APHG Unit 6 Vocabulary Industrial & Economic Development

Adolescent Fertility Rate

The number of births per 1,000 women aged 15-19.

Agglomeration

The clustering of people or activities in a particular area.

Break of Bulk Point

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

Bulk gaining industry

An industry in which the final product weighs more or takes up more space than the inputs.

Bulk reducing industry

An industry in which the final product weighs less or takes up less space than the inputs.

Commodity dependence

A situation where a country's economy relies heavily on the export of one or few commodities.

Comparative advantage

The ability of a country or firm to produce a particular good at a lower opportunity cost than its competitors.

Complementarity

The relationship between two countries or regions where one provides things that the other needs.

Cottage industry

A small-scale, decentralized manufacturing business that can be operated from home.

Deindustrialization

The decline of industrial activity in a region or economy.

Dependency theory

A theory that explains global inequality as a result of historical exploitation of poor countries by rich countries.

Developed country

A nation with a high level of income, industrialization, and modernization.

Developing country

A nation with a lower level of income and industrialization, facing various socio-economic challenges.

Development

The process of economic and social advancement that improves the quality of life.

Economic sectors

The divisions of the economy into distinct categories such as primary, secondary, tertiary, etc.

Primary Sector

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

Secondary Sector

The sector of the economy that manufactures finished goods from raw materials.

Tertiary Sector

The sector of the economy that provides services rather than goods.

Quaternary Sector

The sector of the economy focused on knowledge-based services, such as research and development.

Quinary Sector

The sector of the economy that involves high-level decision making and services.

Ecotourism

A form of tourism focused on the environment and conservation efforts.

Export processing zones (EPZ)

Areas designated for manufacturing and exporting goods with reduced tariffs.

Fair trade

A trading partnership based on mutual respect, where producers receive fair prices for their goods.

Female Labor Force Participation Rate

The percentage of women who are working or actively seeking work.

Foreign direct investment

Investment made by a company in one country in business interests in another country.

Fordist

A system of mass production characterized by assembly lines and standardized products.

Formal sector

The part of the economy that is regulated, taxed, and conforms to laws.

Free trade zones (FTZ)

Areas where goods can be imported, handled, manufactured, and re-exported without intervention.

Gender Inequality Index (GII)

A measure of gender disparities in development, including health, empowerment, and labor market.

Gross Domestic Product (GDP)

The total value of all goods and services produced in a country during a specific 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 value of all goods and services produced by a nation's residents in a given time period.

Growth Poles

Areas where economic development is concentrated due to the presence of established firms and industries.

Human Development Index (HDI)

A composite index measuring average achievement in key dimensions of human development.

Informal Sector

The part of the economy not monitored, regulated, or taxed by the government.

Industrial Revolution

The transition to new manufacturing processes in Europe and the U.S. between 1760 and 1840.

International Monetary Fund

An international organization that works to promote global monetary cooperation and financial stability.

Just in time delivery

Inventory strategy that aligns raw-material orders from suppliers directly with production schedules.

Labor Intensive Industry

An industry where labor costs make up a high percentage of total production costs.

Least Cost Theory (Weber)

A theory of industrial location that focuses on minimizing transportation and labor costs.

Literacy Rate

The percentage of people who can read and write in a given population.

Maternal mortality ratio

The number of maternal deaths per 100,000 live births.

Maquiladora

A factory in Mexico that assembles products for export, generally owned by foreign companies.

Mercosur

A South American trade bloc that promotes free trade and the fluid movement of goods.

Microloans

Small loans designed to support small businesses or individuals in developing countries.

Multiplier effects

Economic phenomena where an initial spending creates a chain reaction of economic activity.

Neoliberalism

A political approach favoring free-market capitalism with minimal state intervention.

New International Division of Labor

The shifting of manufacturing jobs from developed countries to developing countries.

Outsourcing

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

OPEC

The Organization of the Petroleum Exporting Countries, coordinating petroleum policies among member states.

Post-Fordist

A flexible production method that allows for customization and less standardization.

Postindustrial economy

An economy that is based on services rather than manufacturing.

Productivity

The measure of output produced per unit of input over a specific period.

Purchasing Power Parity (PPP)

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

Right-to-work laws

Laws that prohibit union security agreements between employers and labor unions.

Rostow’s Stages of Economic Development

A theory that proposes countries go through five stages of economic growth.

Special economic zones

Areas in which the business and trade laws differ from the rest of the country.

Site Factors (Industry)

Location characteristics that impact the cost of production, such as labor and resources.

Situation Factors (Industry)

Location characteristics related to the transport of materials to and from a factory.

Textile

A type of cloth or woven fabric.

Tariffs

Taxes imposed on imported goods.

Uneven Development

The disparities in development between different regions or countries.

Value Added

The increase in value of a product at each stage of production.

Vertical Integration

A business strategy where a company controls multiple stages of production.

Wallerstein’s World System Theory

A theory that explains global inequality based on historical exploitation within a capitalist system.

World Trade Organization (WTO)

An intergovernmental organization that regulates international trade.