CHAP 6: MONEY MONEY MONEY, MUST BE FUNNY, LIVING IN A RICH MAN'S WORLDDDDD

Flashcard Definitions:

1. Diffusion of the Industrial Revolution

   • The spread of industrialization and technological innovations from the UK to other parts of the world, especially Europe and the U.S., starting in the late 18th century.

2. Colonialism and Imperialism and the Industrial Revolution

   • Colonialism refers to the policy of acquiring and maintaining colonies, while imperialism is the broader concept of dominance over another country. The Industrial Revolution increased the need for raw materials and new markets, driving colonial expansion.

3. Growth of Population and Cities

   • The increase in the human population and the migration of people to urban areas due to industrialization and improved living conditions.

4. Animated Power

   • Power derived from human or animal labor, before mechanized sources of energy became widespread.

5. Biomass Fuel

   • Organic materials, such as wood, crop waste, and animal dung, used as a source of energy.

6. Fossil Fuels

   • Non-renewable energy sources such as coal, oil, and natural gas, formed from the remains of ancient organisms.

7. Industrial Regions

   • Areas characterized by significant manufacturing activity and industrial development, often with high levels of urbanization.

8. Fordism

   • A system of mass production characterized by standardized, assembly-line methods of production, pioneered by Henry Ford.

9. Cottage System

   • Pre-industrial manufacturing system in which goods were produced by hand in homes, rather than factories.

10. Post-Fordism

    • The shift from mass production to more flexible, specialized production methods, often involving automation and decentralized labor.

11. Substitution Principle

    • The idea that an industry will locate where it can minimize costs, even if it means substituting one factor of production for another (e.g., labor for capital).

12. Primary Sector

    • Economic activities involving the extraction of natural resources, such as agriculture, mining, and fishing.

13. Secondary Sector

    • Economic activities involving the manufacturing and processing of raw materials into finished products.

14. Tertiary Sector

    • Economic activities related to services, such as retail, education, health care, and entertainment.

15. Quaternary Sector

    • Economic activities related to knowledge and information-based services, such as research, education, and IT.

16. Quinary Sector

    • Economic activities related to high-level decision-making and specialized services, such as government, scientific research, and non-profit organizations.

17. Multiplier Effect

    • The increase in economic activity resulting from an initial investment or economic event, as it circulates through the economy.

18. Situation Factors

    • Location characteristics related to the transportation of raw materials and finished goods, such as proximity to markets and suppliers.

19. Site Factors

    • Location characteristics related to the physical environment, such as land, labor, and capital availability.

20. Bulk-Reducing Industry

    • An industry that produces goods that lose weight during production, typically located near raw materials (e.g., mining).

21. Bulk-Gaining Industry

    • An industry that produces goods that gain weight during production, typically located near markets (e.g., beverage production).

22. Shipping Types

    • The different modes of transportation used to move goods, including air, sea, rail, and road.

23. Break-of-Bulk Point

    • A location where goods are transferred from one mode of transportation to another, often reducing transportation costs.

24. Containerization

    • A system of transporting goods in standard-sized containers, improving efficiency and reducing shipping costs.

25. Just-in-Time Delivery

    • A logistics strategy that aims to deliver materials just in time for production, reducing inventory costs.

26. Land

    • A site factor; refers to the physical space available for industrial or commercial activity.

27. Capital

    • A site factor; financial resources available for investment in industry or commerce.

28. Labor

    • A site factor; the availability and cost of human workers required for industrial production.

29. Labor-Oriented Industry

    • An industry that requires a large, skilled workforce and is typically located near labor sources (e.g., textiles).

30. Labor-Intensive Industry

    • An industry that relies heavily on human labor rather than capital or machinery (e.g., agriculture).

31. Capital-Intensive Industry

    • An industry that relies more on machinery, equipment, and capital than on human labor (e.g., automobile manufacturing).

32. High-Wage Industry

    • Industries that pay above-average wages to workers, often in skilled or specialized fields.

33. Energy-Oriented Industry

    • Industries that are located near sources of energy, such as coal, oil, or natural gas, to reduce energy transportation costs.

34. Weber’s Least Cost Theory

    • A model that explains the location of industries based on minimizing transportation costs, labor costs, and agglomeration benefits.

35. Agglomeration Economies

    • The benefits firms experience by locating near each other, such as reduced transportation costs and knowledge spillovers.

36. Locational Triangle

    • A model in which a firm must consider the transportation cost of raw materials and the final product when choosing a location.

37. Issues Applying Weber’s Theory

    • The assumptions of Weber’s Least Cost Theory (such as uniform terrain and static costs) are often unrealistic in real-world scenarios.

38. Footloose

    • Describes industries that can locate anywhere because transportation costs and other location factors are minimal.

39. Front Offices

    • Offices focused on customer service, sales, or strategic decision-making, often located in major cities or business hubs.

40. Back Offices

    • Offices that handle administrative and support functions, typically located in lower-cost areas.

41. Offshoring

    • The relocation of business processes or production to another country, usually to reduce labor costs.

42. Outsourcing

    • The practice of contracting external organizations to handle certain business functions or services.

43. Losch Theory

    • A theory that suggests industries will locate in areas where profits are maximized by considering the market area and transportation costs.

44. Hotelling Linear City Model

    • A model that explains the location choices of firms based on maximizing profits by balancing consumer demand and competition.

45. Industrial Resource Challenges

    • The difficulties faced by industries in securing necessary resources, including raw materials, energy, and labor.

46. Demand for Energy

    • The global need for energy resources, driven by industrialization, urbanization, and technological advancements.

47. Pollution

    • Environmental damage caused by industrial activity, including air, water, and soil contamination.

48. Alternative Energy Sources

    • Renewable energy sources such as solar, wind, and hydroelectric power that are seen as alternatives to fossil fuels.

49. Barter

    • The direct exchange of goods and services without using money.

50. International Trade

    • The exchange of goods and services between countries, fostering economic interdependence.

51. Complementarity

    • The idea that two regions or countries can benefit from trade if they possess goods or services that complement each other’s needs.

52. Comparative Advantage

    • The ability of a country or region to produce a good or service at a lower opportunity cost than others.

53. Trading Blocs

    • Groups of countries that agree to reduce or eliminate trade barriers between them, such as the European Union or NAFTA.

54. NAFTA/USMCA

    • North American Free Trade Agreement (now the United States-Mexico-Canada Agreement) aimed at reducing trade barriers between the U.S., Canada, and Mexico.

55. EU

    • The European Union, a political and economic union of European countries that allows for free trade and economic cooperation.

56. NICs

    • Newly Industrialized Countries that have experienced rapid economic growth and industrialization, such as South Korea and Taiwan.

57. BRIC Countries

    • Brazil, Russia, India, and China—emerging economies with large populations and growing economic influence.

58. WTO

    • The World Trade Organization, which regulates international trade agreements and resolves disputes between member countries.

59. Foreign Direct Investment

    • Investment made by a company or individual in one country in assets, businesses, or resources in another country.

60. Consumption Patterns

    • Trends and behaviors regarding the consumption of goods and services by individuals or societies.

61. Global Financial Crises

    • Large-scale financial disruptions that affect global economies, such as the 2008 financial crisis.

62. EPZs

    • Export Processing Zones—areas set up to attract foreign investment by offering tax and trade incentives.

63. Free Zones

    • Special economic zones where businesses can operate with minimal regulation and tax burdens.

64. Special Economic Zones

    • Areas within countries that have special economic regulations, often to attract foreign investment and boost exports.

65. Maquiladoras

    • Factories in Mexico that import materials for assembly or manufacturing and export finished goods, often for U.S. markets.

66. Ethics Related to EPZs

    • Concerns about working conditions, wages, and environmental impacts in export processing zones.

67. Convergence Regions

    • Regions that are catching up economically with more developed areas, often through investment and technology transfer.

68. Competitive and Employment Regions

    • Regions focused on enhancing competitiveness and creating job opportunities through innovation and economic diversification.

69. Territorial Cooperation Regions

    • Regions that collaborate across national borders to promote economic and social development.

70. Auto Alley

    • A region in the U.S. that has a concentration of automobile manufacturing, stretching from Michigan to Alabama.

71. Right-to-Work

    • Laws that prohibit unions from requiring workers to join or pay union dues as a condition of employment.

72. Postindustrial Economy

    • An economy that has shifted away from manufacturing-based industries to service-based and knowledge-driven industries.

73. Brownfields

    • Abandoned or underused industrial properties that may have environmental contamination.

74. Rust Belt

    • A region in the northeastern U.S. historically known for its industrial decline and economic challenges.

75. Corporate Parks

    • Areas designated for business development, often including offices, light industry, and commercial activities.

76. Technopoles/Growth Poles

    • Clusters of high-tech industries and innovation centers that drive regional economic growth.

77. Spin-Off Benefits

    • Positive secondary effects of economic development, such as new industries or businesses emerging from a larger project.

78. Backwash Effects

    • Negative consequences of development in one region that can harm neighboring regions, such as the loss of workers or resources.

79. Government Development Initiatives

    • Programs by governments to promote economic growth, such as infrastructure projects, subsidies, or tax incentives.

80. Tax Breaks

    • Reductions in taxes provided by governments to encourage investment or business activity.

81. Loans

    • Financial assistance provided by governments or institutions to support development projects or business growth.

82. Direct Assistance

    • Financial or resource-based aid given directly to individuals or businesses to foster economic development.

83. Changes in Regulations

    • Adjustments in laws or policies to encourage economic growth or address changing market conditions.

84. Measures of Economic Development

    • Indicators used to evaluate the economic progress of countries or regions, including GDP and GNP.

85. Human Development Index

    • A composite index measuring a country's level of human development based on life expectancy, education, and income.

86. GNP

    • Gross National Product—the total value of goods and services produced by a country’s citizens, both domestically and abroad.

87. GDP

    • Gross Domestic Product—the total value of all goods and services produced within a country's borders.

88. GNI

    • Gross National Income—the total value of goods and services produced by a country’s residents, including income from abroad.

89. Per Capita

    • A measure of the average economic output per person in a given country or region.

90. Purchasing Power Parity

    • A theory which suggests that in the absence of transportation costs and trade barriers, identical goods will sell for the same price in different countries.

91. Gini Coefficient

    • A measure of income inequality within a country, ranging from 0 (perfect equality) to 1 (extreme inequality).

92. Measuring Social Development

    • Indicators such as life expectancy, literacy rates, and gender equality that reflect the social well-being of a population.

93. Infant Mortality Rate

    • The number of deaths of infants under one year of age per 1,000 live births.

94. Life Expectancy

    • The average number of years a person can expect to live, given current mortality rates.

95. Access to Knowledge

    • The availability of education and information, often reflected in literacy rates and access to educational resources.

96. Pupil/Teacher Ratio

    • The average number of students per teacher in a given educational setting, used to measure educational quality.

97. Literacy Rate

    • The percentage of people aged 15 and above who can read and write.

98. Gender Gap

    • The disparities between men and women in areas such as education, income, and employment.

99. Gender Inequality Index

    • A measure that reflects gender-based disparities in reproductive health, empowerment, and economic activity.

100. Gender-Related Development Index
     - An index that adjusts the Human Development Index to account for gender inequalities.

101. Maternal Mortality Rate
     - The number of women who die during pregnancy or childbirth per 100,000 live births.

102. Female Labor Force Participation Rate
     - The percentage of women in the working-age population who are actively employed or seeking employment.

103. Adolescent Fertility Rate
     - The number of births per 1,000 girls aged 15-19 years.

104. Gender Inequality Index Over Time
     - Changes in gender inequality levels within a country or region over time.

105. Rostow’s Stages of Economic Development
     - A model that outlines five stages of economic growth: traditional society, preconditions for take-off, take-off, drive to maturity, and age of high mass consumption.

106. Criticisms of Rostow’s Model
     - The model’s ethnocentric nature, lack of consideration for global inequalities, and oversimplification of development processes.

107. Wallerstein’s World System Theory
     - A theory that divides the world into core, semi-periphery, and periphery regions based on economic power and dependency.

108. Criticisms of Wallerstein’s Model
     - Overemphasis on exploitation and dependency, with limited attention to the agency of peripheral regions in development.

109. Nongovernmental Organizations (NGOs)
     - Non-profit organizations that operate independently from government to address social, economic, and environmental issues.

110. UN Millennium Development Goals
     - A set of eight goals adopted by the United Nations in 2000 to address poverty, health, education, and equality by 2015.

111. Microfinancing
     - Providing small loans to individuals in developing countries to help them start businesses and alleviate poverty.

112. Sustainable Development
     - Development that meets present needs without compromising the ability of future generations to meet their own needs.

113. Ecotourism
     - Tourism that focuses on visiting natural areas to conserve the environment and promote sustainable development.

114. Self-Sufficiency
     - An economic strategy where a country aims to produce all the goods and services it needs domestically, without relying on trade.