Key Takeaways
Lesson Description
Key Takeaways
• Economic development varies across regions due to historical, political, and geographic factors.
• Industrialization changes employment, urbanization, and trade patterns.
• Globalization connects economies through trade and technology.
• Manufacturing location depends on transportation, labor, and market access.
• Economic development can be measured using indicators such as GDP and HDI.
Must Know Models
Rostow's Stages of Economic Growth
Wallerstein's World Systems Theory
Weber's Least Cost Theory
Must Know Vocabulary
Gross Domestic Product (GDP)
Gross National Income (GNI)
Human Development Index (HDI)
Outsourcing
Offshoring
Comparative Advantage
Core Country
Semi-Periphery
Periphery
Special Economic Zone (SEZ)
AP Exam Focus
• Compare economic development models.
• Explain industrial location decisions.
• Analyze globalization's impacts on development.