron, copper, fossil fuels)

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Anthropocentric

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Human-centered; in sustainable development, anthropocentric refers to ideas that focus solely on the needs of people without considering the creatures with whom we share the planet or the ecosystems upon which we depend

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Ecotourism

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A form of tourism, based on the enjoyment of scenic areas or natural wonders, that aims to provide an experience of nature or culture in an environmentally sustainable way.

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Backwash Effect

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The negative effects on one region that result from economic growth within another region.

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Research Triangle

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A research complex in central North Carolina between Durham, Raleigh, & Chapel Hill that was created in the 1950's by Duke & NC State universities & the university of North Carolina

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