AP HUG MOD 53-55(?)

Industrial revolution

The rapid transformation of the economy through the introduction of machines, new power sources, and new chemical processes in Europe and the U.S between 1760 and 1830

Textile

A fabric or cloth woven from the fibers of wool, cotton, or flax

Labor productivity

The average amount of goods or services produces per worker per unit of time

Fossil fuels

Natural fuels derived from the fossilized remains of living organisms

Crude oil

A yellowish-black liquid fossil fuel found in geologic deposits

Labor unions

Associations of workers in particular industries created to collectively bargain with capitalists

Mass production

The machine manufacture of large quantities of identical products

Assembly line

A system of manufacturing in which parts and procedures are added one step at a time through a series of workstations until a finished product is assembled

Mass consumption

The purchase of large amounts of mass-produced goods by large numbers of people

International divisions of labor

The labor of different countries and world regions played complementary roles in an interdependent global economy

Economic sectors

Groupings of industries based on what is produced and the activities of the workforce

Primary sector

Industries that extract natural resources from the enviroment

Secondary sector

Industries process the raw materials extracted by primary industries, transforming them into finished, usable products

Tertiary sector

Dedicated to prociding services to businesses and consumers, including the movement and delivery of goods and services

Quaternary sector

Intellectual and informational services

Quinary sector

The portion of the economy where the highest level management decisions are made

Semi-periphery

Composed of countries or regions whose economies have elements of both the core and the periphery

Break-of-bulk point

A location where bulk cargo is transferred from one mode of transportation to another

Shipping containers

Standardized, stackable, intermodal metal boxes used to transport goods by ship, railroad, or truck

Containerization

The system of intermodal freight transport using shipping containers

Least-cost theory

Alfred Webers theory that transportation costs and labor costs play a strong role in determining the location of manufacturing facilities

Rostow’s stages of economic growth

Suggested that all countries will inevitably progress in similar fashion through the same five development stages, all ending in wealthy, mass consumption societies

World systems theory (Wallersteins)

Regards world history as moving through a series of socioeconomic systems, culminating in the modern world system by about the year 1900

Dependency theory

The theory that periphery is poor because it was economically dependent on the core in a disadvantageous relationship originally established under colonialism and imperialism

Commodity dependence

Occurs when commodities account for more than 60 percent of the value of a country’s total exports

GNP

Measures the total value of all the goods and services made by a country’s residents and businesses in a specific time period regardless of the location in which the product is made

GDP

The value of all goods and services produced in a country over a specific period, regardless of the producers national origin

GNI

The total income of a country’s residents and businesses, including investment income, regardless of where it was earned, as well as money received from abroad

GDP per capita

A country’s GDP divided by its total population

PPP

Measures how much a common basket of goods costs locally in the currency of each country being compared

GII

A statistical measure of gender inequality that combines data on reproductive health, empowerment, and labor-market participation

HDI

A statistical measure of human achievement that combines data on life expectancy at birth, education levels, and GNI per capita (PPP)

Informal sector

The part of any economy that is not officially recorded, monitored, or taxed by the government

Formal sector

The part of the economy that is officially recorded with the government