Industrialization and Economic Development Review

These flashcards cover key terms and concepts related to industrialization and economic development, aiding in exam preparation.

Weber’s least cost theory

Suggests a production point must be located within a triangle, considering transportation costs and raw material locations.

Basic industries

City-forming industries that usually represent the main business for which a city is known.

Human Development Index (HDI)

A statistic that measures average life expectancy, education, and per capita income to rank countries by development.

Core-periphery model

Describes regions as core, semi-periphery, and periphery areas, along with various area categories in industrial development.

Sustainable development

A strategy to improve people's lives without depleting resources for future generations.

Capitalism

An economic system in which businesses are privately owned and operated for profit.

Socialism

An economic and political system where the government regulates private business and controls production means.

Communism

An economic system where the central government holds production means in common for all citizens.

Outsourcing

A practice where companies shift operations or jobs to another country to reduce costs or improve efficiency.

Rust Belt

An area of the northeastern and midwestern US characterized by declining industry and aging factories.

BRIC countries

Brazil, Russia, India, and China, known for their wealth and industrialization but not fully developed.

Rostow’s stages of growth model

A model detailing five stages of economic development: traditional society, preconditions to takeoff, takeoff, drive to maturity, and age of mass consumption.

Cumulative causation

Describes ongoing growth due to the benefits of agglomeration.

Ecotourism

Tourism focused on visiting natural environments with the intent of conservation.

Tragedy of the commons

A theory suggesting that individuals act in their own self-interest, leading to resource depletion.

Variable cost

A cost that changes based on the output level of production.

Fixed cost

A cost that remains constant regardless of production output.

Time-space compression

Efforts to increase delivery efficiency by reducing distance-related obstacles.

Multiplier effect

The expansion of an area's economic base due to the presence of basic and non-basic industries.

Topocide

Destruction of a landscape to extract resources or for development.

Neocolonialism

The continued influence of former colonial powers over their former colonies.