UNIT 7: Industrial Revolution and its aftereffects

Industrial Revolution

A period characterized by more people, jobs, factories, and increased output, originating in the 18th century in the United Kingdom.

Primary Sector

The economic sector that involves extracting materials from the Earth, including farming, mining, fishing, and forestry.

Secondary Sector

The manufacturing and processing sector that turns raw materials from the primary sector into finished goods.

Tertiary Sector

The service sector of the economy that provides services and goods to businesses and consumers.

Quaternary Sector

The economic sector focused on the collection, processing, and manipulation of information and capital.

Base Industries

Industries that sell goods primarily to consumers in another location and attract other businesses to an area.

Spatial Organization

The patterns and arrangements of industries and their locations influenced by labor costs, skills, transportation, and energy costs.

GDP (Gross Domestic Product)

A metric that shows economic activity and reflects the total value of all goods and services produced within a country.

GNP (Gross National Product)

The sum of GDP plus net income earned by residents from investments abroad.

GNI (Gross National Income)

An economic measure similar to GNP that includes investment income from other countries.

Informal Economy

A sector that is not officially recorded or taxed by the government, often significant in developing nations.

Human Development Index (HDI)

A composite index measuring a country's average achievement in key dimensions of human development: health, education, and income.

Gender Inequality Index

An index that combines data on reproductive health, empowerment, and labor-market participation to assess gender inequality.

Microloans

Small loans that do not require collateral and are designed to support local small businesses and improve living standards.

Rostow’s Model

A theory of development suggesting that all countries go through five stages of economic development.

World Systems Theory

A socio-economic theory that explains the world economy in terms of core, periphery, and semi-periphery countries.

Comparative Advantage

A theory that suggests a country should specialize in producing goods where it can produce the most efficiently compared to others.

Trade Agreements

Treaties between countries to reduce barriers to trade, such as tariffs, thereby facilitating international economic relations.

Post-Fordism

Manufacturing characterized by flexibility in production and investment in employees' multi-tasking capabilities.

Just in Time Manufacturing (JIT)

A production strategy to increase efficiency by receiving goods only as they are needed in the production process.

Multiplier Effect

The phenomenon where the creation of a job leads to the development of new businesses and additional job opportunities.

Environmental Consequences of Industrialization

The negative impacts on the environment resulting from industrial processes, including pollution and resource depletion.

Carbon Neutrality

Achieving a net-zero carbon footprint by balancing emitted carbon with an equivalent amount of carbon offsets or reductions.

UN Sustainable Development Goals (SDG)

A set of 17 global goals established by the UN to address various global challenges, including poverty, inequality, and sustainability.