Agglomeration: the concentration of businesses and resources in a specific geographic area to benefit from shared infrastructure and resources
Microloans: small loans given to individuals, especially in developing countries, to help start or expand a small business
Break-of-bulk point: a location where goods are transferred from one mode of transportation to another, such as from ship to truck
Multiplier effects: the additional economic activity generated by an initial investment or change in spending
Complementary advantage: the ability of one country to produce a good more efficiently or at a lower cost than another country due to different resources or skills
OPEC: the Organization of the Petroleum Exporting Countries, a cartel of oil-producing countries that aims to stabilize oil prices and ensure a steady income for its members
Comparative advantage: the ability of a country to produce a good or service at a lower opportunity cost than another country
Outsourcing: contracting out business processes or services to a third-party provider, often in another country, to reduce costs
Core countries: economically and technologically advanced countries that dominate the global economy and control the majority of global wealth and resources
Post-Fordist methods of production: decentralized, flexible production methods that prioritize customization, just-in-time delivery, and worker participation
Dependency theory: a theory that explains the underdevelopment of countries as a result of their reliance on and exploitation by more advanced countries
Primary sector: the sector of the economy that extracts and harvests raw materials from the earth, such as agriculture, mining, and forestry
Economies of scale: cost advantages that result from increased production and efficiency
Quaternary sector: the sector of the economy focused on knowledge-based services, information technology, research and development, and education
Ecotourism: sustainable tourism that focuses on conserving the environment and benefiting local communities
Quinary sector: the sector of the economy that includes top-level decision-making and leadership roles in government, education, research, and healthcare
Export-processing zones: areas within a country where exported goods can be manufactured, processed, or assembled with tariff and duty benefits
Rostow’s Stages of Economic Growth: a theory that outlines a five-stage model of economic development, from traditional society to high mass consumption
Free trade agreements: agreements between countries to reduce or eliminate trade barriers such as tariffs and quotas
Secondary sector: the sector of the economy that processes raw materials into finished goods, such as manufacturing, construction, and utilities
Gender Inequality Index (GII): a measure of gender inequality that considers reproductive health, empowerment, and economic participation
Special economic zones: designated areas within a country that offer incentives, such as tax breaks and reduced regulations, to attract foreign investment
Global financial crisis: a period of severe economic instability that affects countries around the world, often triggered by banking and financial sector failures
Sustainable development: development that meets the needs of the present without compromising the ability of future generations to meet their own needs
Gross Domestic Product (GDP): the total value of goods and services produced within a country's borders in a specific time period
Tertiary sector: the sector of the economy that provides services, such as healthcare, education, retail, tourism, and finance
Gross National Income (GNI) per capita: the total income of a country's residents and businesses, including foreign earnings, divided by the population
Human Development Index (HDI): a composite index that measures a country's average achievements in health, education, and income
Gross National Product (GNP): the total value of goods and services produced by a country's residents and businesses, regardless of their location
UN’s Sustainable Development Goals: a set of 17 global goals adopted by the United Nations to address social, economic, and environmental challenges
International division of labor: the allocation of production tasks and responsibilities among different countries based on comparative advantages
Wallerstein’s World Systems Theory: a theory that divides the world into core, semi-peripheral, and peripheral countries based on their economic and political power
International Monetary Fund: an international organization that promotes global monetary cooperation, financial stability, and sustainable economic growth
Weber’s Least Cost Theory: a theory that explains the location of industrial facilities based on minimizing transportation, labor, and other costs
Just-in-time delivery: a production strategy that aims to minimize inventory levels and waste by coordinating production with demand
World Trade Organization (WTO): an international organization that regulates and facilitates global trade, resolving trade disputes and negotiating trade agreements
MERCOSUR: a South American trade bloc that promotes economic cooperation and integration among its member countries
Agglomeration Microloans
Break-of-bulk point Multiplier effects
Complementary advantage OPEC
Comparative advantage Outsourcing
Core countries Post-Fordist methods of production
Dependency theory Primary sector
Economics of scale Quaternary sector
Ecotourism Quinary sector
Export-processing zones Rostow’s Stages of Economic Growth
Free trade agreements Secondary Sector
Gender Inequality Index (GII) Special economic zones
Global financial crisis Sustainable development
Gross Domestic Product (GDP) Tertiary sector
Gross National Income (GNI) per capita Human Development Index (HDI)
Gross National Product (GNP) UN’s Sustainable Development Goals
International division of labor Wallerstein’s World Systems Theory
International Monetary Fund Weber’s Least Cost Theory
Just-in-time delivery World Trade Organization (WTO)
MERCOSUR short definitions
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