Industrial and Economic Development Patterns and Processes

These flashcards cover key concepts and terminology related to industrial and economic development patterns as discussed in the lecture.

Industrial Revolution

A period of significant advancements in industrial technology that transformed manufacturing and increased the use of machines.

Cottage Industry

A system where most manufacturing was done in the home prior to the Industrial Revolution.

Steam Engine

An invention that powered boats, trains, and manufacturing during the Industrial Revolution.

Factory System

A method of production that involves the centralized production of goods using machinery.

Urbanization

The movement of displaced farm workers to cities to find industrial work.

Gini Coefficient

A measure of income distribution and inequality within a population; a value of 0 indicates perfect equality.

GDP (Gross Domestic Product)

The total value of all goods and services produced within a country in a given year.

GNI (Gross National Income)

The total value of all goods and services produced by a country's economy, regardless of location.

Child Labor

The employment of children in work that deprives them of their childhood, education, or potential.

Dependency Theory

A theory that suggests that the economic development of countries is inhibited by their dependence on wealthier nations.

Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Ecotourism

Responsible travel to natural areas that conserves the environment and sustains local well-being.

Transnational Corporation (TNC)

A corporation that operates in multiple countries and coordinates production across borders.

Free Trade Policies

Trade policies that reduce barriers and tariffs between countries to facilitate easier trade.

Special Economic Zones (SEZ)

Areas within a country where business and trade laws are different from those in the rest of the country.

Technopoles

Hubs for high-tech industries where information-based technology drives economic development.

Human Development Index (HDI)

A composite index of life expectancy, education, and per capita income indicators to rank countries.

Labor Union

An organized group of workers who come together to make decisions about the work environment and negotiate wages and benefits.

Psychological Empowerment

The feeling of self-efficacy and autonomy in the workforce, significantly improved through women's economic participation.

Microfinance Programs

Financial services offered to low-income individuals or groups, often aimed at female entrepreneurs.

Comparative Advantage

The ability of a country to produce a good or service at a lower opportunity cost than another country.

Environmental Degradation

The deterioration of the environment through depletion of resources such as air, water, and soil.