APHG Vocabulary Unit 7: Industrial and Economic Development

These flashcards cover key vocabulary terms from Unit 7 on Industrial and Economic Development, providing definitions to aid understanding and retention.

Industrial Revolution

The period of rapid industrial growth that began in the late 18th century.

industrialization

The process of transforming an economy from agricultural to manufacturing.

colonialism

The practice of acquiring full or partial control over a country, occupying it with settlers, and exploiting it economically.

Imperialism

The policy of extending a country's power and influence through diplomacy or military force.

primary

The economic sector involving the extraction of natural resources.

secondary

The economic sector focused on manufacturing and processing raw materials.

tertiary

The economic sector that provides services instead of goods.

quaternary

The economic sector that focuses on knowledge-based activities involving services such as research and education.

quinary

The economic sector that includes high-level decision making and services.

least cost theory

A theory that suggests businesses will locate where they can minimize costs.

core

The center of economic activity that typically has a higher level of development.

semi-periphery

Countries that are between core and periphery, often developing and industrializing.

Periphery

Less developed countries that have a lower level of economic activity.

gross domestic product

The total value of goods produced and services provided in a country during one year.

gross national product

The total value of goods and services produced by a country's residents, regardless of location.

gross national income per capita

An average measure of the income earned by each person in a country.

formal economy

The part of the economy that is formally registered and regulated.

informal economy

Economic activities that are not monitored or regulated by the government.

income distribution

How a nation’s total economy is distributed amongst its population.

gender inequality

The unequal treatment or perceptions of individuals based on their gender.

Gender Inequality Index

An index measuring gender inequalities in health, empowerment, and labor market.

empowerment measures

Techniques and policies aimed at enhancing the capacity of individuals or groups.

labor-market participation

The engagement of individuals in the labor force.

Human Development Index

A composite index measuring average achievement in key dimensions of human development.

microlending

Providing small loans to individuals or groups to start or expand a business.

Rostow’s Stages of Economic Growth

A theory that outlines the stages countries go through as they develop economically.

Wallerstein’s World System Theory

A sociological perspective that posits a world economic system in which some countries benefit while others are exploited.

dependency theory

The idea that resources flow from a periphery of poor countries to a core of wealthy countries.

commodity dependence

An economic reliance on the export of raw materials.

complementarity advantage

When two parties can mutually benefit from trade based on different strengths.

comparative advantage

The ability of a country to produce goods at a lower opportunity cost than others.

free trade agreements

Accords between countries to reduce or eliminate trade barriers.

European Union (EU)

A political and economic union of member states located primarily in Europe.

World Trade Organization (WTO)

An intergovernmental organization that regulates international trade.

Mercosur

A South American trade bloc promoting free trade and economic integration.

Organization of Petroleum Exporting Countries (OPEC)

An intergovernmental organization of oil-exporting countries.

globalization

The process of increased interconnectedness among countries through trade and cultural exchange.

tariff

A tax imposed on imported goods.

global financial crises

Major disruptions in global financial markets that can lead to economic instability.

international lending agencies

Institutions that provide funding to countries in need of financial assistance.

newly industrialized countries

Countries that are transitioning from an agrarian economy to a more industrialized, economically advanced state.

special economic zones

Areas in which business and trade laws are different from the rest of the country.

free trade zones

Regions where goods can be landed, handled, manufactured, and re-exported without intervention of customs authorities.

export processing zones

Areas designed to attract foreign companies to set up production and export operations.

international division of labor

The way tasks are divided among different countries, particularly in manufacturing.

post-Fordism

An economic system characterized by flexible modes of production and the labor market.

multiplier effect

The phenomenon in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent.

economies of scale

Cost advantages that companies experience as their production levels increase.

agglomeration

The clustering of businesses in a particular area to benefit from shared resources.

just-in-time delivery

An inventory strategy that companies use to decrease waste by receiving goods only as they are needed.

service sector

The sector of the economy that provides services rather than goods.

high-technology industry

Industries that rely heavily on advanced technology and innovation to produce products.

growth pole

A concentration of economic activity around a specific industry or sector.

sustainable development

Development that meets the needs of the present without compromising future generations.

mass consumption

A large-scale consumption of goods by the general public.

climate change

Significant changes in global temperatures and weather patterns over time.

ecotourism

Responsible travel to natural areas, which conserves the environment and improves the well-being of local people.

Sustainable Development Goals

A set of 17 global goals established by the United Nations to be achieved by 2030.