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Industrial Revolution
A series of improvements in industrial technology that transformed the process of manufacturing goods.
Industrialization
The development of industries for the machine production of goods.
Cottage Industry
Manufacturing based in homes rather than in a factory, commonly found before the Industrial Revolution.
Infrastructure
Fundamental facilities and systems serving a country, city, or area, as transportation and communication systems, power plants, and schools
Colonialism
Attempt by one country to establish settlements and to impose its political, economic, and cultural principles in another territory.
Imperialism
A policy of extending a country's power and influence through diplomacy or military force.
Primary Sector
The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry.
Secondary Sector
The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.
Tertiary Sector
The part of the economy that involves services rather than goods
Quaternary Sector
Service sector industries concerned with the collection, processing, and manipulation of information and capital. Examples include finance, administration, insurance, and legal services.
Quinary Sector
Service sector industries that require a high level of specialized knowledge or technical skill. Examples include scientific research and high-level management.
Weber's Least Cost Theory
Theory that described the optimal location of a manufacturing firm in relation to the cost of transportation, labor, and advantages through agglomeration
Bulk-Gaining Industry
An industry in which the final product weighs more or comprises a greater volume than the inputs.
Bulk-Reducing Industry
An industry in which the final product weighs less or comprises a lower volume than the inputs.
Break of Bulk Point
A location where transfer is possible from one mode of transportation to another.
Gross Domestic Product (GDP)
The sum total of the value of all the goods and services produced in a nation.
Gross National Product (GNP)
The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year.
Informal Economy
Economic activity that is neither taxed nor monitored by a government; and is not included in that government's Gross National Product
Formal Economy
The legal economy that is taxed and monitored by a government and is included in a government's Gross National Product
Human Development Index (HDI)
Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy
Gross National Income per capita
The overall income of a country after expenses owing to other countries have been paid, divided by the population of the country.
Gender Inequality Index (GII)
An indicator constructed by the U.N. to measure the extent of each country's gender inequality in terms of reproductive health, empowerment, and the labor market.
Uneven Development
The increasing gap in economic conditions between core and peripheral regions as a result of the globalization of the economy.
Microloans
A very small, often short-term loan made to an impoverished entrepreneur, as in an underdeveloped country
Rostow's Stages of Development
A model of economic development that describes a country's progression which occurs in five stages transforming them from least-developed to most-developed countries.
Waller
The world economy has one market and a global division of labor.
Although the world has multiple states, almost everything takes place within the context of the world economy.
The world economy has a three-tier structure. (Peripheral, Semi-peripheral, Core)
Frank's Dependency Theory
Describes how the core, semi periphery and periphery rely on each other for resources and goods
Commodity Dependence
An economy that relies on the export of primary commodities for a large share of its export earnings and hence economic growth
Deindustrialization
The cumulative and sustained decline in the contribution of manufacturing to a national economy. Goods->Services
Complementarity
when two regions through an exchange of commodities can specifically satisfy each others demands
Comparative Advantage
The ability to produce a good at a lower opportunity cost than another producer
Trade Agreements
Intergovernmental agreements designed to manage and promote trade activities for specific regions.
Tariff
A tax on imported goods
International Monetary Fund (IMF)
An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade through financial cooperation
Foreign Direct Investment
Investment made by a foreign company in the economy of another country.
Global Supply Chain
A worldwide network to maximize profits in production
Organization of Petroleum Exporting Countries (OPEC)
Association of 12 major oil-producing countries. Works to collectively influence the global oil market and maximize profit.
Outsourcing
A decision by a corporation to turn over much of the responsibility for production to independent suppliers. DELEGATES TASKS TO EXTERNAL COMPANIES
Offshoring
Moving operations from the country where a company is headquartered to a country where pay rates are lower but the necessary skills are available. RELOCATE
Special Economic Zones
Specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign business and investment
Free Trade Zones
Designated areas where foreign companies can warehouse goods without paying taxes or customs duties until they move the goods into the marketplace
Export Processing Zones
Zones established by many countries in the periphery and semi-periphery where they offer favorable tax, regulatory, and trade arrangements to attract foreign trade and investment
Maquiladora
Factories built by US companies in Mexico near the US border to take advantage of much lower labor costs in Mexico.
International Division of Labor
The process where the assembling procedures for a product are spread out through different parts of the world
Neofordism (post fordism)
The growth of new production methods is defined by flexible production, the individualization of labor relations, and the fragmentation of markets into distinct segments. There is a team that creates a plan, so you might be doing something different every day. Customization.
Silicon Valley
A nickname for the Southern part of San Francisco Bay Area in the northern California, originally referring to the concentration of silicon chip innovators and manufacturers, but eventually referring to the concentration of all types of high-tech businesses
Vertical Integration
Practice where a single entity controls the entire process of a product, from the raw materials to distribution
Fordism
The manufacturing economy and system derived from assembly-line mass production and the mass consumption of standardized goods. Named after Henry Ford.
Footloose Industry
industry in which the cost of transporting both raw materials and finished product is not important for the location of firms
Multiplier Effect
An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent.
Ex: New jobs are created, and people who take them have money to spend in the shops, which means that more shop workers are needed.
Just-In-Time Delivery
Shipment of parts and materials to arrive at a factory moments before they are needed or exactly when
Fair Trade
An alternative to international trade that emphasizes small businesses and worker-owned and democratically run cooperatives and requires employers to pay workers fair wages, permit union organization, and comply with minimum environmental and safety standards.
Agglomeration
Clumping together of (similar) industries for mutual advantage.
Economies of Scale
Factors that cause a producer's average cost per unit to fall as output rises
Research Triangle
The specific area in the Piedmont in which businesses and universities work together to do research. North Carolina high-tech area located in and around the cities of Durham, Raleigh, and Chapel Hill
Growth Pole
Specific area or sector that drives economic development in a region. The idea behind a growth pole is that economic development in one area can have spillover effects that stimulate growth in other areas.
World Trade Organization
International organization that regulates international trade.
Ecotourism
A form of tourism, based on the enjoyment of scenic areas or natural wonders, that aims to provide an experience of nature or culture in an environmentally sustainable way.
Sustainable Development
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
United Nations Sustainable Development Goals
A set of future targets that work towards the improving of living conditions in the least developed countries. ("very feel good, but very unrealistic" -Mrs. Kelley)
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