Suhaas's Redemption Unit 7 Vocab 100% CORRECT

Industrial Revolution

The transformation of the economy through the introduction of machines, new power

sources, and new chemical processes between 1760 and 1830

Textile

cloth or woven fabric

Commercial Farming

A country's ability to produce one product much more efficiently than it can produce

other products within its economy

Working Class

The people in an industrial economy who depend on wage labor to obtain the

necessities of life

Labor union

an organization of workers that aims to protect their rights and further their interests

Mass production

The machine manufacture of large quantities of identical products

Mass consumption

the purchase of standardized products or services by large numbers of customers

Assembly Line

A system of manufacturing in which parts and procedures are added one step at a time

through a series of workstations until finished

Economic Sectors

Groupings of industries based on what is produced and the activities of the workforce

Primary Sector

Industries that process the raw materials extracted by primary industries, transforming

them into finished, usable forms

Capitalist Class

People who own the means of production and pay the wages of workers

Secondary Sector

Industries that process the raw materials extracted by primary industries, transforming

them into finished, usable forms

Semi-periphery

economic activities that take place inside the official, legal framework, pay taxes and

are monitored by the government

break-of-bulk point

a place where cargo is unloaded from one form of transportation and pieces of it are

sent out in different directions to other forms

Shipping containers

Standardized, stackable, intermodal metal boxes used to transport goods by ship,

railroad, or truck

Least cost theory

Alfred Weber's theory that transportation costs and labor costs play a strong role in

determining the location of manufacturing facilities

Gross National Product (GNP)

a monetary measurement of all the goods and services produced by residents of a

country (NOT citizens in other countries)

Gross National Income (GNI)

a monetary measurement of all the goods and services produced by citizens

(including citizens overseas) and businesses in a year in a country but NOT con-citizen

residents

informal sector

economic activities, jobs, and transactions that are not regulated, protected, or taxed by the government

Income Distribution

How a country's total GDP is distributed among the individuals in its population

Logistics

a population model where growth starts exponentially, but slows and stabilizes as it reaches the environment's carrying capacity

Teritiary Sector

People who are either salaried professionals (such as lawyers, educators, and

physicians) or office wage workers (such as bank tellers and store clerks)

Containerization

the standardization of steel containers used to transport goods across multiple modes of transport—ships, rail, and trucks

World Systems Theory

Theory of economic development that regards world history as moving through a

series of socioeconomic systems, culminating in the modern world system by about

the year 1900

Gross Domestic Product (GDP)

a monetary measurement of all the goods and services produced in a year inside of a

country

Human Development Index (HDI)

A statistical measure of human achievement that combines data on life expectancy

at birth, education levels, and GNI per capita (PPP) population.

Gender Empowerment Measure

(GEM)

a statistic created by the United Nations to measure the inequalites between men

and women in countries

Mercantilism

A theory of trade stating that each country strives to export more than it imports in

order to accumulate wealth

Absolute Advantage

A country's ability to produce one product much more efficiently than it can produce

other products within its economy

International Monetary Fund (IMF)

an supranational organization that aims to promote global economic stability and

helping LDCs grow

Quinary Sector

The portion of the economy where the highest-level management decisions are made

in the areas of business, government, education, and science

Purchasing Power Parity

Measures how much a common "basket of goods" costs locally in the currency of each

country being compared

Comparative advantage

the ability of a group to carry out an economic activity more effieciently than another

economic activity

Transnational Corporation (TNC)

A firm with the power to coordinate and control operations in more than one country,

even if it does not own those operations

World Trade Organization (WTO)

an economic supranational organization that deals with trade rules between

countries and settling trade disputes

Tarrifs

a tax imposed by a government on imported goods and services

Organization of Petroluem Exporting

Countries (OPEC)

a supranational organization of countries (mainly in Southwest Asia and Africa with

Venezuela) dedicated to maintaining a steady supply of oil

World Trade Organization (WTO)

an economic supranational organization that deals with trade rules between

countries and settling trade disputes

Trade Embargo

An official ban on trade with a specific country or of a specific good

Financial Markets

Marketplace where financial instruments are traded; stock markets, bond markets, and

foreign exchange markets are all financial markets

Import Substitution Industrialization

(ISI)

An economic development policy intended to replace imported goods with

domestically produced goods as a way to spur industrialization

Free trade agreement

a treaty between countries that eliminates tarriffs on goods sent between the

countries

Offshoring

The relocation of manufacturing and support services from one country to another

outsourcing

(not exactly how it is used in real life) transferring part of a company's operations to

an outside company or in another place

Special economic zone

an area that has different laws governing trade and business than the rest of the

country and aim to attract FDI

Just-in-time delivery

a strategy for maintaining just the right amount of inventory so as to not have to pay

for storage

Multiplier Effects

The creation of new business and jobs in other industries as the result of investment

in a different industry

Sustainable development

economic development that is conducted without depletion of natural resources at

rapid rates

Point Source Pollution

Any single identifiable source from which contaminants are discharged, such as a pipe

or smokestack

Climate Change

A long-term shift in global or regional climate patterns.

Ecotourism

tourism directed toward natural environments (often threatened) intended to

support conservation efforts