Unit 7 AP HUG Notes (copy)

What was the starting period of the Industrial Revolution in England?

Mid 1700s to 1800s.

What is the Cottage Industry?

Small-scale businesses operated out of a person's home using traditional techniques to produce custom goods by hand.

What technological advancement allowed factories to operate efficiently?

Steam engines.

What was a major impact of the Industrial Revolution on labor?

It resulted in long hours, poor working conditions, and low pay for many workers.

What is the Enclosure Movement in England?

A movement that privatized publicly owned agricultural land to increase food production.

List the five sectors of the economy.

Primary, secondary, tertiary, quaternary, and quinary.

What defines the primary sector in the economy?

Jobs centered around the extraction of raw materials.

What is the purpose of the Global Gender Gap Index?

To evaluate gender inequalities in economic participation, educational attainment, health, and political empowerment.

What does the Gender Inequality Index (GII) measure?

Gender-based inequalities in health, education, and economic participation.

What does Rostow’s Stages of Economic Growth outline?

Five stages of economic development for countries.

Define 'comparative advantage' in international trade.

The ability of a country to produce a good or service at a lower opportunity cost than another country.

What is the difference between formal and informal economies?

Formal economies include jobs regulated by the government, while informal economies are not protected or recognized legally.

What is one consequence of globalization on the economy?

Increased income inequality.

What are Special Economic Zones?

Regions within a country that provide different economic incentives to attract foreign investment.

What phenomenon occurs when an original investment leads to increased economic activity?

Multiplier Effect.

What is sustainability?

Using Earth's resources in a way that ensures they are available for future generations.

What do the Sustainable Development Goals (SDGs) by the UN focus on?

17 different global goals that aim to improve societal standards of living and economic opportunities.

What was the Agricultural Revolution?

A period of technological improvement and increased crop productivity that occurred during the 18th and early 19th centuries.

What are the characteristics of industrial cities?

Rapid urbanization, poor living conditions, and increased pollution.

Define 'urbanization'.

The process of population movement from rural to urban areas, often in search of job opportunities.

What was the significance of the steam engine?

It played a key role in the Industrial Revolution by powering factories, trains, and ships.

What is child labor?

The employability of children in work that deprives them of their childhood or education.

Define 'class consciousness'.

Awareness of one's social class in relation to others, particularly in perspectives of economic and social injustices.

What was the role of women during the Industrial Revolution?

Women often worked in factories under harsh conditions and gained some rights through labor movements.

What is a factory system?

A method of manufacturing using machinery and division of labor.

What does 'capitalism' mean?

An economic system in which private individuals own and control property and businesses.

Define 'trade union'.

An organization of workers formed to protect and promote their rights and interests.

What is labor exploitation?

The act of taking unfair advantage of workers through inadequate pay or poor working conditions.

What does 'mass production' refer to?

The process of manufacturing large quantities of products, often using assembly lines.

Define 'monopoly'.

A market structure where a single seller controls the entire market supply of a product or service.

What is the significance of the cotton gin?

It revolutionized the cotton industry by greatly speeding up the process of cotton processing.

What is capitalism's effect on innovation?

Capitalism encourages innovation as businesses compete to provide better products and services.

What are the effects of industrial pollution?

Health issues, environmental degradation, and contribution to climate change.

What is a mixed economy?

An economic system that incorporates elements of both capitalism and socialism.

What are labor strikes?

Work stoppages organized by workers to demand better working conditions or pay.

Define 'outsourcing'.

The practice of hiring external organizations to perform services or create goods that were traditionally performed in-house.

What is the significance of the Luddites?

A group of workers who protested against industrialization and the loss of their jobs to machines.

Define 'economic inequality'.

The unequal distribution of wealth and resources among individuals in a society.

What are the principles of socialism?

Economic and political theories advocating for collective or governmental ownership and administration of means of production and distribution.

What does 'globalization' mean?

The process of interaction and integration among people, companies, and governments worldwide.

What are Renewable Resources?

Natural resources that can be replenished within a human lifetime, such as solar and wind energy.

What does 'industrialization' refer to?

The process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods.

Define 'free trade'.

International trade left to its natural course without tariffs or quotas.

What does 'import substitution' mean?

An economic policy that advocates replacing foreign imports with domestic production.

What is a welfare state?

A government that provides a range of social services to its citizens, including healthcare and education.

Define 'economic development'.

Efforts that aim to improve the economic well-being and quality of life for a community by creating jobs and supporting or growing incomes.

What is the role of technology in economic growth?

Technological advancements increase productivity, enhance efficiency, and lead to innovation.

What is the relationship between education and economic growth?

Higher levels of education correlate with improved economic outcomes and workforce capabilities.

What are fiscal policies?

Government policies regarding taxation and spending to influence the economy.

Define 'trade deficit'.

An economic measure of a negative balance of trade where a country's imports exceed its exports.

What are externalities?

Costs or benefits incurred by third parties not directly involved in an economic transaction.

What does 'aggregate demand' mean?

The total demand for goods and services within a particular market.

Define 'monetary policy'.

The process by which a central bank manages the money supply and interest rates.

What are public goods?

Goods that are non-excludable and non-rivalrous, meaning they are available for all to consume.

What is the purpose of tariffs?

Taxes imposed on imported goods to protect domestic industries and raise government revenue.

What does GDP stand for and measure?

Gross Domestic Product; it measures the total economic output of a country.

Define 'supply and demand'.

The economic model of price determination in a market, where demand influences prices based on supply availability.

What is 'economic resilience'?

The ability of an economy to recover from shocks and maintain functionality.

What does 'purchasing power' refer to?

The value of currency expressed in terms of the amount of goods or services one unit of money can buy.

What are economic indicators?

Statistics that represent the state of an economy.

Define 'inflation'.

The rate at which the general level of prices for goods and services rises, eroding purchasing power.

What is the Great Depression?

A severe worldwide economic depression that took place during the 1930s.

What does 'social mobility' mean?

The ability for individuals or families to move up or down the social ladder.

What are the characteristics of developing economies?

Lower income per capita, less industrialization, and lower Human Development Index (HDI) scores.

What is entrepreneurship?

The process of starting and running one's own business, often involving risk.

What does 'overproduction' mean in economics?

When the supply of goods exceeds the demand.

What is a demographic transition?

The transition from high birth and death rates to lower birth and death rates as a

What defines the primary sector in the economy?

Jobs centered around the extraction of raw materials.

What is a green economy?

An economy that aims for sustainable development without degrading the environment.

What does 'eco' refer to in environmental discussions?

Short for ecological, relating to the relationships between living organisms and their environment.

What is tourism?

The act of traveling for recreational, leisure, or business purposes.

What is the tertiary sector in the economy?

Jobs centered around providing services rather than goods.

What is 'bulk' in economics?

The quantity of goods bought or sold that affects transportation costs and pricing.

What are reducing industries?

Industries focused on minimizing environmental impacts and reducing resource use.

What are gaining industries?

Industries that are increasing in importance, typically due to demand growth or technological advancements.

What does Gross Domestic Product (GDP) measure?

The total economic output of a country.

What does 'per capita' mean?

A measure that represents an average per person, commonly used in economic statistics.

What is Gross National Income (GNI) per capita?

An economic metric that measures the average income of a country's citizens per year.

What is the Human Development Index (HDI)?

A composite statistic of life expectancy, education, and per capita income indicators used to rank countries.

What does the Gender Inequality Index (GII) measure?

Gender-based inequalities in health, education, and economic participation.

What is microfinance?

Financial services that offer small loans and financial support, usually targeted towards women.

What does 'access to healthcare' refer to?

The availability and ability to obtain healthcare services when needed.

What is Weber's Least Cost Theory?

A theory that analyzes the location of industries based on minimizing transportation, labor, and agglomeration costs.

What is agglomeration in economic terms?

The clustering of businesses and industries in a particular area to reduce costs and increase efficiency.

What does 'outsourcing' mean?

The practice of hiring external organizations to perform services or create goods that were traditionally performed in-house.

What are break of bulk points?

Locations where goods are transferred from one mode of transportation to another, which can affect logistics and costs.

What are Special Economic Zones (SEZs) or Export Processing Zones (EPZs)?

Regions within a country that provide different economic incentives to attract foreign investment and promote exports.

What are neoliberal policies?

Economic policies that emphasize free-market capitalism, deregulation, and reduced government spending.

Why is Weber's Least Cost Theory debated on?

Critics argue that it oversimplifies complex variables affecting industrial location decisions, such as technology

What defines the primary sector in the economy?

Jobs centered around the extraction of raw materials.

What defines the secondary sector in the economy?

Jobs centered around manufacturing and processing raw materials into finished goods.

What defines the tertiary sector in the economy?

Jobs centered around providing services rather than goods.

What defines the quaternary sector in the economy?

Jobs focused on knowledge-based activities involving services such as research, development, and information technology.

What defines the quinary sector in the economy?

Jobs focused on high-level decision making, including non-profit activities, healthcare, education, and scientific research.