Definition: A process of improvement in the material conditions of people through diffusion of knowledge and technology.
Example: High Development in Western Countries because of lots of technology.
Application: Development leads to economic prosperity as well as high quality of life so it is very important
Definition: Alternative to international trade that emphasizes small businesses and worker owned and democratically run cooperatives and requires employers to pay workers fair wages, permit union organizing, and comply with minimum environmental and safety standards.
Example: Unions set wages and fares.
Application: Fair Trade can be both good and bad, it gives a lot of power to unions; however, it also ensures that the workers are treated properly
Foreign Direct Investment
Definition: Investment made by a foreign company in the economy of another country.
Example: Germany giving money to Greece
Application: Foreign Direct investments often lead economic growth, which stimulates the international economy.
Gender Empowerment Measure
Definition: Compares the ability of women and men to participate in economic and political decision making.
Example: The GEM in MDC's like the US are higher than those in LDC's
Application: GEM are important because the role of women in society shows the social development of a culture(western veiw... a bit biased)
Gender-Related Development Index
Definition: Compares the level of development of women with that of both sexes.
Example: GDIs are larger in LDC's--larger difference between genders.
Application: Shows how far from average women are in terms of development.
Gross Domestic Product
Definition: The value of the total output of goods and services produced in a country in a given time period
Example: The GDP in the US is around 13 trillion dollars
Application: The GDP measures how effective a country is in stimulating its economy.
Human Development Index
Definition: Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy
Example: The HDI in the US is above 0.90.
Application: THe Higher the HDI, the better the standard of living.
Less Developed Country
Definition: a country that is at a relatively early stage in the process of economic development.
Example: Rwanda/Most of Sub-Saharan Africa
Application: Less Developed Countries run into many economic problems; however, most relate to the arability of the land or if oil is found on it.
Definition: The percentage of a country's people who can read and write.
Example: US has high literacy rate. upwards of 99/100
Application: The Literacy Rate of a country shows how seriously it takes education. Lower in LDC's
Millennium Development Goals
Definition: Eight international development goals that 192 United Nations member states and at least 23 international organizations have agreed to achieve by the year 2015. They include reducing extreme poverty, reducing child mortality rates, fighting disease epidemics such as AIDS, and developing a global partnership for development.
Example: Fighting Disease and stimulating economies
Application: Countries collaborate in order to progress economically and socially.
More Developed Country
Definition: A country that has progressed relatively far along a continuum of development.
Application: MDC's have higher HDI, Literacy Rates, GEM, and many other good things that go along with highly developed countries.
Definition: The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry.
Example: Mining is a part of the Primary sector.
Application: The primary sector is essentially what allows our economies/anything in the world to run today.
Definition: The value of a particular product compared to the amount of labor needed to make it.
Example: Highly intensive items are not efficient.
Application: Productivity enables one to gauge the efficiency of a product
Definition: The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.
Application: Could not exist without primary sector... Less dependance on these items.
Definition: A location where transfer is possible from one mode of transportation to another.
Definition: An industry in which the final product weighs more or has a greater volume than the inputs.
Example: Prostitution. JK-->Agriculture.
Application: Bulk-Gaining industries are seen in suburbs through out countries.
Definition: An industry in which the final product weighs less or comprises a lower volume than the inputs.
Application: Bulk-reducing industries are typically
Definition: Manufacturing based in homes rather than in a factory, commonly found before the Industrial Revolution.
Example: People making their own clothes.
Application: After the Industrial Revolution, cottage industries were no longer efficient.
Definition: Form of mass production in which each worker is assigned one specific task to perform repeatedly.
Example: McDonalds Employee grills burgers all day and thats it.
Application: Improves efficiency.
Definition: A series of improvements in industrial technology that transformed the process of manufacturing goods.
Application: Efficiency significantly improves as well as more jobs were created(initially)
Definition: An industry for which labor costs comprise a high percentage of total expenses.
Example: Textiles and clothes making
Application: Not economically efficient
Definition: Factories built by US companies in Mexico near the US border to take advantage of much lower labor costs in Mexico.
Example: Seen in Agriculture a bunch
Application: Investment in the people that stimulates both economies.
New international division of labor
Definition: Transfer of some types of jobs, especially those requiring low-paid less skilled workers, from more developed to less developed countries.
Example: Apple workers are now all in India
Application: Allows corporations to save money, but takes money out of the American Economy.
Definition: A decision by a corporation to turn over much of the responsibility for production to independent suppliers.
Example: American company buys from Mexican farmer not American (Kinda)
Application: Outsourcing is bad for the US because jobs are lost; however, outsourcing allows for higher paying jobs to be explored in MDC's while LDC's do the 'dirty work'
Definition: Adoption by companies of flexible work rules, such as the allocation of workers to teams that perform a variety of tasks.
Application: This allows companies to be smarter, not just experts in their feild.
Definition: A U.S. state that has passed a law preventing a union and company from negotiating a contract that requires workers to join a union as a condition of employment.
Example: A company is not forced to hire from a union, and can, instead, go for cheaper labor.
Application: Good for company(initially), but bad for the people and American Economy.
Definition: Location factors related to the costs of factors of production inside the plant, such as land, labor, and capital.
Example: cost of external factors
Application: Important because... IDK HOW IT IS DIFFERENT FROM SITUATION FACTOR
Definition: Location factors related to the transportation of materials into and from a factory.
Example: Grain exportation/transportation costs
Definition: A fabric made by weaving, used in making clothing
Application: Textile work is not very efficient for the economy.