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Cottage industry
Handmade manufacture of goods before industrial
Why were things more expensive to buy
Took a long time to make products
When and wheee was the first Industrial Revolution
1700-1800 England
Most important thing about the Industrial Revolution
Factories
Eli Whitney invention
Cotton gin and interchangeable parts
Urbanization
People move to over crowded cities
Labor unions
Groups of people working
Building codes
How buildings have to be built
Second Industrial Revolution
1870-1950
What was the most important invention of the second Industrial Revolution
Internal combustion engine
Where is the rust belt
In the us
When was the third Industrial Revolution
1950-2020
What was the most important invention in the third revolution
Computers
What was the invention of the fourth Industrial Revolution
Ai
Primary sector
Raw materials
Secondary sector
Processing raw materials
Tertiary sector
Providing services to workers
Quaternary sector
high level thinking jobs
Quinary sector
top goverment
What are break bulk points
Chance of transportation mode
Bulk gaining
Good increase in volume making it harder to transport
Bulk reducing
Goods decreasing in volume making it easier to transport
Agglomeration
Similar business in the same area
Site
Actual place of an industry
Hdi
Human development index, measure equality
Ihdi
Inequality human development index
Gni
Gross national income (produced in a country in a year)
GDP
Gross domesticated product - the total market value of all final goods and services produced annually in an economy
GNP
Gross national product -the sum of all goods and services produced in a nation in a year
Purchasing power party
Evens exchange rates between currencies.Compares good to other countries goods
Monopoly
Companies grouping together
Gii
Gender inequality index
Woman suffrage
Woman’s right to vote
Rostows model
The steps of development in a country till reaching mass consumption
First stage of the Rostows model
Traditional society-rural setting , primary sector, local power, dosent exist anymore
Second stage of the rostows model
Transitional stage
Third stage of the rostows model
Take off-urbanizing , full industry , increase in consumerism, exporting is a huge factor, mostly still secondary Ex:India and the Philippines
fourth stage of the rostows model
Drive to maturity-technologies diffuse, industrial specialization occurs, international trade expands
-modernization-is evident in key areas of the country
-population growth slows
fifth stage of the Rostow model
High mass consumption
Deindustrialization
Making less things
Outsourcing
Hire another company to do something for you
Offshore outsourcing
Hire another company in another country
Tariffs
Taxes on import goods or services.
Trade war
Countries going back and forth with tariffs
What is the EU
European Union
When was the EU created
WWll economic agreement
How many member states in the EU
27 countries
Mercosur
Southern common market
OPEC
Organization
WTO
World trade organization
Why does the goverment apply tariffs
Protect domestic industry, political rivalries
Why must countries trade
Trade to survive, two reasons complementary trade and comparative advantage trade
what is complementarity in trade
Countries trade with each other because no one country has the capacity to create or extract all goods or resources it needs for economic flourishing