Industrial Revolution and Economic Geography Flashcards

Flashcards on Industrial Revolution and Economic Sectors

Industrial Revolution

Marks the beginning of all industry, starting in England around the turn of the 18th century and diffusing to surrounding countries like Germany and France.

Primary Sector

Extraction of raw materials, including mining, ranching, forestry, fishing, farming, and oil drilling.

Secondary Sector

Processing raw materials into finished goods, such as refining oil, manufacturing textiles, and food processing.

Tertiary Sector

Offering intangible services, including teaching, medicine, and transportation.

Tertiary Sector

Transportation is a key aspect of this sector.

Quaternary Sector

Knowledge-based economy focused on research, administration, technology, and innovation.

Quinary Sector

Involves the highest levels of decision making in society or the economy, such as government executives and CEOs.

Bulk Reducing Industry

Industry where the factory is located closer to raw materials to reduce transportation costs, as the raw materials are more expensive to transport.

Bulk Gaining Industry

Industry where the factory is located closer to the market because the finished product is more expensive or difficult to transport than the raw materials.

Agglomeration

Clustering of like or competing industries in the same location.

Hotelling's Location of Interdependence Theory

Theory that businesses will locate next to each other to negate locational advantage.

Money-Based Measurement

Outdated form of measuring development that focuses solely on wealth, such as GDP, GNP, and GNI per capita.

Human Development Index (HDI)

Measurement used by the United Nations that looks at education, health, standard of living, gender inequality, and income inequality.

Wallerstein's Core-Periphery Theory

Dependency theory describing how core countries benefit from exploiting periphery countries for resources and low-cost labor.

The Core

Country benefit the most from Wallerstein's Core-Periphery Theory.

Rostow's Stages of Economic Growth

International trade theory describing the stages countries pass through to achieve higher levels of development, from traditional society to high mass consumption.

Commodity Dependence

Relying on a single good, which is dangerous for a country's economy.

Comparative Advantage

Ability of a company or country to produce goods or services at a lower cost than others.

Complementarity

When one place has what another place needs, leading to trade relationships.

Comparative Advantage

The purchasing country or a country can produce goods and or services at a lower cost than others

Neoliberalism

Opening up borders to allow for a free flow of products, goods, and services between countries.

Special Economic Zones

Specific areas within a country that follow different rules than the rest of the country to attract foreign investment.

Free Trade Zones

Take away tariffs and trade boundaries, allowing free movement of goods in and out.

Export Processing Zones

Manufactured goods have to be shipped out because they don't want the products being built there for super cheap to have to to then enter the the market

Four Asian Tigers

Singapore, Taiwan, South Korea, and Hong Kong

BICS

Brazil, India, South Africa

Fortis production method

Old assembly line.

Post Fortis

Machines or the assembly line, not humans

Economies of scale

The more you make of something, the greater the profit you can make if you're able to excel all of it.

Just in time delivery

Everything is very articulately planned

Ecotourism

People go to a place because it's pretty

Microloans

Loans are very small, usually $10.15, $20 at most