Unit Two (Assigned Flashcards)

Question 1

Austerity

Answer 1

Austerity refers to a set of economic policies aimed at reducing government deficits during periods of financial crisis, often through acts in public spending, tax increasies, or a combination of both.

Question 2

Break of Bulk Point

Answer 2

A location where goods are transferred from one mode of transportation to another, facilitating the movement of cargo in trade.

Question 3

BRICS

Answer 3

An acronym for a group of five major emerging economies: Brazil, Russia, India, China, and South Africa

Question 4

Calorie Consumption

Answer 4

As a percentage of a daily calories requirement, it is an important index of development

Question 5

Commodity Dependence

Answer 5

When peripheral economies rely too heavily on the export of new materials, which places them on unequal terms of exchange with more Developed Countries that export higher value goods

Question 6

Consumer Goods

Answer 6

Products that are purchased by individuals for personal use and consumption, such as clothing, food, and electronics

Question 7

Deglomeration

Answer 7

The movement of activity, usually industry, ways from agglomerations, perhaps when congestion makes fuller agglomeration in a region difficult and expensive

Question 8

Deindustrialization

Answer 8

The process of reducing or eliminating industrial activity in a region, often leading to a decline in manufacturing jobs and economic shifts towards service based economies

Question 9

Economic Base

Answer 9

The industries that contribute to a large percentage of jobs and earning to a local region

Question 10

Economies of Scale

Answer 10

Refer to the cost advantages that businesses experience as they increase their production levels