Industrial Revolution and Economic Sectors

Flashcards covering key terms and concepts from the lecture on the Industrial Revolution and its impact on economic sectors.

Industrialization

The process where the interaction of social and economic factors lead to the development of industries.

Industry

Economic activity that uses machinery on a large scale to process raw materials into finished goods.

Raw Materials

Wood, plant products, animal products, or other substances used to make goods.

Weber's Least Cost Theory

A theory that analyzes spatial patterns in the secondary economic sector, stating businesses locate their facilities based on minimizing costs.

Transportation Costs

The expenses incurred in transporting goods and raw materials to manufacturing sites.

Agglomeration

The advantage for companies in the same industry that are located near each other.

Bulk-Reducing Industries

Industries where raw materials cost more to transport than finished goods.

Tertiary Economic Activities

Service sector activities that focus on moving, selling, and trading products in primary and secondary sectors.

Quaternary Sector

Knowledge-based sector focusing on research and information creation, such as investment banking and education.

Quinary Sector

Sector involving the highest levels of decision-making, including top officials and executives.

Primary Economic Activities

Activities involving extraction of raw materials and natural resources from the Earth's surface.

Secondary Economic Activities

Activities that focus on processing and manufacturing raw materials into finished products.

Rapid Urban Growth

Expansion of cities due to increasing population leading to overcrowding and housing shortages.

Colonialism

The practice where industrialization became interlinked with colonies providing raw materials, labor, and markets.