APHUG

Module S3

Key Concepts

• Industrial Revolution

• Textile

• Labor Productivity
    - Definition: The average amount of goods or services produced.

• Fossil Fuel
    - Definition: Natural (non-renewable) fuels from the remains of organisms.

• Commercial Farmers

• Berlin Conference of 1884
    - Definition: Late 19th century meeting in which Europe divided Africa.

• International Division of Labor
    - Definition: System where labor forces in different countries play complementary roles.

• Wage Labor
    - Definition: System in which employer pays a worker for a task.

• Working Class
    - Definition: People in the industrial economy who depend on wages.

• Capitalist Class
    - Definition: People who own the means of production.

• Labor Union
    - Definition: Associations of workers who bargain collectively.

• Mass Production
    - Definition: Machine manufacture of large quantities of identical products.

• Assembly Line
    - Definition: System of manufacture where parts are added a step at a time.

• Mass Consumption
    - Definition: Purchase of large amounts of goods by many people.

Module 54

Key Economic Sectors

• Primary Sector
    - Definition: Extraction of resources (farming, mining, lumber, fishing, etc.).

• Secondary Sector
    - Definition: Manufacturing (e.g., furniture industry, steel industry).

• Tertiary Sector
    - Definition: Service industry (trucking, waiting tables, hotel service, etc.).

• Quaternary Sector
    - Definition: Scientific research, high-level sports & entertainment, medicine.

• Quinary Sector
    - Definition: Finance, Insurance, Real Estate, etc.

• Base Industry
    - Definition: The business of a region that supports all the other businesses.

• Break of Bulk Point
    - Definition: Location where cargo changes modes of transportation.

• Semi-Periphery
    - Definition: Countries with economies based on the secondary sector.

• Periphery
    - Definition: Countries with economies based on tertiary-quinary sectors.

• Core
    - Definition: Countries with an economy based on the primary sector.

• Containerization
    - Definition: Cargo is transported in metal 40-foot long boxes.

• Least Cost Theory
    - Definition: Location of factory balances locations of suppliers and its market.

• Weight Gaining Industry

• Weight Losing Industry

Module 55-56

Economic Theories and Measurements

• World Systems Theory
    - Definition: World is divided into Core, Semi-Periphery, and Periphery.

• Dependency Theory
    - Definition: The periphery is poor because it depends on the core.

• Commodity Dependence
    - Definition: When a country relies on export of raw materials for export.

• Gross Domestic Product (GDP)
    - Definition: All the goods and services produced in a country.

• Gross National Product (GNP)
    - Definition: All the goods and services produced by a country's citizens.

• Gross National Income (GNI)

• GDP Per Capita
    - Definition: Per person measurement of total goods and services.

• Purchasing Power Parity
    - Definition: Comparing a basket of goods across different countries.

• Human Development Index (HDI)
    - Definition: Measurement of the health, wealth, and education of a country.

• Informal Sector
    - Definition: Jobs like babysitter, drug dealer or any job paid in cash.

• Formal Sector
    - Definition: Jobs like teacher, police officer, or doctor.

• Income Distribution
    - Definition: How money is divided among a country's citizens.

• Gender Inequality Index
    - Definition: Statistical measure of the relative status of men and women.

• Rostow's Stages of Growth
    - Definition: Five successive levels of economic development.

• Microloan
    - Definition: Very small amount of money lent to a customer.

Module 57

Trade Policies and Economic Organizations

• Mercantilism
    - Definition: Policy of maximizing exports and minimizing imports to build wealth.

• Protectionism
    - Definition: Use of tariffs and quotas to keep out foreign products.

• Absolute Advantage
    - Definition: Country makes a good more efficiently than another country.

• Comparative Advantage
    - Definition: Country makes one good more efficiently than another good.

• Complementarity
    - Definition: One country's import needs meet another's export needs.

• Transnational Corporation
    - Definition: Firm controls operations in more than one country.

• NAFTA/USMCA
    - Definition: Free trade agreement among the three biggest countries in North America.

• Neoliberalism
    - Definition: Economic policies against tariffs and for free markets.

• World Bank & IMF
    - Definition: Organizations providing funds and helping financial stability for countries.

• World Trade Organization (WTO)
    - Definition: International body overseeing rules on imports and exports.

• Customs Union
    - Definition: A free trade agreement among two or more countries.

• OPEC
    - Definition: 13 countries agreeing on oil prices and production quotas.

• Mercosur
    - Definition: Four countries in South America in a customs union.

• Trade Embargo
    - Definition: Country's official trade ban with another country, or with specific goods.

• Debt Crisis
    - Definition: A government's debts exceed tax revenues and it can't pay.

• Financial Market
    - Definition: Marketplace where financial products are traded.

• Import Substitution Industrialization (ISI)
    - Definition: Policy intended to replace imports with domestic goods.

Module 58

Modern Economic Practices

• Fordism
    - Definition: Economic & social arrangement based on mass production of standardized goods in one place.

• Corporate Disinvestment
    - Definition: Companies stop investing in factory construction and equipment.

• Offshoring
    - Definition: Relocation of manufacturing to another country.

• Outsourcing
    - Definition: Transfer of part of a company's operations to a third party.

• Deindustrialization
    - Definition: Decline or disappearance of employment in manufacturing.

• Special Economic Zone
    - Definition: Specific area in a country where business and trade laws are different.

• Export Processing Zone
    - Definition: Specially designated duty-free area with warehouses for re-export.

• Free-Trade Zones
    - Definition: Industrial zones with incentives to attract foreign investment.

• New International Division of Labor
    - Definition: Shift of manufacturing from developed to developing countries.

• Post-Fordism
    - Definition: Shift of manufacturing to dispersed sites, specialized batch production, and temporary workers.

• Just-in-time-manufacturing
    - Definition: Production of small batches of goods as needed by customers.

• Multiplier Effects
    - Definition: One job in the tech/base sector can produce many more jobs.

• Agglomeration Economies
    - Definition: Occurs where firms cluster for skilled labor and industrial suppliers.

• Growth Poles
    - Definition: Geographically pinpointed center of economic activity.

Module 59

Environmental and Sustainable Practices

• Sustainable Development
    - Definition: Development that meets current needs but conserves for future generations.

• Resource Depletion
    - Definition: Consumption of natural resources faster than they can be replenished.

• Point Source Pollution
    - Definition: Contamination from a single identifiable source.

• Nonpoint Source Pollution
    - Definition: Contamination from multiple diffuse sources.

• Cogeneration
    - Definition: Producing two forms of energy from one fuel.

• Carbon Neutrality
    - Definition: Achieving zero CO2 emissions through emissions reduction and carbon removal.

• Carbon Offsets
    - Definition: Processes that remove or store carbon to make up for CO2 emissions elsewhere.

• Ecotourism
    - Definition: Travel to natural areas in support of conservation efforts.

• Climate Change
    - Definition: A long-term shift in global or regional climate patterns.