Normal Size Small Size show me how
Industrialization and Economic Development
|The process through which a state raises the living standards of its people.
|The overall comfort and quality of life enjoyed by a population.
|Acronym for more developed countries
|Acronym for less developed countries
|These countries are capable to enjoy wealth and high standards of living.
|More Developed Countries (MDC)
|These countries are impoverishes and many people are not able to enjoy high standards of living.
|Less Developed Countries (LDC)
|What are the levels of the "Three-Tiered World"?
|The Fortunate Billion, the Majority, and the Bottom Billion.
|What is another term used to describe the fortunate billion of the Three-Tiered World?
|What is another term used to describe the majority of the Three-Tiered World?
|What is another term used to describe the bottom billion of the Three-Tiered World?
|The development of industries in a country or region on a wide scale.
|The time period in which some societies began to use machines to do the work that animals or humans once did.
|Where is the hearth of the Industrialization Revolution?
|Britain 1670 United Kingdom
|What was the cause of the industrial beginning?
|The need for faster spinning of cotton fibers for cloth.
|What powered and where were the first factories located by?
|How is steam created?
|By burning coal to boil water.
|What were the positive effects of industrialization?
|Urbanization, Rapid technological advancement, Population growth, Cheaper more plentiful goods, Massive growth in GNI, and Increased wealth and power for the state.
|What were the negative effects of industrialization?
|Overcrowded, Pollution of air and water, and Unequal distribution of wealth.
|What are the five economic sectors in order?
|Primary, Secondary, Tertiary, Quaternary, Quinary
|What occurs in the primary sector?
|Gathering or extracting resources, raw materials, directly from the Earth. The primary sector is also called extractive industries.
|What occurs in the secondary sector?
|Materials are made into a new product; also known as manufacturing and processing.
|What occurs in the tertiary sector?
|The act of doing something for payment; also called services.
|What are the characteristics of the quaternary sector?
|More advanced services involving specialized knowledge, technical skills, etc; also known as the knowledge economy.
|What are the characteristics of the quinary sector?
|Top level business, political, and academic leaders.
|What does an entrepreneur do?
|What does a laborer do?
|Sells their labor
|the total amount of money that a business brings in
|Revenue minus cost results in...
|What are the basic cost factors?
|Materials, transportation, and labor.
|Define agglomeration benefits
|Benefits that stem from clustering in a particular location