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Unit 6
Industrialization and Economic Development
| Question | Answer |
|---|---|
| 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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