Industrialization and Economic Development

This set of flashcards covers important terms and concepts related to industrialization, economic activities, and socio-economic indicators.

Cottage Industry

A system where goods were produced in home settings prior to the Industrial Revolution.

Industrial Revolution

A period marked by the transition to mechanized production and new technologies, significantly changing manufacturing processes.

Natural Resources

Essential materials such as iron, water, and coal, required for industrialization.

Factory System

A method of production that involves the mechanization of labor in buildings that specialize in manufacturing.

Urbanization

The process where an increasing percentage of a population moves to cities, often for job opportunities.

Tertiary Economic Activities

Service sector activities that involve providing goods and services to the public for payment.

Quaternary Economic Activities

Knowledge-based services, including research and development, consulting, and information technology.

Quinary Economic Activities

High-level decision-making roles, such as government officials and CEOs, which impact large populations.

Weber’s Least Cost Theory

An economic principle stating that industries will locate where they can minimize transportation and labor costs.

Bulk-Reducing Industry

Industries that locate near raw material sources when raw materials are more expensive to transport than finished goods.

Comparative Advantage

The ability of a country to produce a good at a lower opportunity cost than another country, leading to better trade relationships.

Gender Inequality Index (GII)

A measure of gender inequality, where a higher value indicates greater inequality in social, economic, and political realms.

Human Development Index (HDI)

A composite measure that assesses development based on life expectancy, education level, and per capita income.

Export Processing Zones (EPZ)

Areas designed to attract foreign investment and promote export-oriented manufacturing.

Deindustrialization

The decline of industrial activity in a region, often leading to economic shifts and job losses.

Microloans

Small loans provided to individuals, often women, to foster entrepreneurship and improve living standards.

Special Economic Zones (SEZ)

Designated areas within a country that offer business incentives to attract foreign investment.

Gini Coefficient

A measure of income inequality within a population, with values ranging from 0 (perfect equality) to 1 (maximum inequality).