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APHuG Unit 7
Industrial and Economic Development Patterns and Processes
| Term | Definition |
|---|---|
| Industrial Revolution | The rapid transformation of the economy through the introduction of machines, new power sources, and new chemical processes in Europe and the United States between 1760 and 1830. |
| textile | A fabric or cloth woven from the fibers of wool, cotton, or flax |
| Labor productivity | The average amount of goods or services produced per worker per unit of time |
| Fossil fuels | Natural fuel derived from the fossilized remains of living organisms |
| Crude oil | A yellowish-black liquid fossil fuel found in geologic deposits |
| Commercial farmers | Famers who raise crops and livestock to sell in the market at a profit rather than raising them for their own consumption |
| Wage labor | A socioeconomic relationship in which an employer pays a worker to complete a task, sometimes by the day or by the hour |
| Working class | The people in an industrial economy who depend on wage labor to obtain the necessities of life |
| Capitalist class | People who own the means of production and pay the wages of workers |
| Middle class | People who are either salaried professionals (such as lawyers, educators, and physicians) or office wage workers (such as bank tellers and store clerks) |
| Labor unions | Associations of workers in particular industries established to collectively bargain with capitalists |
| Mass production | The machine manufacture of large quantities of identical products |
| Assembly line | A system of manufacturing in which parts nd procedures are added one step at a time through a series of workstations until a finished product is assembled |
| Mass consumption | The purchase of large amounts of mass-produced goods by large numbers of people |
| International division of labor | The situation in which the labor forces of different countries and world regions play complementary roles in an interdependent global economy |
| Economic sectors | Groupings of industries based on what is produced and the activities of the workforce |
| Primary sector | Industries that extract natural resources form the environment |
| Secondary sector | Industries that process the raw materials extracted by primary industries, transforming them into finished, usuable forms |
| Tertiary sector | Industries that provide services to businesses and consumers, including all the different types of work necessary to transport and deliver goods and resources |
| Quartenary sector | The portion of the economy dedicated to intellectual and informational services, such as scientific research and development |
| Quinary sector | The portion of the economy where the highest-level management decisions are made in the areas of business, government, education, and science |
| Base industry | An industry of disproportionate economic importance and on whose existence other industries and employment sectors depend |
| Semi-periphery | Countries or regions whose economies have elements of both the core and the periphery |
| Break-of-bulk point | A location where cargo is transferred from one mode of transportation to another |
| Shipping containers | Standardized, stackable, intermodal metal boxes used to transport goods by ship, railroad, or truck |
| Containerization | The system of intermodal freight transport using shipping containers |
| Least-cost theory | Alfred Weber's theory that transportation costs and labor costs play a strong role in determining the location of manufacturing facilities |
| World systems theory | Wallerstein's theory of economic development that regards world history as moving through a series of socioeconomic systems, culminating in he modern world system by about the year 1900 |
| Dependency theory | The theory that the periphery is poor because it was economically dependent on the core in a disadvantageous relationship originally established under colonialism and imperialism |
| Commodity dependence | Occurs when commodities account for more than 60% of the value of a country's total exports |
| Gross National Product (GNP) | The total value of all the goods and services made by a country's residents and businesses in a specific time period, regardless of the country or location in which they were made |
| Gross Domestic Product (GDP) | The total value of all goods and services produced within a country over a specific period, regardless of the producer's national origin |
| Gross National Income (GNI) | The total income of a country's residents and businesses, uncluding investment income, regardless of where it was earned, as well as money received from abroad such as foreign investment and development aid |
| GDP per capita | A country's GDP divided by its total population |
| Purchasing Power Parity (PPP) | Measures how much a common "basket of goods" costs locally in the currency of each country being compared |
| Gender Inequality Index (GII) | A statistical measure of gender inequality that combines data on reproductive health, empowerment, and labor-market participation |
| Human Development Index (HDI) | A statistical measure of human achievement that combines data on life expectancy at birth, education levels, and GNI per capita (PPP) population |
| Informal sector | The part of any economy tat is not officially recorded, monitored, or taxed by the government |
| Formal sector | The part of the economy that is officially recorded with the government |
| Income distribution | How a country's total GDP is distributed among the individuals in its population |
| Gender Empowerment Measure (GEM) | A measurement of gender equality that includes the proportion of seats held by women in national parliaments, the percentage of women in economic decision-making positions, and women's versus men's share of earned income |
| Gender parity | A way of documenting progress toward gender equality using measures such as relative access to education, average incomes for women versus men, and workforce participation |
| Microloan | A very small loan to people with little income or collateral intended to help them establish or expand a small business |
| Mercantilism | A theory of trade stating that each country strives to export more than it imports in order to accumulate wealth |
| Protectionism | Trade rules that restrict imports in order to protect domestic industries |
| Absolute advantage | A country's ability to produce a good or service more efficiently than another country |
| Comparative advantage | A country's ability to produce one product much more efficiently than it can produce other products within its economy |
| Complementarity | A measure of how well one country's export profile matches another country's import profile |
| Transnational Corporation (TNC) | A firm with the power to coordinate and control operations in more than one country, even if it does not own those operations |
| Competitive advantage | A firm's relative ability to outperform other TNCs in its industry |
| Neoliberalism | A range of pro-market and anti-government positions on the economy, such as reducing government ownership and regulation and promoting privatization and market-based solutions |
| International Monetary Fund (IMF) | International organization that seeks to foster global monetary cooperation, achieve financial stability, facilitate international trade, and promote sustainable economic growth |
| World Bank | An international financial organization that provides funding and expertise to promote sustainable economic growth in developing countries |
| World Trade Organization (WTO) | An international organization that regulates trade among 184 member states, providing a framework for negotiating trade agreements and resolving trade disputes |
| Free-trade agreement | A treaty between two or more countries that reduces tariffs and promotes foreign investment |
| Tariff | Tax on imported goods and services |
| Customs union | A free trade agreement among two or ore member countries, combined with a single, common external trade policy for nonmembers |
| Mercosur | Spanish acronym for the Southern common Market, a South American customs union that includes Argentina, Brazil, Paraguay, and Uruguay as its full members |
| Organization of Petroleum Exporting Countries (OPEC) | An international trade agreement designed to regulate the output of oil |
| Trade embargo | An official ban on trade with a specific country or of a specific good |
| Financial market | Marketplace where financial instruments are traded; stock markets, bond markets, and foreign exchange markets are all financial markets |
| Debt crisis | Occurs when a government's debts exceed its tax revenues to the point that it cannot meet its loan payments |
| Import Substitution Industrialization (ISI) | An economic development policy intended to replace imported goods with domestically produced goods as a way to spur industrialization and reduce dependence on other countries |
| Fordism | The economic and social arrangement based on the mass production of standardized goods, high labor union membership rates, stable and full-time manufacturing employment, and high factory wages that enable mass consumption |
| Corporate disinvestment | A process in which companies stop investing in factory construction, equipment, and improvement and begin selling off assets, such as machinery, buildings, and land |
| Offshoring | The relocation of manufacturing and support services from one country to another |
| Outsourcing | The transfer of part of a firm's internal operations to a third party |
| Deindustrialization | The decline, and sometimes complete disappearance, or employment in the manufacturing sector in the core's industrial centers |
| Special Economic Zone (SEZ) | Specific area within a country's borders where business and trade laws are different from those in the rest of the country |
| Export Processing Zone (EPZ) | Industrial zone with special incentives to attract foreign investment to places where imported materials undergo processing or assembly before being re-exported |
| Free-Trade Zone (FTZ) | Specially designated duty-free area that provides warehousing, storage, and distribution facilities for goods intended for trade or re-export |
| New international division of labor | The spatial shift of manufacturing from developed countries to developing countries, including the global scaling of labor markets and industrial sites |
| post-Fordism | The sifts from manufacturing centers to spatially dispersed production sites, from standardized mass production to specialized batch production, and from a permanent workforce to temporary and contract workers |
| Just-in-time manufacturing (JIT) | The production of small batches of goods as needed by customer demand |
| High-technology industry | An industry that develops and uses the most advanced technologies available and has the highest levels of research and development |
| Agglomeration economies | Occur where forms cluster spatially in order to take advantage of geographic concentrations of skilled labor and industry suppliers, specialized infrastructure, and ease of fact-to-face contact with industry particiapnts |
| Multiplier effects | The creation of new business and jobs in other industries as the result of investment in a different industry |
| Growth pole | Geographically pinpointed center of economic activity organized around a designated industry, commonly in the high-tech sector |
| Sustainable development | Development that meets present consumption needs without compromising the ability of future generations to meet their consumption needs |
| Resource depletion | The consumption of natural resources faster than they can be replenished |
| Environmental pollution | The contamination of the physical (air, water, earth) and biological components of the environment to the point that normal functions are negatively affected |
| Point source pollution | Any single identifiable source from which contaminants are discharged, such as a pipe or smokestack |
| Nonpoint source pollution | Contamination originating from multiple, diffuse sources |
| Climate change | A long-term shift in global or regional climate patterns |
| Cogeneration | Producing two forms of energy from one fuel |
| Carbon neutrality | Achieving zero carbon dioxide releases through a combination of emissions reduction and carbon removal |
| Carbon offset | Processes that remove or sequester (store) carbon from the atmosphere to make up for carbon dioxide emissions elsewhere |
| Ecotourism | Travel to natural areas of ecological value in support of conservations efforts and socially just economic development |
Created by:
sstiles08
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