Industrial and Economic Development Patterns

A collection of flashcards focused on key vocabulary terms related to industrial and economic development.

Core countries

Nations with advanced economies, high living standards, and diversified industries that dominate global economic systems.

Peripheral countries

Nations with less-developed economies, reliant on agriculture and raw materials, often struggling with poverty and lower living standards.

Semi-peripheral countries

Nations that are in the process of industrializing and exhibit characteristics of both core and peripheral countries.

Industrialization

The process of developing industries in a country or region, marked by a shift from agriculture to manufacturing.

Globalization

The increased interconnectedness and interdependence of world economies and cultures, often facilitated by trade.

Agricultural sector

The part of the economy focused on the production and processing of food and other agricultural products.

Service sector

The sector of the economy that provides services to consumers and businesses rather than producing goods.

Least-cost theory

A theory proposed by Alfred Weber that explains the optimal location of manufacturing establishments based on minimizing transportation costs.

Commodity dependence

An economic condition where a country relies heavily on the export of one or two commodities, which makes it vulnerable to market fluctuations.

Microloans

Small loans typically given to individuals or businesses in developing countries to support economic growth and alleviate poverty.

Quinary sector

The sector of the economy that involves high-level decision making and includes services such as education, healthcare, and research.

Austerity measures

Policy actions taken by governments to reduce spending and budget deficits, often including tax increases and cuts in public services.

Post-industrial economy

An economy transitioning from manufacturing-based industries to one focused on services and information technology.

Social distancing

Public health guidelines recommending physical spacing to prevent the spread of contagious diseases, such as COVID-19.

Effective reproduction rate

A measure used in epidemiology to indicate the average number of secondary infections produced by a single infected individual.

Supply chain

The linked network of companies and suppliers involved in the production and distribution of goods.

Deindustrialization

The decline of manufacturing industries in a region, leading to job losses and economic transformation toward the service sector.

Human Development Index (HDI)

A measure that assesses countries' development levels based on life expectancy, education, and per capita income.

Gender Inequality Index (GII)

An index that measures gender disparities in reproductive health, political empowerment, and labor market participation.

World Trade Organization (WTO)

An intergovernmental organization that regulates international trade and aims to ensure that trade flows as freely as possible.