APHUG

These flashcards cover key concepts and definitions from Modules S3 through 59, aiding in exam preparation.

Industrial Revolution

The rapid transformation of the economy through machines.

Textile

A fabric or cloth woven from wool, flax, or cotton.

Labor Productivity

The average amount of goods or services produced.

Fossil Fuel

Natural (non-renewable) fuels from the remains of organisms.

Commercial Farmers

Agriculturalists who produce for large-scale sale of products.

Berlin Conference of 1884

Late 19th century meeting in which Europe divided Africa.

International Division of Labor

Labor forces in different countries play complementary roles.

Wage Labor

System in which employer pays a worker for a task.

Working Class

People in the industrial economy who depend on wages.

Capitalist Class

People who own the means of production.

Labor Union

Associations of workers who bargain collectively.

Mass Production

Machine manufacture of large quantities of identical products.

Assembly Line

System of manufacture where parts are added a step at a time.

Mass Consumption

Purchase of large amounts of goods by many people.

Primary Sector

Extraction of resources such as farming, mining, lumber, and fishing.

Tertiary Sector

Service industry such as trucking, waiting tables, and hotel services.

Secondary Sector

Manufacturing sector, including furniture and steel industry.

Quaternary Sector

Scientific research, high-level sports & entertainment, and medicine.

Quinary Sector

Economies based on tertiary-quinary sectors.

Base Industry

The business of a region that supports all the other businesses.

Break of Bulk Point

Location where cargo changes modes of transportation.

Containerization

Cargo is transported in metal 40' (foot) long boxes.

Least Cost Theory

Location of factory balances locations of suppliers and its market.

World Systems Theory

The world is divided into Core, Semi-Periphery and Periphery.

Dependency Theory

The periphery is poor because it depends on the core.

Commodity Dependence

When a country relies on the export of raw materials for income.

Gross Domestic Product

All the goods and services produced in a country.

Gross National Product

All the goods and services produced by a country's citizens.

Gross National Income

The total income of a country's residences and businesses.

GDP Per Capita

Per person measurement of total goods and services.

Purchasing Power Parity

Comparing a basket of goods across different countries.

Human Development Index

Measurement of the health, wealth, and education of a country.

Informal Sector

Jobs such as babysitter, drug dealer, or any job paid in cash.

Formal Sector

Jobs such as teacher, police officer, or doctor.

Income Distribution

How money is divided among a country's citizens.

Gender Inequality Index

Statistical measure of the relative status of men & women.

Rostow's Stages of Growth

Five successive levels of economic development.

Microloan

Very small amount of money lent to customer.

Mercantilism

Policy of maximizing exports, minimizing imports to build wealth.

Protectionism

Use of tariffs and quotas to keep out foreign products.

Absolute Advantage

Country makes a good more efficiently than another country.

Comparative Advantage

Country makes one good more efficiently than another good.

Complementarity

One country's import needs meets another's export needs.

Transnational Corporation

Firm controls operations in more than one country.

NAFTA/USMCA

Free trade agreement among the three biggest countries in North America.

World Bank & IMF

Organizations providing funds and helping financial stability for countries.

World Trade Organization

International body overseeing rules on imports and exports.

Customs Union

A free trade agreement among two or more countries.

OPEC

13 countries agreeing on oil prices and production quotas.

Mercosur

Four countries in South America in a customs union.

Trade Embargo

Country's official trade ban with another country, or with specific goods.

Debt Crisis

A government's debts exceed tax revenues and it can't pay.

Financial Market

Marketplace where financial products are traded.

Import Substitution Industrialization

Policy intended to replace imports with domestic goods.

Fordism

Economic arrangement based on mass production of standardized goods in one place.

Corporate Disinvestment

Companies stop investing in factory construction and equipment.

Offshoring

Relocation of manufacturing to another country.

Outsourcing

Transfer of part of a company's operations to a third party.

Deindustrialization

Decline or disappearance of employment in manufacturing.

Special Economic Zone

Specific area in a country where business and trade laws are different.

Export Processing Zone

A specially designated duty-free area with warehouses for re-export.

Free-Trade Zones

Industrial zones with incentives to attract foreign investment.

New International Division of Labor

Shift of manufacturing from developed to developing countries.

Post-Fordism

Shift of manufacturing to dispersed sites, specialized batch production.

Just-in-time-manufacturing

Production of small batches of goods as needed by customer.

Multiplier Effects

One job in the tech/base sector can produce many more jobs.

Agglomeration Economies

Occurs where firms cluster for skilled labor and industrial suppliers.

Growth Poles

Geographically pinpointed center of economic activity.

Sustainable Development

Development meets current needs, but conserves for future.

Resource Depletion

Consumption of natural resources faster than they can be replenished.

Point Source Pollution

A single identifiable source of contamination.

Nonpoint Source Pollution

Contamination from multiple diffuse sources.

Cogeneration

Producing two forms of energy from one fuel.

Carbon Neutrality

Achieving zero CO2 emissions, through emissions reduction and carbon removal.

Carbon Offsets

Processes that remove or store carbon to make up for CO2 emissions elsewhere.

Ecotourism

Travel to natural areas in support of conservation efforts.

Climate Change

A long-term shift in global or regional climate patterns.