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Industry
Economic activity that uses machinery to a large scale to process raw materials into finished goods.
Secular
Religion should be seperate from society and the governemnt.
Raw materials
Includes metals, wood, and plant products, animal products, or other substances that are used to make goods for consumers.
Industrialization
Interaction of social and economic factors that leads to the development of industries.
Industrial Revolution
Began in Britain in the 18th century and spread to NA/Europe in the 19th century. With some more countries in the 20th century, and some still industrializing today.
Cottage Industries
Small scale manufacturing, where production takes place in somebody's home.
Economic Sectors
Industries engaged in similar economic activities (based on productivity, processing and distribution.)
Primary Secotr
Economic sector associated with removing or harvesting products from the earth.
Secondary Sector
economic sector associated with the production of goods from raw materials.
Tertiary Sector
Economic Sector that involves transport, storage, marketing, and selling of goods and services.
Quaternary Sector
Economic sector that requires workers to process info, like research, and development.
Quinary Sector
Economic sector that involves highest leaders in government, science, health, culture, media, and universities.
Postindustrial economy
Economic pattern marked by extremely low primary secotr employment, low secondary employment, predominantly tertiary sector employment with a rising share of quaternary and quinary jobs.
Gross domestic product (GDP)
The total value of goods and services produced by a countries citizens and companies within a year in the country.
Dual Economies
Economies with two distinct distributions of economic activities.
Least-Cost Theory
States that businesses locate their facilities in locations that minimize costs of production.
Agglomeration
Industries tend to cluster in the same area to take advantage of specialized labor, materials, and services.
Break-of-Bulk Points
Location where it's more economical to break raw materials into smaller units before shipping.
Build-Reducing Industries
Where raw materials cost more to transport than finished goods.
Industrial Parks
Collection of manufacturing facilities that are close to highways to move raw materials and products.
Human Development
Process involved with the improvement of peoples freedoms, rights, capabilities, choices, and material conditions.
Gross Domestic Product (GDP)
The total value of goods and services produced by a countries citizens and companies within the country in a year.
Gross National Product (GNP)
The total value of goods and services produced by a countries citizens and companies both domestically and internationally within year.
Gross National Income (GNI)
The total value of goods and services globally produced by a country in a year divided by the countries population.
Formal Secotor
Businesses, entriprises, and other economic activities that have government supervision, monitoring, and protection, and are taxed.
Informal Sector
Any part of a country's economy that is outside the governments monitoring and regulation.
Human Development Index (HDI)
Determines the overall development of a country by incorporating three key dimensions of human development, life expectancy at birth, access to education measured in expected mean and years of schooling, and standard of living measured by GNI per capita
Gender Development Index (GDI)
A measure that calculates gender disparity in three basic dimensions of human development: health, knowledge, and living standards.
Gender Inequality Index
A measurement that calculates inequality based on three categories: reproduction health, empowerment, and labor market participation.
Women's Empowerment
Women's options and access to participate fully in the social and economic spheres of a society.
Labor Market Participation (LMP)
Rate that measures economies active labor force, calculated by taking the sum of all employed workers, divided by the working age population.
Stages of Economic Growth
Model that suggests all countries can be categorized on a spectrum, from traditional to modern and that to become modern, countries need to pass through distinct stages of economic growth in succession.
Dependency Theory
A theory that describes the development challenges and limitations faced by poorer countries and the political and economical relationships they have with richer countries.
Commodity Dependence
Aspect of the dependence theory that occurs when more than 60% of a countries exports and economic health are tied to one or two resources.
Comparative Advantage
The relative cost advantage of a country or organization has to produce certain goods or services for trade.
Complementarity
The mutual trade relationships that exists between two places based on the supply of raw materials and the demand for finished products or services.
Neoliberalism
Beliefs that a favor-free market capitalism in which trade has no constraints from governments.
Deindustrialization
Process in which a country decreases industrial activity, particularly in heavy industry and manufacturing.
Growth Poles
A place of economic activity clustered around one or more high growth industries that stimulate economic growth.
Just-in-time delivery
System where goods are delivered as needed so that companies keep inventory only what is needed for short-term production.
Fordism
Highly organized and specialize system for industrial production that focuses on efficiency and mass production based off Henry Ford.
Post Fordism
System focused on small scale batch production for a specialized market with flexibility that allows for a quick response to changes in the market.
Offshore Outsourcing
Where one or more aspects of production is places outside the country.
International division of Labor
Production and labor based on geographic comparative advantage.
Multiplier effects
When an economic effect in which and change creates a larger change
Special economic zones (SEZ)
Area within a country that offers more favorable economic regulations than other areas.
export processing zones (EPZs)
Sites where manufacturing of exports in done without tariff's to attract multinational organization to invest in the host country.
Free Trade zones
A large area of a country where businesses pay few or no tariffs in goods to encourage or facilitate its role in international trade.
Ecotourism
Tourism that based on the sustainable enjoyment of natural areas that generate revenue for that country.
Build gaining industries
Industry where finished goods cost more to transport than raw materials.