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Unit 7 Vocab Part 1

7.1, 7.2, 7.4

QuestionAnswer
Industrial Revolution Beginning in Britain in the 18th century, the process of change from an agrarian and handicraft economy to one dominated by industry and machine manufacturing.
Industrialization The process by which an economy is transformed from a primarily agricultural one to one based on the manufacturing of goods. (Stage 2 to Stage 3)
Standards of Living The degree of wealth and material comfort available to a person or community.
Agglomeration Describes the advantage for companies in the same or similar industries in locating near each other in order to take advantage of specialized labor, materials, and services.
Primary Sector Jobs that involve extraction of raw materials and natural resources from the earth’s surface.
Secondary Sector Jobs that involve processing and manufacturing raw materials into a finished product.
Tertiary Sector Service sector, jobs that focus on moving, selling, and trading products in primary and secondary sectors.
Quaternary Sector Knowledge-based sector, jobs focusing on research and information creation and transfer.
Quinary Sector Highest levels of decision making, jobs include top officials in government and business.
Break-of-Bulk Point Locations where it is more economical to break raw materials into smaller units before shipping them farther. Usually occurs at locations where mode of transportation changes.
Least Cost Theory Model that is used to analyze spatial patterns in the secondary economic sector. Says that businesses will locate their facilities in locations that minimize costs of production.
Core Dominant capitalist countries that exploit peripheral countries for labor and raw materials. Have the most advanced economies, traditionally have a higher standard of living. (Ex: USA, Canada, many Western European countries)
Semi Periphery Share characteristics of both core and peripheral countries. Are seeing their standard of living increase, with more industrialization happening. (Ex: Mexico, Brazil, China, India)
Periphery Dependent on core countries for capital and have underdeveloped industry. Standard of living is low, most production being exported to more developed countries. (Ex: many countries in Africa and Asia)
Bulk-gaining Industry Raw materials cost less to transport than finished goods. Therefore the factory will be placed close to the market.
Bulk-reducing Industry Raw materials cost more to transport than finished goods. Therefore, the factory will be placed close to the source of raw materials.
Gender Parity The proportionate representation of men and women in a given group. Similar to equality and equity.
Microloans Very small short-term loans with low interest intended to help people in need. Good option for women in the developing world.
Created by: MelanieLeavitt
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