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Unit 6

Industrialization and Economic Development

The process through which a state raises the living standards of its people. development
The overall comfort and quality of life enjoyed by a population. living standards
Acronym for more developed countries MDC
Acronym for less developed countries LDC
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? affluent societies
What is another term used to describe the majority of the Three-Tiered World? developing societies
What is another term used to describe the bottom billion of the Three-Tiered World? stagnant economies
The development of industries in a country or region on a wide scale. Industrialization
The time period in which some societies began to use machines to do the work that animals or humans once did. Industrialization Revolution
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? running water
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? Sells products
What does a laborer do? Sells their labor
Define revenue the total amount of money that a business brings in
Revenue minus cost results in... profit
What are the basic cost factors? Materials, transportation, and labor.
Define agglomeration benefits Benefits that stem from clustering in a particular location
Created by: carmen.estupinan
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