Overview of Economic Development and Industrialization

A set of vocabulary flashcards covering key terms and concepts related to economic development, industrialization, and globalization.

Industrial Revolution

A period of major technological and industrial changes, beginning in Great Britain, that transformed manufacturing.

Agglomeration

The clustering of similar businesses in the same area to support each other.

Weber's Least Cost Theory

A theory that predicts the most profitable location for manufacturing based on transportation, labor, and agglomeration.

Free Trade Agreements

Official arrangements between countries to reduce trade barriers and promote exchange.

Just in Time Delivery

A strategy where materials are delivered exactly when needed, reducing space and labor requirements.

Primary Sector

The economic sector focused on the extraction of raw materials from the earth's surface.

Tertiary Sector

The economic sector involved in selling and moving goods and services to consumers.

Rostow's Development Model

A theory that describes a series of stages of economic growth that all countries must go through.

Gini Coefficient

A measure of income inequality within a population, where a higher number indicates greater inequality.

Footloose Industry

Industries that can be placed anywhere without being tied to specific locations.

Ecotourism

Tourism directed toward exotic, often threatened, natural environments, intended to support conservation efforts.

Human Development Index (HDI)

A composite statistic of life expectancy, education, and per capita income indicators to rank countries into tiers of human development.

Comparative Advantage

The ability of a place to produce a good at a lower opportunity cost than its competitors.