Unit 7: Industrial and Economic Development Patterns and Processes

These flashcards cover key terminology and concepts related to industrial and economic development patterns and processes as discussed in the lecture.

Industrial Revolution

The transformation from an agricultural society to an industrial society due to new technologies and resource availability.

Industrialization

The process by which countries evolve from agricultural economies to economies based on mechanized mass manufacturing.

Primary Sector

Economic activity involving the extraction or harvesting of raw materials, such as agriculture and mining.

Secondary Sector

Economic activity that processes raw materials into finished goods, typically involved in manufacturing.

Tertiary Sector

Economic activity that provides services such as health, education, and retail.

Quaternary Sector

Economic activity involving the collection, processing, and manipulation of information and capital.

Quinary Sector

Economic activity consisting of high-level decision making and advancement of human capacities, such as scientific research and government.

Least Cost Theory

A theory that describes the optimal location of an industry in relation to transport, labor costs, and agglomeration advantages.

LDC (Less Developed Country)

Countries with low levels of industrialization and urbanization, focused primarily on primary activities.

MDC (More Developed Country)

Countries with highly developed economies characterized by high levels of industrialization, urbanization, and advanced technological infrastructure.

HDI (Human Development Index)

A measurement used to calculate development in terms of human welfare using both economic and social indicators.

Gini Coefficient

A measurement of income distribution within a population that indicates income inequality.

Microloan

Low-interest loans aimed at providing poor individuals, often women, the opportunity to start small businesses.

Rostow’s Stages of Economic Growth

A theory that proposes all countries develop along the same trajectory through five stages toward economic growth.

Dependency Theory

Theory that suggests that less developed countries remain economically dependent on richer countries, hindering their development.

Comparative Advantage

The ability of a location to produce goods at a lower opportunity cost, leading to trade opportunities.

Neoliberal Policies

Economic policies characterized by free-market trade agreements and deregulation, emphasizing individualism over state welfare.

Agglomeration

The clustering of businesses to take advantage of shared resources and labor, which can reduce costs and increase efficiency.

Ecotourism

Tourism aimed at protecting natural environments while providing jobs for local populations.

Sustainable Development Goals

A UN call to action to end poverty and protect the planet while ensuring prosperity for all.