Industrial and Economic Development Vocabulary

A set of vocabulary flashcards covering key terms related to industrial and economic development, suitable for exam preparation.

Gross National Product (GNP)

The total value of all goods and services produced by a country.

• example of primary job

• fishing, farming, mining

• example of secondary job

• factory work, construction, ship building

• example of tertiary job

• provides commercial services

• example of quaternary job

• libraries, scientific research,

• examples of quinary jobs

• Ceos, Police, moms

• Landmarks in Australia

• Sydney Opera house

  Uluru

  Great Barrier Reef

  Lake Hillier

  Coober Pedy- underground town created from Opal mine

• History of Australia

• 50,000 BCE - Aboriginals in Australia

  1000- Maori arrived in New Zealand by Canoe from Polynesian islands

  • 1642 Dutch explorers arrive

  • 1700 James Cook claims Australia for Great Britain

  • 1788 Britain establishes first prison colony

  • 1851 Gold discovered in Australia

  • 1901 Australia becomes independent

  • 1941-45 Pacific islands serve as battlegrounds in World War II

  • 1967 Aboriginals become legal citizens of Australia

Gross Domestic Product (GDP)

Measurement of the total goods and services produced within a country.

Gross National Income (GNI)

The amount of money earned by everyone in a country.

Human Development Index (HDI)

Combines data on life expectancy, literacy, educational attainment, gender equity, and income.

Gender Inequality Index (GII)

Indicator used to measure the extent of each country's gender inequality in terms of reproductive health, empowerment, and labor market.

Microloans

Very small loans, often provided to entrepreneurs in developing countries.

Periphery

Less developed countries that are dependent upon, and often exploited by, developed countries.

Semi-periphery

Countries that are geographically and economically located between core and periphery countries.

Core

Developed, industrial countries that control and benefit from the global market.

Wallerstein's World Systems Theory

Suggests there is a world economic system in which some countries benefit while others are exploited.

Rostow's Stages of Economic Growth

Generalized pattern of modern economic growth as being in five stages.

Dependency theory

Model of economic and social development that explains global inequality in terms of the historical exploitation of poor nations by rich ones.

Primary sector

The part of the economy that draws raw materials from the natural environment.

Secondary sector

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

Tertiary sector

The portion of the economy concerned with transportation, communications, and utilities.

Quaternary sector

Jobs that deal with the handling and processing of knowledge and information.

Quinary sector

Service sector industries that require a high level of specialized knowledge or technical skill.

Complementary advantage

When both parties have goods or services that the other party desires.

Comparative advantage

The ability to produce a good at a lower opportunity cost than another producer.

Trading blocs

Groups of countries with formalized systems of trading agreements.

Fair trade

Trade model that emphasizes small businesses, worker rights, and environmental and safety standards.

Free trade zones

Areas of a country where trade restrictions do not apply.

Weber's Least Cost Theory

The theory that argues firms seek a site of minimum transport and labor cost.

Bulk-gaining industry

An industry in which the final product weighs more or comprises a greater volume than the inputs.

Bulk-reducing industry

An industry in which the final product weighs less or comprises a lower volume than the inputs.

Footloose industry

An industry that can be located anywhere without affect from factors such as resources or transport.

Cottage industry

Industry in which the production of goods and services is based in homes, as opposed to factories.

Break-of-bulk

Location along a transport route where goods must be transferred from one carrier to another.

Just-in-time production

The production of precisely the necessary units in the necessary quantities at the necessary time.

Outsourcing

Hiring outside firms to perform non-core operations to lower operating costs.

New international division of labor

Transfer of low-skilled jobs to less developed countries while more skilled jobs stay in MDCs.

Special economic zones

Areas of a country with different economic regulations designed to attract direct foreign investment.

Agglomeration

Clumping together of industries for mutual advantage.

Sustainable development

Conducting business in a way that protects the natural environment while making economic progress.

Ecotourism

Tourism that encourages environmental awareness and has little effect on the ecosystem.

Renewable resource

Natural resource that can be replaced.