Industrial and Economic Development Review

Flashcards covering key terms and concepts from Industrial and Economic Development lectures.

Fordism

The production system centered on mass production and assembly lines where goods are produced at a national scale, typically standardized.

Post-Fordism

The economic system that follows Fordism, marked by flexible production processes and diversity in products.

Cottage Industries

Manufacturing that occurred before the Industrial Revolution, characterized by handmade goods produced in cottage houses.

Industrial Revolution

A period during the late 1700s to early 1800s marked by major technological advancements in manufacturing and industrial processes, beginning in Great Britain.

Bulk Gaining

Manufacturing process in which the final product gains weight, volume, or fragility, requiring factories to be closer to the market.

Diffusion

The spread of goods from one region to another, significant during the Industrial Revolution, particularly from Great Britain.

Economies of Scale

The cost advantage that a business obtains due to the scale of operation, with cost per unit of output decreasing as scale increases.

Weber’s Least Cost Theory

Theory predicting factory location based on minimizing transportation, labor, and agglomeration costs.

Vertical Integration

A strategy where a company controls multiple stages of production within its commodity chain.

Horizontal Integration

A strategy where a company owns one step of a commodity chain across multiple businesses.

Sectors of the Economy

Economic sectors categorized as: Primary (Agriculture), Secondary (Industry), Tertiary (Service), Quaternary, and Quinary.

Core/Developed Countries

Countries characterized by high levels of industrialization and economic development.

Semi-Periphery Countries

Countries that are in the process of industrialization and fall between core and periphery classifications.

Periphery Countries

Countries that are less developed and typically have lower levels of industrial output and economic stability.