geography 2
Terms
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- PETRODOLLARS
- Dollars invested by Middle East on producers during high oil prices in the 1970's.
- Lost DECADE
- In the 1980's, country economies in Latin America stalled because of high interest rates and debts.
- SEDIMENTATON
- The deposition of rock debris, including in offshore areas, where too much fine debris may kill coral reefs.
- NEOCOLONIALISM
- A relationship of economic, rather than political, dependence.
- NAFTA: North American Free Trade Agreement
- An economic agreement among Canada, Mexico, and the United States, signed in 1994.
- EL NINO:
- The phenomenon in which the warm equatorial waters push back the cold Peruvian current off the western coast of tropical South America, producing local fish kills and having wider world climatic effects.
- UNITARY GOVERNMENT:
- Government of a country administered from a single center.
- GROSS DOMESTIC PRODUCT:
- The total value of goods and services produced within a country in a year. Often expressed as GDP per capita, when the total GDP is divided by the country's populations.
- LINGUA FRANCA:
- A language that aids communication among people of varied languages, often at first used for trade, but at later for varied purposes.
- ECONOMIC LEAKAGE:
- Foreign ownership and control of industry, such as tourism in many parts of Latin America, where the revenue generated by the industry flows to the foreign owners and foreign employees and largely bypasses local communities and thus "leaks" from the local economy.
- PROTECTIONISM:
- Governmental policies that focus on government-controlled industry and the protection of domestic products through tariffs, quotas, and red tape.
- IMPORT SUBSTITUTION:
- A policy in which countries develop manufacturing industries to fulfill internal market demands, often protected by high tariffs to exclude foreign competition.
- EXPORT-LED UNDERDEVELOPMENT:
- The process by which countries export their raw materials while their governments charge taxes on exports to pay for their imports. There is no stimulus to develop manufacturing and so diversify the economy to bring more wealth into it.