AP HUG INDUSTRIALZATION

Agglomeration

Businesses clustering together in a specific area to share resources and benefits.

Alfred Weber’s Least Cost Theory

Explains where industries locate based on minimizing transportation costs.

Break-of-bulk points

Places where goods switch from one mode of transport to another, like from ship to truck.

Colonialism

When one country controls and exploits another country for its resources.

Commodity Theory

Says a product’s value depends on how useful and rare it is.

Comparative advantage

When a place or person can make something at a lower cost than others.

Complementary advantage

When two areas help each other because of their different strengths.

Core countries

Rich, industrialized nations that dominate global trade.

Debt crisis

When a country can’t pay back its debts, causing economic problems.

Dependency Theory

Suggests that poorer countries are dependent on richer ones and exploited for resources.

Economies of scale

When the cost per unit decreases as production increases due to factors like specialization and efficiency.

Ecotourism

Tourism that focuses on nature and helps protect the environment.

European Union

A group of European countries that work together on trade and politics.

Export processing zones

Special areas where foreign companies can set up factories with fewer taxes.

Fertility rates

How many babies are born on average per woman in a population.

Formal economy

Legal, regulated jobs that pay taxes and follow rules.

Fossil fuels

Non-renewable energy sources like coal, oil, and natural gas.

Free Trade Agreements

Deals between countries to reduce trade barriers like taxes.

Gender empowerment

Helping women take part in society and the economy equally.

Gender Inequality Index

Measures how fairly men and women are treated in a country.

Gross Domestic Product (GDP)

Total value of goods and services made in a country.

Gross National Income per capita

Average income per person in a country.

Gross National Product (GNP)

Total value of goods and services made by citizens and businesses of a country.

Growth poles

Areas that drive economic growth and development.

High technology industries

Businesses making advanced products using science and technology.

Human Development Index (HDI)

Rates how well people live in a country based on health, education, and income.

Imperialism

When a strong country controls and takes resources from a weaker country.

Income distribution

How money is shared out among people in a country.

Industrialization

When a society starts making goods in factories, not just by hand.

Infant mortality rates

How many babies die before they turn one, per 1000 born.

Informal economy

Jobs that aren’t regulated or taxed by the government.

International division of labor

When different countries do different parts of making a product.

International Monetary Fund

An organization that helps countries with financial problems by providing loans and advice.

Just in-time delivery

Getting materials or parts exactly when they’re needed in production to minimize storage costs.

Labor-market participation

The percentage of people who are working or looking for work.

Literacy rates

The percentage of people who can read and write in a population.

Manufacturing

Making goods in factories using machines and workers.

Markets

Places where buyers and sellers meet to exchange goods and services.

MERCOSUR

A group of South American countries that trade and work together.

Microloans

Small loans given to people in poor countries to start small businesses.

Multiplier effect

When spending in one area leads to more spending and economic growth.

Neoliberal policies

Economic ideas promoting free markets and less government control.

OPEC

A group of oil-producing countries that work together on prices and production.

Outsourcing

Hiring workers from other countries to do jobs.

Periphery countries

Less developed countries that rely on richer countries for support.

Post-Fordist methods

Flexible ways of making goods that focus on innovation and customer needs.

Primary sector

Jobs that involve taking raw materials from nature, like farming and mining.

Public transportation projects

Building things like roads and trains for everyone to use.

Quaternary sector

Jobs that involve information and knowledge, like research and IT.

Quinary sector

Top-level jobs like CEOs and government leaders.

Renewable energy

Power from sources that don’t run out, like sunlight and wind.

Reproductive health

Access to healthcare and education about family planning and pregnancy.

Rostow’s Stages of Economic Growth

A theory about how countries develop from poor to rich.

Secondary sector

Jobs making things from raw materials, like factories.

Semi-periphery countries

Countries between rich and poor ones, often doing both kinds of work.

Service sectors

Jobs that provide services rather than making goods, like banking and teaching.

Small-scale finance

Financial services provided to individuals and small businesses.

Special economic zones

Areas with special tax rules to attract businesses and create jobs.

Tariffs

Taxes on imported goods, making them more expensive.

Tertiary sector

Jobs that provide services, like healthcare and education.

UN’s Sustainable Development Goals

Goals to make the world better by 2030, like ending poverty and hunger.

Wallerstein’s World System Theory

A theory about how rich countries exploit poor ones for profit.

World Trade Organization

An organization that sets rules for international trade and helps solve disputes.