Economic Development and Industrialization Concepts

This set of flashcards covers key vocabulary and concepts related to economic development, industrialization, and globalization, as discussed in the lecture.

International Division of Labor

The allocation of different tasks across countries based on comparative advantage.

Deindustrialization

The decline of industrial activity in a region or economy.

Post-Industrial Economy

An economy characterized by a focus on services and information rather than manufacturing.

Fordism

A mass production system characterized by assembly line production.

Post-Fordist Manufacturing

A flexible system of production that emphasizes on-demand manufacturing.

Free Trade vs. Fair Trade

Free trade focuses on minimal restrictions between countries, while fair trade emphasizes equitable trade practices.

Per Capita Consumption

The average consumption per person in a given population.

Carbon Footprint

The total amount of greenhouse gases produced directly and indirectly by an individual or organization.

Fossil Fuels

Natural substances, such as coal and oil, that provide energy.

Break-of-Bulk Points

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

Just-In Time Delivery

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

Economic Sectors/Activities

Divisions of the economy based on different types of economic activity.

Primary Sector

Economic activities related to the extraction of raw materials.

Secondary Sector

Economic activities related to manufacturing and processing.

Tertiary Sector

Economic activities focused on services rather than goods.

Quaternary Sector

Economic activities focused on knowledge and information services.

Quinary Sector

Economic activities focused on high-level decision making and services.

Gini Coefficient

A measure of income inequality within a population.

Human Development Index (HDI)

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

Outsourcing

The practice of obtaining goods or services from an external source.

Renewable Energy Sources

Energy sources that are replenished naturally, such as solar and wind energy.

Maquiladoras

Factories in Mexico run by foreign companies, used for processing imports.

Agglomeration

The clustering of businesses in a particular area for mutual benefit.