Unit 7 APHUG 7.1-7.5 so far

Industrial Revolution

The historical process by which agrarian economies were transformed into industrial economies.

Agrarian Economies

Economies mainly characterized by agriculture.

Industrial Beginnings

1. Development of New Technologies, like agricultural, such as steel plow

2. Access to natural resources

Social Consequences

1. Increased Global Food Supply

2. Increased Population

3. Increased Migration and Urbanization

4. Changed Class Structures

European Imperialism

1. Raw Materials: coal, oil, cotton, rubber, etc

2. New Markets: colonies provide raw materials and markets.

Development

A country’s relative level of economic wellbeing or how rich or poor a country is

Economic Sector

The kind of products provided in a place and the kind of jobs available to its workforce

Type of Economic Sectors

1. Primary: getting raw materials through activities like fishing

2. Secondary: processes raw materials from primary

3. Tertiary: provides services to businesses

4. Quaternary: provides services that require higher education

5. Quinary: powerful, influencial people like CEOs

Least Cost Theory

Model developed by Alfred Weber which suggested that factories would locate themselves in places that would would be most cost efficient for their business operations

Location Factors

1. Least Cost Theory

2. Access to energy

3. Access to Materials

Break of Bulk Points

Sea-ports and other major transportation hubs like airports and railroad stations that ship and deliver bulk quantities of unpackaged goods like coal or timber.

Shipping Containers

Standardized metal boxes that can be stacked uniformly for shipping non-nulk cargo like food or clothing, or raw materials.

8 Economic Measures

1. Gross National Product (GNP)

2. Gross Domestic Product (GDP)

3. Gross National Income (GNI)

4. GNI Per Capita

5. Income Distribution

6. Fertility Rates

7. Infant Mortality Rates

8. Access to healthcare

Formal Sectors

Include every business that is incorporated and registered according to state and national laws

Informal Sectors

Include all kinds of economic activity that operate outside the boundaries of government oversight

Social Measures

1. Gender Inequality Index (GII)

2. Human Development Index (HDI)

Gender Parity

The equality between men and women in terms of access to education and earned wages from work

Microlending

A practice that empowers women economically in which microloans are granted to imporverished women for the purpose of helping them start of grow a small business

Stage 1

-Traditional Society

-Subsistence

-Barter

-Agriculture

-LDCS

-Intensive Labor

-Low Technology

-Low production output

-Less scientifically advanced

Ex: Some Sub-Saharan African countries

Stage 2

-Transitional Stage

-Specialization

-Surpluses

-Infrastructure

-Commercialization

Ex: Britain in the late 17th century and South Korea in the 1910s

Stage 3

-Take-Off

-Industrialization

-Investment

-Regional Growth

-Political Change

-Major tech advances

Ex: Vietnam, Thailand, Egypt

Stage 4

-Drive to Maturity

-Diversification

-Innovation

-Less imports

-Political development

Ex: China and Argentina

Stage 5

-Tradtional Society

-High Mass Consumption

-Consumer Durable Goods

-Service Sector becomes dominant

Ex: USA, UK, Germany

Rostow’s Model Limatiations

-To simple to explain actual reality

-Based on development patterns in European and Anglo American countries

-Assumes every country’s develops in isolation from other countries economies

Dependency Theory

Argues that peripheral countries are poor not by an fault of their own but. Because of the persistence of exploitative economic practices carried out by core countries. (Neocoloniaism)