-
system in which the state defers to private enterprise and a stock market raises and allocates capital
capitalist economic system
-
the process of progressively increasing the value of goods and services that a place is able to produce in order to enjoy or export
economic development
-
the economic factors determining that as the number of units of a good produced increases, the production cost per unit generally falls
economies of scale
-
travel to see distinctive examples of scenery, unusual natural environments, or wildlife
ecotourism
-
a national economic policy of welcoming foreign investment to build factories that will manufacture goods for international markets
export-led economic growth
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defined during the cold war, all reasonably well-to-do, non-Communist countries
First World
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investment by foreigners in wholly owned enterprises that are operated by the foreigner
foreign direct investment (FDI)
-
an undeveloped region that may offer potential for settlement
frontier
-
the total value of all goods and services produced within a counrty
gross domestic product
-
a country's GDP plus any income that residents receive from foreign investments, minus any money paid out of the country to foreign investors
gross national income
-
a statistic that combines statistics of life expectancy, school enrollment, literacy, and income to compare the quality of life around the world
human development index (HDI)
-
a national economic policy of protecting domestic infant industries
import-substitution economic growth
-
a society with a significant share of its output from the secondary sector
industrial society
-
newly developing industries that probably cannot compete with imports
infant industries
-
a capitalist system that minimizes the government's role in the economy
laissez-faire capitalism
-
manufacturing that locates close to the market either bc the processing increases the perishability of the product or because the processing adds bulk or weight to the product
market oriented manufacturing
-
an enterprise that produces and markets goods in several countries
multinational corporation
-
the name given to the delegation of any of a firm's operations to an external subcontractor who specializes in that activity
outsourcing
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if the outsourcing is to a foreign country
off shore outsourcing
-
the study of individual countries' organization and regulation of their economies
political economy
-
a society with the bulk of its economic activity in the tertiary sector
postindustrial society
-
a society with the bulk of its economic activity in the primary sector
preindustrial society
-
defined during the cold war, the Soviet bloc dominated by totalitarian Communist governments
Second World
-
a shift in the concentration of activity from an economy's primary sector to its secondary and tertiary sectors
sectoral evolution
-
defined during the cold war, the countries characterized by what is seen as underdevelopment, overpopulation, irrationality, religion, and political chaos
Third World
-
an enterprise that produces and markets goods in several countries
transnational corporation
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