unit 7 industrilization aphug

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Absolute advantage

The ability of a party to produce more of a good or service with the same amount of resources than another party.

Agglomeration economies

Economic benefits that accrue when firms and people locate together in cities and industrial clusters.

Assembly line

A production method that breaks down a manufacturing process into smaller tasks, allowing for efficient mass production.

Base industry

Industries that provide the basic raw materials for other industries.

Break-of-bulk point

A location where goods are transferred from one mode of transportation to another.

Capitalist class

Group of people who own and control the means of production in a capitalist economy.

Carbon neutrality

Achieving net-zero carbon emissions by balancing carbon emissions with carbon removal.

Carbon offsets

A reduction in emissions of carbon dioxide or greenhouse gases made in order to compensate for emissions made elsewhere.

Climate change

Long-term changes in temperature and weather patterns that are primarily a result of human activities.

Cogeneration

The simultaneous production of electricity and useful heat from the same energy source.

Commercial farmers

Farmers who grow crops and raise livestock for sale in the market rather than for personal consumption.

Commodity dependence

An economic condition where a country relies heavily on the export of a limited range of commodities.

Comparative advantage

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

Competitive advantage

Condition that enables a company or country to accomplish better results than its competitors.

Complementarity

The relationship between two or more items where the presence of one enhances the value or utility of another.

Containerization

A system of intermodal freight transport using intermodal containers.

Corporate disinvestment

The withdrawal of investment by corporations from a region, industry, or sector.

Crude oil

Petroleum that has not been refined.

Customs union

A trade agreement where a group of countries agrees to eliminate trade barriers and adopt a common external tariff.

Debt crisis

A situation in which a country is unable to pay back its external debt.

Deindustrialization

The decline of manufacturing in a region or economy.

Dependency theory

A concept that suggests that resources flow from a periphery of poor countries to a core of wealthy states.

Economic sectors

Different segments of the economy classified by their type of economic activity — such as primary, secondary, and tertiary.

Ecotourism

Responsible travel to natural areas that conserves the environment and improves the well-being of local people.

Environmental pollution

The contamination of the natural environment which causes adverse effects.

Export processing zone (EPZ)

Areas designated for manufacturing where goods can be imported, processed, and exported without the usual trade barriers.

Financial market

A marketplace where financial assets are traded, including stocks, bonds, and derivatives.

Fordism

A manufacturing system characterized by mass production and mass consumption.

Formal sector

The part of the economy that is regulated, taxed, and monitored by the government.

Fossil fuels

Natural substances like coal, oil, and natural gas formed from the remains of ancient plants and animals.

Free-trade agreement

A pact between two or more nations to reduce or eliminate trade barriers.

Free-trade zone (FTZ)

A designated area in which goods can be imported, manufactured, and exported without the usual customs regulations.

GDP per capita

A measure of a country's economic output that accounts for its number of people.

Gender Empowerment Index (GEI)

An index designed to measure the extent of gender inequality in a society.

Gender Inequality Index (GII)

A composite index measuring gender inequality in three dimensions: reproductive health, empowerment, and labor market participation.

Gender parity

The state of equal access to resources and opportunities regardless of gender.

Gross domestic product (GDP)

The total value of all goods and services produced within a country during a specific time period.

Gross national income (GNI)

The total income earned by a nation's residents and businesses, including any income earned abroad.

Gross national product (GNP)

The total market value of all final goods and services produced in a year by residents of a country.

Growth pole

A theory in economic geography that suggests that economic growth is not uniform but rather concentrated in specific growth areas.

High-technology industry

Industries that involve the latest technologies in their production processes.

Human Development Index (HDI)

A composite statistic of life expectancy, education, and per capita income indicators.

Import substitution industrialization (ISI)

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

Income distribution

The way in which a nation's total wealth is distributed among its population.

Industrial Revolution

The transition to new manufacturing processes from about 1760 to 1840, which included the shift to powered machinery.

Informal sector

The part of the economy that is neither taxed nor monitored by any form of government.

International division of labor

The allocation of different tasks to different regions and countries in the context of production activities.

International Monetary Fund (IMF)

An international organization working to foster global monetary cooperation and financial stability.

Just-in-time manufacturing (JIT)

An inventory strategy to improve a business's return on investment through reduced in-process inventory and associated carrying costs.

Labor productivity

A measure of economic performance that indicates the efficiency of labor in generating output.

Labor unions

Organized associations of workers formed to protect and further their rights and interests.

Least-cost theory

An economic theory that suggests that the location of industries is determined by the least cost of production.

Mass consumption

A large-scale consumption of goods and services by a population.

Mass production

The production of large amounts of standardized products, often using assembly lines.

Mercantilism

An economic theory that emphasizes the importance of stockpiling gold and silver and maintaining a balance of trade.

Mercosur

A regional trade bloc in South America with a common market comprising Argentina, Brazil, Paraguay, and Uruguay.

Microloan

A small loan given to entrepreneurs in developing countries to start or grow a business.

Middle class

A social class between the upper and lower classes, often characterized by moderate income and standard living.

Multiplier effects

Economic impacts that occur when an increase in spending produces an increase in national income and consumption greater than the initial amount spent.

Neoliberalism

A policy model that emphasizes the value of free market competition.

New international division of labor

A global division of tasks and production among countries based on comparative advantages.

Nonpoint source pollution

Pollution that does not originate from a single, identifiable source and is typically caused by rainfall or snowmelt moving over and through the ground.

Offshoring

The practice of relocating business processes to another country to reduce costs.

Organization of Petroleum Exporting Countries (OPEC)

A group of oil-producing nations that coordinates and unifies petroleum policies among member countries.

Outsourcing

The practice of obtaining goods or services from an external supplier.

Point source pollution

Contaminants that enter a water body from a single, identifiable source.

Post-Fordism

An economic and social system characterized by flexible production processes and new forms of labor management.

Primary sector

The part of the economy that extracts and harvests natural resources.

Protectionism

The economic policy of restraining trade between countries through tariffs and regulations.

Purchasing power parity (PPP)

An economic theory that compares different countries' currencies through a market "basket of goods" approach.

Quaternary sector

The sector of the economy that deals with knowledge-based services.

Quinary sector

The segment of the economy that focuses on high-level decision making and advanced services.

Resource depletion

The consumption of a resource faster than it can be replenished.

Secondary sector

The part of the economy that transforms raw materials into finished goods.

Semiperiphery

Countries that are in between core and peripheral countries in the world system.

Shipping containers

Large standardized containers used for transporting goods over long distances.

Special economic zone (SEZ)

An area in which business and trade laws are different from the rest of the country.

Sustainable development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Tariff

A tax imposed by a government on imported goods.

Tertiary sector

The part of the economy that provides services to consumers and businesses.

Textile

Any cloth or goods produced by weaving, knitting, or felting textile fibers.

Trade embargo

A government order that restricts commerce with a specified country.

Transnational corporation (TNC)

A company that operates in multiple countries.

Wage labor

A socioeconomic relationship between a worker and an employer in which the worker sells their labor under a formal or informal agreement.

Working class

A social class consisting of people employed in lower-paying wage jobs.

World Bank

An international financial institution that provides loans and grants to the governments of poorer countries for the purpose of pursuing capital projects.

World systems theory

A multidisciplinary approach to understanding the dynamics of the world economy.

World Trade Organization (WTO)

An intergovernmental organization that regulates international trade.