Unit 7 Industrialization

Industrialization
The process by which an economy transforms from primarily agricultural to one based on the manufacturing of goods, typically accompanied by advances in technology and infrastructure.

Raw Materials (Natural Resources)
Unprocessed natural resources extracted from the earth, such as minerals, oil, water, or timber, that are used in the production of goods.

Market
A place or system where goods and services are bought and sold, and where buyers and sellers interact to exchange products.

Colonialism
The practice or policy of a country extending control over a foreign territory, often through the establishment of settlements and the exploitation of resources.

Imperialism
A policy of extending a country's power and influence over other nations or regions through diplomacy or military force, often tied to colonialism.

Primary Sector
The part of the economy that involves the extraction and harvesting of natural resources, such as agriculture, mining, and fishing.

Secondary Sector
The part of the economy that involves manufacturing and processing raw materials into finished goods, such as factories and construction.

Tertiary Sector
The part of the economy focused on providing services rather than goods, including industries like retail, entertainment, finance, and healthcare.

Quaternary Sector
The part of the economy focused on knowledge-based activities, such as research, education, information technology, and consulting.

Quinary Sector
The part of the economy involving high-level decision-making and services, such as top executives, government officials, university professors, and scientists.

Least Cost Theory
A theory by Alfred Weber that explains the location of manufacturing establishments based on minimizing costs, specifically labor, transportation, and agglomeration.

Break of Bulk Point
A location where goods are transferred from one mode of transportation to another, such as from ships to trucks or railcars, often reducing transportation costs.

Periphery
Areas of the world that are less developed and often have less economic power, typically characterized by reliance on the export of raw materials and labor.

Semi-Periphery
Regions or countries that fall between the core and periphery, often experiencing some development but still dependent on the core for economic growth and stability.

Gross National Product (GNP)
The total value of all goods and services produced by a country's residents in a given year, including income from abroad.

Gross National Income (GNI)
The total value of goods and services produced by a country's residents in a given year, including income from abroad, but minus income sent to foreign countries.

Gross Domestic Product (GDP)
The total value of goods and services produced within a country in a given year, without considering income from abroad.

Gini Coefficient
A measure of income inequality within a country, with values ranging from 0 (perfect equality) to 1 (perfect inequality).

Life Expectancy
The average number of years a person is expected to live, based on statistical averages.

Literacy Rate
The percentage of a country's population that is able to read and write at a basic level.

Gender Gap
The disparity between men and women in terms of social, political, economic, and educational opportunities, often seen in income, education, and employment.

Gender Inequality Index (GII)
A composite measure of gender inequality that considers factors such as reproductive health, empowerment, and labor market participation.

Human Development Index (HDI)
A composite measure used to assess the development of a country, considering factors like life expectancy, education, and income per capita.

Stages of Economic Growth Model (Rostow)
A theory by Walter Rostow that outlines five stages of economic growth, from traditional society to high mass consumption, through industrialization and urbanization.

World Systems Theory (Wallerstein)
A theory that divides the world into core, semi-periphery, and periphery nations based on their economic roles and relationships within the global system.

Dependency Model (Theory)
A theory that suggests that peripheral nations are economically dependent on core nations, leading to a cycle of poverty and underdevelopment.

Trade
The exchange of goods and services between countries, regions, or individuals, often influenced by comparative advantage, tariffs, and agreements.

Complementarity
The idea that two regions or countries can benefit from trade if one has a surplus of a product that the other needs.

Free Trade
The unrestricted exchange of goods and services between countries without tariffs, quotas, or other trade barriers.

Neoliberalism
A political and economic theory advocating for free-market capitalism, deregulation, privatization, and a reduction in government intervention in the economy.

Mercosur
A South American trade bloc that promotes economic integration and trade among member countries, including Argentina, Brazil, Paraguay, and Uruguay.

World Trade Organization (WTO)
An international organization that regulates global trade, aiming to ensure trade flows smoothly and predictably between nations.

Organization of Petroleum Exporting Countries (OPEC)
An intergovernmental organization of countries that export oil, created to coordinate oil production and pricing policies among member states.

International Monetary Fund (IMF)
An international organization that provides financial assistance to countries facing economic instability, with a focus on stabilizing exchange rates and promoting international trade.

Tariff
A tax or duty imposed on imported goods to protect domestic industries and raise government revenue.

Microlending
The practice of providing small loans to individuals in developing countries, often used to support entrepreneurial ventures or self-employment.

Outsourcing
The practice of relocating certain business processes or services to countries where labor is cheaper or other advantages exist.

Export Processing Zones (EPZs)
Areas within a country where goods can be imported, processed, and then exported without the usual customs regulations and tariffs.

Special Economic Zones (SEZs)
Designated areas within a country that have special economic regulations to attract foreign investment, often involving tax breaks and fewer restrictions.

Free Trade Zones (FTZs)
Areas where goods can be imported and exported without tariffs or customs duties, typically designed to attract foreign investment and boost trade.

Post-Fordist
A model of industrial production that emerged after the Fordist era, focusing on flexible production methods, just-in-time delivery, and outsourcing.

Economies of Scale
The cost advantages that companies experience when they produce goods in large quantities, which reduces the cost per unit.

Just-in-Time Delivery
A production and inventory management strategy where goods are delivered only when needed, reducing the need for large inventories and increasing efficiency.

Multiplier Effects
The economic phenomenon where an initial investment or economic activity creates additional economic opportunities and income through increased consumption and investment.

Service Sector
The segment of the economy that provides services rather than goods, including industries like healthcare, education, finance, and hospitality.

High Technology Industry
Industries that involve the development and production of advanced technological products, often related to electronics, information technology, and biotechnology.

Growth Poles (Growth Centers)
Geographic areas where concentrated investment in infrastructure and economic activities lead to increased growth and development in surrounding regions.

Ecotourism
A form of tourism that focuses on visiting natural areas with the goal of conserving the environment, respecting local cultures, and providing sustainable economic benefits.

Sustainable Development Goals (SDGs)
A set of 17 global goals established by the United Nations in 2015 to address a range of global challenges, including poverty, inequality, and environmental sustainability, to be achieved by 2030.