Industrial and Economic Development

Industrial Revolution

A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s

Weber's Least Cost Theory

Theory that described the optimal location of a manufacturing firm in relation to the cost of transportation, labor, and agglomeration

Agglomeration

Grouping together of many firms from the same industry in a single area for collective or cooperative use of infrastructure and sharing of labor resources.

Materials-oriented manufacturing

When the weight of the final product is less than the weight of the raw material; best place to locate factory is by the raw materials

Market-oriented manufacturing

When a company produces a good that weighs more than the raw materials; firms locate close to consumers

Basic sector industries

Industries that sell their products or services to consumers outside the settlement; these are the engines of economic growth

Non - basic Sector / Industries

Goods and services produced for people within the urban area.

Regional Multiplier

A numerical relationship showing the number of total jobs created for each new basic job in a region

Break-of-bulk point

A location where large shipments of goods are broken up into smaller containers for delivery to local markets.

Core Countries

have the most power in the world economic system, with diversified economies, high levels of education, high productivity, and high standards of living

Semiperiphery

places where core and periphery processes are both occurring; places that are exploited by the core but in turn exploit the periphery

Periphery Countries

the least developed and least powerful nations; often exploited by the core countries as sources of raw materials, cheap labor, and markets

GDP

the total value of goods and services produced by a country's citizens and companies within a country annually

GNP

The total value of the goods and services produced by a country's citizens and companies both domestically and internationally in a year

GNI

Gross national income per capita (now used in preference to gross national product—GNP). The total value of goods and services globally produced by a country in a year, divided by the country's population.

Primary Sector Activities

Economic activities that are concerned with extracting raw materials from the earth

Secondary Sector Activities

Those parts of the economy involved in the processing of raw materials to produce commodities of enhanced utility and value.

Tertiary Sector Activities

economic activities involving the sale and exchange of goods and services

Quaternary Sector Activities

Those parts of the economy concerned with research, with the gathering and dissemination of information, and with administration of the other economic activity levels.

Quinary Sector Activities

A sometimes separately recognized subsection of tertiary activity management functions involving highest level decision making in all types of large organizations.

formal sector

Businesses, enterprises, and other economic activities that have government supervision, monitoring, and protection, and are also taxed

informal sector

the portion of an economy largely outside government control in which employees work without contracts or benefits

TFR

The average number of children a woman will have throughout her childbearing years.

IMR

The total number of deaths in a year among infants under 1 year old for every 1,000 live births in a society.

life expectancy

A figure indicating how long, on average, a person may be expected to live

HDI

Used to measure overall levels of development of countries using life expectancy, access to education, and GNI/capita.

Human Development

processes involved in the improvement of people's freedoms, rights, capabilities, choices, and material conditions.

Development

The process of change in the nature and activities of the economy of a region or country and the subsequent increases in the prosperity of that place.

GDI (Gender Development Index)

A way to calculate gender disparity in three dimensions of human development: health, knowledge, and standard of living.

GII (Gender Inequality Index)

A measure of gender inequality that examines reproductive health, empowerment, and labor-market participation.