Exam Review 1 - Admission/Application Essay Example

The role of labor is to facilitate the development of geographical scale and economic activities. These activities are primary activities which involves dealing directly with the natural resources and secondary which involves processing and manufacturing of natural resources. The role of a firm is to play a central role in innovation by bringing together different minds to work together, while the role of state is to provide the necessary laws that govern the establishment of firms, the working condition of labors and security.

They relate in a way that the state provide institutional infrastructures that protect property rights, provide public goods, and allow firms and individuals to freely take benefit of market opportunities. A state is a sovereign entity within a specific territory that has the monopoly of using legal strong force to enforce its laws, a nation is a group of people that share a real or imagined common history identity, religion, morality, language, and traditions, they normally inhabit a particular country, while a nation-state is a country where the concept of nation agree with the political concept of state like israel.

Industries locate to where they do because of several reasons such political stability allowing for smooth running of business, natural disasters such as flooding, this will ensure un-interruption of supply of raw materials, low cost of production for maximum profit and other reasons. GINI coefficient is a statistic which measures the ability of score board; it measures the inequality between values of a frequency distribution. For instance, a GINI of zero cannot differentiate between bad or good while a GINI of 100% differentiate cases perfectly.

Fordism is a system of mass production and consumption characteristics of greatest developed economies during the time of 1940s to 60s. Under this, mass production combined together with the mass consumption will result in sustained economic growth and material development. Post-Fordism is industrial production state where industrial production has moved from mass production in large factories towards specialized markets based on smaller production units. Post-Fordism came as a result of essential changes in the international economy in early 1970s in which companies was forced to move from mass production to new tactics called flexible specialization.

Clustering is the bringing together of various group of people based on factors like ethnicity, economics or religion. Globalization is an historical process that started with the movement of black people from Africa into other countries of the world. As a result of this movement, the migrants take their ideas, customs and products into the countries they settled on hence fuelling globalization. It has impacted the global economy in a way that when all countries share the global economy, developing countries tend to benefit in their economic state hence advancing their political freedoms of the citizens and improving the living standards, the manufactured goods in international trade increased by more than 100 times, from $96 billion to $13 trillion in a period between 1960 and 2010.

Ocean fishing is an activity of catching fish in deep part of the sea, below the photic zone. Lanternfish, flashlight fish, cookiecutter shark, are the common fish that are fished from the ocean fishing. Coal mining is the extraction of Coal minerals from the ground. There exist 4 types of coal mining these are shaft mine, slope mine, drift mine, and surface. Coal are used in the production of energy. Arms trade resulted from unrestricted trade in arms and ammunition in East Africa starting from the period late 19 century.

Poverty and insecurity is fuelling arm trade in Africa this was one of the confession of one arm dealer in Nairobi Kenya. The UN has observed that East Africa nations are targeting the rise in flow of arms throughout the region. Farming is the cultivation of plants, animals, and other products that are used to sustain life. Due to the growing population, the demand for food increases placing pressure on farming. In developing countries, government have subsides agricultural products to bring down the cost of farming hence encouraging farmers to carry out small scale farming for their food security.

Facebook IPO (initial public offer) means that facebook is moving to be publicly traded on the stock market; this means everybody can buy a stock of the company and own it. Greeck debt means the deficit owned by the government, in Greek the debt has become so large such that the government cannot pay has causing economic downfall. Syrian conflicts is similar to other springs because that other Arab countries was fighting dictatorship likewise to the Syrian people. EU is the meeting of leaders from European countries to discuss issues facing their countries.

Florida republican primaries are the voting of Florida republican delegates to elect the republican presidential candidate. Apple & Foxconn in China is the world largest producer of electronics products