Industrial Revolution and Economic Development

Flashcards covering key concepts from the Industrial Revolution and Economic Development lecture.

Industrial Production

The process of using machines and large scale processes to convert raw materials into manufactured goods.

Industrial Revolution

A series of technological advancements in the 18th century that resulted in more complex machinery allowing for more efficient production.

Urban Sprawl

The horizontal growth of cities.

Agglomeration

The benefit of industries locating near each other to reduce costs and increase efficiency.

Weber’s Least Cost Theory

A theory predicting the location of manufacturing industries based on transportation costs, labor cost, and agglomeration benefits.

Development

A specified state of growth or advancement, with variations in development on different scales.

GDP (Gross Domestic Product)

Total value of officially recorded goods and services produced within a country's borders in a given year.

GNP (Gross National Product)

Total value of goods and services produced, including foreign investments, in a given year.

GNI (Gross National Income)

Most accurate measure that accounts for trade impacts, defined as GDP plus exports minus imports.

Microfinance Programs

Financial programs that provide loans to women to start businesses, especially effective in South Asia and South America.

Dependency Theory

The idea that resources flow from periphery countries to core countries, creating a structural dependency.

Comparative Advantage

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

Free Trade Agreements

Agreements among groups of countries to reduce trade barriers and create common trade rules.

Outsourcing

The practice of taking internal company functions and contracting them to third parties.

Sustainable Development

Development that connects economic growth with the preservation of natural resources.

Ecotourism

Tourism that focuses on sustainable practices and environmental protection in ecologically important areas.