| Term | Definition |
|---|---|
| Economic Sectors | The various economic areas/sectors (primary (resource extraction), secondary (manufacturing), tertiary (services), quaternary (knowledge-based), quinary (decision-making)) |
| Core, Semi-Periphery, Periphery | A classification of countries or regions based on development, with core being the most developed, semi-periphery being intermediate, and periphery being the least developed |
| Break of Bulk Point | A location where cargo is transferred from one mode of transportation to another, such as from a ship to a train |
| Shipping Containers | Standardized containers that have revolutionized global trade and facilitated globalization by reducing costs and increasing efficiency |
| Least Cost Theory | A theory that firms will locate their production facilities in the area that minimizes costs |
| Gross Domestic Product (GDP) | The total value of goods and services produced within a country's borders in a specific time period |
| Gross National Product (GNP) | The total value of goods and services produced by a country's residents, including those living abroad |
| Gross National Income (GNI) per capita | The total value of goods and services produced by a country's residents, divided by the population |
| Gender Inequality Index (GII) | A measure of the extent of gender inequality in a country, considering factors such as education, health, and labor force participation |
| Human Development Index (HDI) | A composite index that measures development in terms of income, education, and life expectancy |
| Healthcare | The provision of medical services to maintain or improve physical and mental health |
| Income Distribution | The way in which income is distributed among a population |
| Literacy Rate | The percentage of people in a given population who can read and write |
| Fossil Fuels and Renewable Energy | Fossil fuels are non-renewable energy sources derived from ancient plant and animal remains, while renewable energy sources are those that can be replenished naturally over time |
| Microloans/Microfinance | The provision of small loans or financial services to low-income individuals or groups, often as a strategy to reduce poverty |
| Rostow’s Stages of Economic Growth | A theory that outlines five stages of development from traditional societies to high mass consumption economies |
| Wallerstein’s World System Theory | A theory that divides the world into core, semi-periphery, and periphery countries, based on their economic and political relationships |
| Dependency Theory | A theory that argues development in core countries is based on the exploitation of resources and labor in periphery countries |
| Commodity Dependence | A situation where a country's economy relies heavily on the export of a particular commodity |
| Free Trade Organizations | Groups that promote the reduction of trade barriers and the liberalization of international trade, such as the European Union, World Trade Organization, Mercosur, and OPEC |
| Fair Trade | A trading partnership that seeks to create greater equity in international trade by providing fair prices and better working conditions for producers |
| Slow World vs. Fast World | A concept that describes the differences in development and living standards between more developed countries (fast world) and less developed countries (slow world) |
| Outsourcing | The practice of contracting work to external companies or individuals, often in other countries, to reduce costs or increase efficiency |
| Export Processing Zones (EPZs) | Designated areas in developing countries that offer favorable tax, regulatory, and trade arrangements to attract foreign investment and promote exports |
| Just-In-Time Delivery | An inventory management system in which goods or materials are delivered just before they are needed in the production process, minimizing storage and handling costs |