Industrial and Economic Development Vocabulary

Vocabulary flashcards covering key terms and concepts related to industrial and economic development.

Industrial Revolution

A series of improvements in industrial technology that transformed the process of manufacturing goods from agriculture.

Industrialization

The development of industries for the machine production of goods.

Colonialism

The practice of a country establishing and maintaining colonies in other parts of the world, typically for the purpose of economic exploitation, cultural assimilation, or political control.

Imperialism

The practice of a country extending its power and influence over other countries, typically through the use of military force, economic coercion, or cultural domination.

Primary Industry

An industry that deals with natural resources.

Secondary Industry

An industry that deals with the working of raw materials into and from a factory.

Least Cost Theory

A theory in which states that have industry can minimize expenses.

Core Processes

Processes that incorporate higher levels of education, higher salaries, and more technology, generating more wealth in the world economy.

Semi-periphery

Places where core and periphery processes are both occurring; exploited by the core but also exploit the periphery.

Periphery

Processes that incorporate lower levels of education, lower salaries, and less technology, generating less wealth in the world economy.

Gross Domestic Product (GDP)

Total dollar value of all final goods and services produced in a country during a single year.

Gross National Product (GNP)

Like GDP, but includes the incomes that people earn abroad.

Tertiary Industry

Economic activity associated with the provision of services (transportation, banking, retailing, etc.).

Quaternary Industry

Service sector industries concerned with the collection, processing, and manipulation of information and capital.

Quinary Industry

Service sector industries that require a high level of specialized knowledge and skill.

Gross National Income per Capita

A measurement of a country's wealth that includes total value of goods/services within borders and income from investments abroad.

Formal Economy

The legal economy that is taxed and monitored by a government.

Informal Economy

Economic activity that is neither taxed nor monitored by a government; often referred to as the black market.

Income Distribution

How income is divided among different groups or individuals.

Gender Inequality

An indicator constructed by the U.N. to measure the extent of each country's gender inequality.

Gender Inequality Index

A United Nations index measuring a country's loss of achievement due to gender inequality.

Empowerment Measures

Measures of inequalities between men's and women's opportunities in a country.

Labor-Market Participation

A statistic that determines the percentage of an age group or gender that is currently working.

Human Development Index (HDI)

A measure used by the United Nations that calculates development in terms of human welfare instead of money.

Microlending

Small loans provided to individuals or small businesses to promote economic development.

Rostow’s Stages of Economic Growth

A model outlining five stages of economic development from traditional farming to age of mass consumption.

Wallerstein’s World System Theory

The view that the world is an interconnected collection of nations dominated by economic centers.

Dependency Theory

A model of economic development explaining global inequality through the historical exploitation of poor nations by rich ones.

Commodity Dependence

When peripheral economies rely heavily on the export of raw materials, resulting in unequal terms of exchange.

Complementarity Advantage

When two regions satisfy each other's needs through the exchange of goods.

Comparative Advantage

The economic concept that countries should specialize in products that they can produce more efficiently.

Free Trade Agreements

Agreements allowing goods from foreign countries to be imported without tariffs.

World Trade Organization (WTO)

The international organization that regulates international trade.

Mercosur

An economic bloc consisting of Argentina, Brazil, Paraguay, and Uruguay.

Globalization

The increasing connection of economic, cultural, and political characteristics across the world.

Tariff

A tax imposed by a government on imported and exported goods.

Global Financial Crises

A worldwide period of economic difficulty experienced by markets and consumers.

European Union (EU)

A political and economic partnership among European countries.

Organization of Petroleum Exporting Countries (OPEC)

An intergovernmental organization of oil-producing countries.

International Lending Agencies

Organizations established by multiple countries to provide financing for public benefits.

Newly Industrialized Countries (NIC)

Countries whose economic development is between developing and highly developed classifications.

Special Economic Zones (SEZ)

Areas within a country where tax and investment incentives are offered to attract businesses.

Free Trade Zones

Areas allowing goods from foreign countries to be imported without tariffs.

Export Processing Zones

Areas where goods can go through customs without submission to regular customs procedures.

International Division of Labor

A division of work between rich and poor countries based on wage levels.

Post-Fordism

The shift from mass production to specialized markets and flexible manufacturing.

Multiplier Effect

The expansion of an area's economic base due to the presence of basic and non-basic industries.

Economies of Scale

The reduction in the per unit cost of production as production volume increases.

Agglomeration

The clustering of manufacturing plants and businesses to benefit from shared resources.

Just-in-Time Delivery

An inventory management strategy where companies keep only what they need for near-term production.

Service Sector

Industries concerned with the processing of information and capital.

Growth Pole

The concentration of innovative industries that stimulate economic development.

Sustainable Development

Using natural resources to meet present needs without compromising future generations.

Mass Consumption

Large numbers of people purchasing large quantities of goods.

Climate Change

A significant change in global or regional climate patterns.

Ecotourism

Tourism that aims to provide an environmentally sustainable experience in natural areas.

Sustainable Development Goals

Goals focused on meeting present needs without compromising future generations' ability to meet their needs.