Unit 7 Gradesavers

Industrial Revolution

series of technological advances that started in the 18th century

Industrialization

development of industries for the machine production of goods

Deindustrialize

process of decreasing reliance on manufacturing jobs

Cottage Industry

small home-based businesses that make goods

Rust Belt

regions that have large numbers of closed factories

Primary Sector

economic sector that involves extracting natural resources from the earth

Secondary Sector

economic sector that involves making products from natural resources

Tertiary Sector

economic sector that involves providing information and services to people

Quaternary Sector

economic sector that involves managing and processing information

Quinary Sector

economic sector that involves creating information and making high-level decisions

Break-of-bulk-point

location where cargo switches from one mode of transportation to another

Least Cost Theory

explains the ways decisions made by businesses about where to located factories

Multiplier Effect

the potential of a job to produce additional jobs

Bulk-Gaining Industries

also known as weight-gaining, market-oriented, or market-dependent industries; typically located closer to the market, and the final products made are heavier than the inputs

Bulk-Reducing Industries

also known as weight-losing, raw material-oriented, or raw-material-dependent industries; products made lose bulk as they are processed

Core

national or global regions where economic power, in terms of wealth, innovation, and advanced technology, is concentrated.

Semi-Periphery

countries that have a standard of living lower than those in the “core” but much higher than those in the “periphery”

Periphery

a less developed, economically poor country

Gross-Domestic Product

the dollar amount of all goods and services produced within a country in one year

Gross-National Product

the dollar amount of all goods and services produced by a country’s residents in one year

Gross National Income per Capita

the GNP of a country divided by its population

Formal Sector

portion of the economy that is monitored by the government, so people follow its regulations and pay taxes

Informal Sector

portion of the economy that isn’t monitored by the government, includes activities that are done without pay or illegal activities such as drug dealing

GINI Coefficient

statistical measure of economic inequality in a population; measures the dispersion of income/distribution of wealth among members of a population

Gender Inequality Index (GII)

measures the extent of of each country’s gender inequality in terms of reproductive health, empowerment, and the labor market

Human Development Index (HDI)

measures average life expectancy, amount of education, and per capita income

Income Distribution

how income is divided among different groups or individuals

Fertility Rate

an estimate of the average number of children born to each female in her childbearing years

Infant Mortality Rate

measures how many children, per thousand births, die before the age of 1

Access to Healthcare

availability or no availability to adequate healthcare

Glass Ceiling

a barrier to career advancement, usually in reference to women or minorities

NGO

an organization that isn’t a part of the local state or federal government

Microloans

small loans provided to individuals or small businesses

Rostow’s Stages of Economic Growth

focuses on the shift from traditional to modern forms of society

Wallerstein’s World System Theory

an alternative model to Rostow’s and it’s a dependency model

Dependency Theory

states that countries don’t exist in isolation but are apart of an intertwined world system in which all countries are dependent on each other

Barter

a system of exchange in which no money is involved

Comparative Advantage

the ability to produce a good or service at a lower cost than others

Complementarity

when a country has the income, goods, or services that another country desires

Neoliberal Policies

a set of reforms that reduced government regulations and taxation

World Trade Organization (WTO)

created in 1995 to monitor the rules of international trade

Mercosur

also known as Southern Common Market, which includes several South American countries

OPEC

the organization of petroleum exporting countries founded in 1960

Tariffs

tax that a government charges people on import and export goods

International Monetary Fund

created in 1945 to aid countries caught in need of financial assistance

Outsourcing

contracting work to non-company employees or other companies

Economic Restructuring

process in which economies move from a blue collar industrial base, especially around heavy industry and factories, into more of a white-collar service sector

Newly Industrialized Countries (NICs)

countries that have recently started industrializing

New International Division of Labor

a changed system of employment in various economic sectors throughout the world

Manufacturing Zones

locations known for a concentrated amount of manufacturing

Maquiladoras

special manufacturing zones in Mexico

Special Economic Zones (SEZs)

special manufacturing zones in China

Free Trade Zones (FTZs)

locations where a foreign company can store, warehouse, transfer, or process without additional taxation or duties if goods are exported

Export Processing Zones

special manufacturing zones used to attract MNCs and TNCs

Fordism

system of mass production on an assembly line

Post-Fordist

idea that modern industrial production has moved away from mass production in huge factories, towards specialized markets based on small flexible manufacturing units

Just-in-time-delivery

system in which the inputs in an assembly process arrive at the assembly location where they’re needed, reducing the expensive storage costs of extra inventory

Agglomeration

when businesses locate in close proximity to each other

Technopoles

hubs for information-based industry and high tech manufacturing

Growth Poles

concentration of highly innovative and technically advanced industries that stimulate economic development in linked businesses

Sustainable Development

addresses problems caused by depletion of natural resources, mass consumption of goods, pollution of air and water, and the impact of climate change

Ecological Footprint

the impact of human activity on the environment

Ecotourism

travel to a region by people who are interested in its distinctive and unusual ecosystem

Sustainable Development Goals

17 goals created by the UN with the intention of finishing the job the MDGs has begun, but with more awareness of environmental challenges and ways to overcome them