Industrial and Economic Development Patterns and Processes

A collection of flashcards covering key terms and concepts related to industrial and economic development patterns and processes.

Industrial Revolution

The transformation from an agricultural society to an industrial society due to new technologies and resource availability.

Industrialization

The process that occurs when countries evolve from primarily agricultural production to one based on mechanized mass manufacturing.

Primary sector

Economic activity involving extracting or harvesting raw materials, such as agriculture and mining.

Secondary sector

Economic activity that processes raw materials and transforms them into finished goods, such as manufacturing.

Tertiary sector

Economic activity that provides services, such as healthcare and education.

Quaternary sector

Economic activity that involves the collection, processing, and manipulation of information and capital, such as finance and technology.

Quinary sector

Economic activity consisting of high-level decision making and the advancement of human capacities, such as scientific research.

Core countries

Countries where economic power, innovation, and technology are concentrated, benefiting from the global market.

Semi-periphery

Countries that are industrializing and exert more power than periphery countries but are still dominated by core countries.

Periphery countries

Countries with low economic productivity, lower standards of living, and dependency on core countries.

Least Cost Theory

Theory describing the optimal location of an industry in relation to transport, labor costs, and agglomeration advantages.

Agglomeration

The clustering of businesses that benefit from close proximity due to shared resources and skilled labor.

LDC (Less Developed Country)

Countries with low levels of industrialization, urbanization, and standards of living focused on primary activities.

NIC (Newly Industrialized Country)

Less developed countries with growing industrial economies and developing trade status.

MDC (More Developed Country)

Countries with highly developed economies, high levels of industrialization and urbanization, and high standards of living.

Post-industrial society

A society in which the economy has transitioned from manufacturing-based to service-based.

GDP (Gross Domestic Product)

Measurement of the total value of goods and services produced within a country during a specific time period.

GNP (Gross National Product)

Measurement of the total value of goods and services produced within a country plus the net income from abroad.

GNI per capita

Total value of goods and services produced within a country plus net income from abroad, divided by the population.

Gini coefficient

Measurement of income distribution within a population, reflecting income inequality.

Fertility rate

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

Infant mortality rate

Number of deaths of infants under one year of age per 1,000 live births.

Gender Inequality Index (GII)

Measurement that evaluates women's status based on economic, political participation, and health issues.

Human Development Index (HDI)

Measurement used by the UN to calculate development in terms of human welfare through economic and social indicators.

Gender parity

Measurement of the relative access to education for males and females.

Rostow's Stages of Economic Growth

Theory proposing five stages of economic development typical for all countries.

Wallerstein’s World Systems Theory

Model that explains economic power distribution between core, semi-periphery, and periphery regions.

Dependency Theory

Theory stating that less developed countries are kept dependent on developed countries by existing power structures.

Commodity dependence

The extent to which a country relies on primary commodities for export.

Neo-colonialism

The continuation of economic dependence on wealthy, industrialized countries even after political independence.

Comparative advantage

Advantages of locations that allow lower costs of operation and production.

Neoliberal policies

Policies emphasizing free-market trade, deregulation, and reduction of state welfare provisions.

International Monetary Fund (IMF)

Organization that promotes global monetary cooperation and financial stability.

Microlending

Lending of small amounts of money at low interest to the poor to foster small business development.

Outsourcing

When a company sends goods/services to be produced externally, typically where labor costs are lower.

Economic restructuring

The shift of economies from manufacturing to service sectors, leading to changes in the social hierarchy.

Special Economic Zones

Designated areas with laws more favorable for businesses aiming to attract investment.

Sustainable development

Development that addresses social, environmental, and economic issues concurrently.

Ecotourism

Tourism based in natural environments that provides jobs while protecting the environment.

Sustainable Development Goals

Universal initiatives by the UN to end poverty and ensure prosperity while protecting the planet.