Economic Development & Industry Terms Industrial Revolution: A period (starting in the 1700s in Britain) of rapid industrial growth marked by the shif

Sure! Here are clear and concise definitions for each of the Unit 7 vocabulary terms:

Industrial Revolution: A period (starting in the 1700s in Britain) of rapid industrial growth marked by the shift from hand-made goods to machine-based manufacturing.
Industrialization: The process of developing industries in a country or region on a wide scale, transforming it from primarily agricultural to manufacturing-based.
Primary Sector: Economic activities that extract natural resources (e.g., farming, fishing, mining).
Secondary Sector: Activities that process raw materials into finished goods (e.g., factories, construction).
Tertiary Sector: Service-based activities (e.g., retail, healthcare, education).
Quaternary Sector: Knowledge-based services (e.g., research, information technology).
Quinary Sector: High-level decision-making roles (e.g., CEOs, government officials).
Break of Bulk Point: A location where goods are transferred from one mode of transportation to another (e.g., port to truck).
Least Cost Theory: A model by Alfred Weber predicting industrial location based on minimizing transport, labor, and agglomeration costs.

Gross Domestic Product (GDP): Total value of goods and services produced within a country in one year.
Gross National Product (GNP): GDP plus income earned by citizens abroad, minus income earned by foreigners in the country.
Gross National Income (GNI) per capita: GNI divided by the population; reflects average income.
Formal Economy: Economic activities regulated and taxed by the government.
Informal Economy: Unregulated, untaxed economic activity (e.g., street vending, black market).
Income Distribution: How income is divided among different groups in a society.
Fertility Rates: The average number of children a woman is expected to have in her lifetime.
Infant Mortality Rates: The number of babies who die before their first birthday per 1,000 live births.
Literacy Rates: The percentage of people who can read and write in a population.
Gender Inequality Index (GII): Measures gender disparities in health, empowerment, and economic participation.
Human Development Index (HDI): A composite score of life expectancy, education level, and income per capita to measure development.
Microloans: Small loans given to individuals in developing countries to start or grow businesses.

Rostow’s Stages of Economic Growth: A model describing five stages of development from traditional society to mass consumption.
Wallerstein’s World System Theory: A model that divides countries into core, semi-periphery, and periphery based on economic and political power.
Dependency Theory: Argues that developing countries remain poor due to dependence on wealthy nations for markets and investment.

Commodity Dependence: Reliance on one or a few primary goods for export, making economies vulnerable to price changes.
Comparative Advantage: The ability of a country to produce a good at a lower opportunity cost than others.
Neoliberal Policies: Market-oriented reforms such as privatization, deregulation, and reduced government spending.
Free Trade Agreements: Treaties that reduce or eliminate tariffs between member countries (e.g., NAFTA, USMCA).
Tariffs: Taxes on imported goods, used to protect domestic industries.
Outsourcing: Hiring external companies or workers to perform tasks, often in other countries.
Special Economic Zones (SEZs): Designated areas with special economic regulations to attract foreign investment.
Free-Trade Zones: Areas where goods can be imported/exported with reduced or no tariffs.
Export Processing Zones (EPZs): Zones where goods are manufactured mainly for export, often with special tax incentives.

International Division of Labor: Global specialization in different tasks or industries by different countries or regions.
Post-Fordist Methods of Production: Flexible production using just-in-time manufacturing, automation, and skilled labor (contrast with assembly lines of Fordism).
Multiplier Effects: Economic growth generated when an initial investment causes related jobs and services to grow.
Economies of Scale: Cost advantages that arise with increased production.
Agglomeration: Clustering of related businesses in the same area for mutual benefit (e.g., Silicon Valley).
Just-in-Time Delivery: System where materials arrive exactly when needed to reduce storage costs.
Growth Poles: Economic development centered around a high-growth industry or region, which spreads to nearby areas.

Ecotourism: Sustainable travel to natural areas that conserves the environment and benefits local communities.
UN Sustainable Development Goals (SDGs): 17 global goals adopted by the UN to address poverty, inequality, and environmental sustainability by 2030.

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