Unit 7: Industrial and Economic Development

A comprehensive set of flashcards covering key vocabulary related to industrial and economic development, including definitions and explanations.

Social Class Structures

Divisions within society based on wealth and power, including upper, middle, and lower classes.

Colonialism

The practice of a country ruling a new land and taking it for themselves.

Imperialism

The control of one country over another's land and resources.

Mercantilism

An economic system where colonies exist to benefit the main country by exporting more than importing.

Industrialization

The transition from farming to factory-based production.

Break-of-Bulk Point

A location where goods are transferred between different transportation methods.

Core

Wealthy, developed countries characterized by high income and strong economies.

Economic Sectors

The classification of a workforce into five sectors: primary, secondary, tertiary, quaternary, and quinary.

Industrial Production

The manufacturing of goods in factories.

Least Cost Theory

The idea that companies select locations to minimize costs including labor, transport, and land.

Periphery

Countries that are poorer and less developed.

Primary Sector

The sector that extracts natural resources such as farming, mining, and fishing.

Quaternary Sector

The sector focused on managing and processing information, usually with fewer workers who earn high wages.

Quinary Sector

The sector involved in creating information and making high-level decisions, generally comprised of well-compensated professionals.

Secondary Sector

The sector focused on the manufacturing of products from natural resources.

Semiperiphery

Countries that are in-between, exhibiting some development alongside poverty.

Shipping Containers

Standardized boxes that facilitate faster and cheaper global trade.

Tertiary Sector

The sector providing services such as retail and healthcare.

Formal Economy

The sector consisting of legal, government-regulated, and taxed jobs.

Fossil Fuels

Natural resources such as coal, oil, and natural gas.

Gender Inequality Index (GII)

A measure used to assess gender inequality within various sectors.

Gross Domestic Product (GDP)

The total value of all goods and services produced within a country's borders.

Gross National Income (GNI)

The GDP plus income earned from abroad.

Gross National Product (GNP)

An older term similar to GNI.

Human Development Index (HDI)

An index measuring development based on health, education, and income.

Income Distribution

The way in which money is spread among the population.

Informal Economy

Unofficial jobs not regulated by the government, such as street vending.

Labor-Market Participation

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

Per Capita

A measure per person, used to provide average figures.

Sectoral Structure of an Economy

The distribution and division of jobs among different economic sectors.

Gender Parity

The equal access to opportunities and resources for men and women.

Microloans

Small loans aimed at helping poor individuals start their businesses.

Standards of Living

The overall quality of life, often measured by income, health, and education.

Wage Equity

The principle of equal pay for equal work.

Commodity Dependence

The reliance on exporting raw materials without diversifying the economy.

Dependency Theory

The theory suggesting that poor countries remain poor due to their dependence on wealthy countries.

Rostow's Stages of Economic Growth

A model describing five stages of economic development from traditional societies to high mass consumption.

Spatial Variations in Development

The differences in development levels based on geographic location.

World System Theory

A theory categorizing countries into core, semiperiphery, and periphery based on economic power.

Comparative Advantage

The principle that countries should specialize in producing goods they can produce most efficiently.

Complementarity

The concept of countries trading based on differing resources.

Debt Crises

Situations where countries are unable to repay their loans.

Deindustrialization

A decline in industrial activity, leading to job losses in factories.

European Union

An economic and political union of European countries.

Free Trade Agreements

Treaties that aim to reduce trade barriers between nations.

Global Financial Crises

Widespread economic downturns impacting economies worldwide.

Interdependence

The reliance between countries, fostering collaboration and mutual benefit.

International Monetary Fund

An international organization that provides loans to countries facing economic difficulties.

Mercosur

A trade bloc in South America to promote commerce among member states.

Neoliberal Policies

Economic policies that emphasize free markets and reduced government intervention.

Organization of the Petroleum Exporting Countries (OPEC)

A group controlling a significant portion of the world's oil supply.

Tariffs

Taxes imposed on imported goods.

World Trade Organization

An institution that regulates global trade practices.

Agglomeration

The clustering of businesses in a given area to take advantage of shared resources.

Core Regions

The main centers of economic activity.

Economic Restructuring

The transition from industry-dominated economies to service-oriented economies.

Economies of Scale

Cost advantages obtained by producing at a larger scale.

Export-Processing Zones

Special areas designated for manufacturing exports with tax incentives.

Free-Trade Zones

Regions with minimal regulatory barriers to trade.

Growth Poles

Areas designated to drive economic growth and development.

International Division of Labor

The global distribution of different jobs and functions across countries.

International Trade

The exchange of goods and services across international borders.

Just-in-Time Delivery

A logistics strategy that aims to receive goods just as they are needed.

Multiplier Effects

The economic phenomenon where one job creates additional jobs.

Newly Industrialized Countries

Nations that are rapidly developing industrially.

Outsourcing

The practice of moving jobs to countries where labor is cheaper.

Post-Fordist Methods of Production

Production techniques characterized by flexibility and small-batch processes.

Service Sectors

Economic sectors that provide services rather than goods.

Special Economic Zones

Areas within a country with business-friendly regulations to attract investment.

Climate Change

Long-term changes in temperature and environmental conditions on Earth.

Ecotourism

Travel that aims to conserve the environment while providing economic benefits.

Mass Consumption

The extensive use of goods and resources by the general population.

Natural-Resource Depletion

The consumption of natural resources faster than their rate of replenishment.

Small-Scale Finance

Financial solutions aimed at supporting small and local businesses.

Spatial Development

The geographic distribution of development across different areas.

Sustainable Development Goals

United Nations initiatives aimed at improving life quality while protecting the environment.

Sustainable Development Policies

Strategies designed to balance economic growth with environmental sustainability.