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industrial revolution
the rapid transformation of the economy through the introduction of machines, new power sources, and chemical processes in europe and the united state in the 1760s to 1830s
assembly line
a system of manufacturing in which parts and procedures are added one step at a time through a series of work stations until a finished product is assembled
international division of labor
the situation in which the labor forces of different countries are world regions play complementary roles in an interdependent global economy
economic sectors
groupings of industries based on what is produced and the activities of the workforce
primary sectors
industries that extract natural resources from the environment
secondary sectors
industries that process that raw materials extracted by primary industries, transforming them to finished usable forms
tertiary sectors
industries that provide services to businesses and consumers, including all the different types of work necessary to transport and deliver goods and resources
quaternary sectors
the portion of the economy dedicated to intellectual and informational services such as scientific research and development
quinary sectors
the portion of the economy where the highest level of management decisions are made in the areas of business, government, education, and science
break-of-bulk point
a location where cargo is transferred from one mode of transportation to another
the least-cost theory
Alfred weber’s theory that transportation costs and labor costs play a strong role in determining the location of manufacturing facilities
world system theory
waller steins theory of economic development that regards world history as moving though a series of socioeconomic systems, culmination in the modern world by 1900
gross national product (GNP)
the total value of all goods and services made by a country’s residents and businesses in a specific time period, regardless of the country or location in which they were made
gross domestic product (GDP)
the total value of all goods and services produced within a country over a specific period, regardless of the products nation origin
gross national income
the total income of country’s residents and businesses, including investments income, regardless of where it was earned, as well as money received from abroad such as foreign investments and development aid
purchase power parity
measures how much a common “basket of goods” costs locally in the currency of each country being compared
gender inequality index
a statical measure of gender inequality that combines data on reproductive health, empowerment, and labor market participation
human development index
a statistical measure of human achievement that combines data on life expectancy at birth, education levels, and GNI per capita (ppp) population
informal sectors
the part of any economy that is not officially recored, monitored, or officiated by the government
formal sectors
the part of the economy that is officially recoded by the government
neoliberal policies
policies that enforce economic and political processes like globalization, privatization of governmental controlled entities, deregulation of business on trade, finance, and labor, and free market competition
comparative advantage
when countries specialize in different fields of production so they can trade and export to boost economic growth and compete with the price points of other sellers
gender empowerment measurement
a measurement of gender equality that includes the proportion of seats held by women in national parliaments, the percentage of women in economic decision making positions, and women’s versus mens share of earned income
gender parity
a way documenting progress towards gender equality using measures such as relative access to education, average incomes for women vs men, and workplace participation
mercantilism
a system where governments actively managed economics to cumulate wealth through exports and lilim imports
microloans
a very small loan to people with little income or collateral intended to help them establish or expand a small business
absolute advantage
a country’s ability to produce a good or service more efficiently than another country
trade embargo
an official ban on trade with a specific country or of a specific good
import substitution industrialization
an economic development policy intended to replace imported goods with domestically produced products as a way to spur industrialization and reduce dependency on other countries
fordism
the economic and social arrangement based on mass production of standardized goods, high labor union memberships, stable and full time manufacturing employment, and high factory wages that enable mass consumption
ecotourism
travel to natural areas of ecological value in support of conservation efforts and socially just economic development
What is the definiton of pro nationalist policies?
Polices that pronate birth rates
