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| Question | Answer |
|---|---|
| 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 | Industrial revolution |
| A fabric or cloth woven from the fibers of wool, cotton, or flax | Textile |
| The average amount of goods or services produced per worker per unit of time | labor productivity |
| Natural fuel derived from the fossilized remains of living organisms | Fossil Fuel |
| A yellowish-black liquid fossil fuel found in geologic deposits | Crude Oil |
| Farmers who raise crops and livestock to sell in the market at a profit rather than raising them for their own consumption | Commercial Farmers |
| A socioeconomic relationship in which an employer pays a worker to complete a task, sometimes by the day or by the hour | Wage Labor |
| The people in an industrial economy who depend on wage labor to obtain the necessities of life | Working Class |
| People who own the means of production and pay the wages of workers | Capitalist Class |
| People who are either salaried professionals (such as lawyers, educators, and physicians) or office wage workers (such as bank tellers and store clerks) | Middle Class |
| Associations of workers in particular industries established to collectively bargain with capitalists | Labor Unions |
| The machine manufacture of large quantities of identical products | Mass Production |
| A system of manufacturing in which parts and procedures are added one step at a time through a series of workstations until a finished product is assembled | assembly line |
| The purchase of large amounts of mass-produced goods by large numbers of people | Mass consumption |
| The situation in which the labor forces of different countries and world regions play complementary roles in an interdependent global economy | international division of labor |
| Groupings of industries based on what is produced and the activities of the workforce | economic sectors |
| Industries that extract natural resources from the environment | Primary Sector |
| Industries that process the raw materials extracted by primary industries, transforming them into finished, usable forms | secondary sector |
| Industries that provide services to businesses and consumers, including all the different types of work necessary to transport and deliver goods and resources | Tertiary sector |
| The portion of the economy dedicated to intellectual and informational services, such as scientific research and development | quaternary sector |
| The portion of the economy where the highest-level management decisions are made in the areas of business, government, education, and science | Quinary Sector |
| An industry of disproportionate economic importance and on whose existence other industries and employment sectors depend | base industry |
| Countries or regions whose economies have elements of both the core and the periphery | semi-periphery |
| A location where cargo is transferred from one mode of transportation to another | break-of-bulk point |
| Standardized, stackable, intermodal metal boxes used to transport goods by ship, railroad, or truck | shipping containers |
| The system of intermodal freight transport using shipping containers | containerization |
| Alfred Weber’s theory that transportation costs and labor costs play a strong role in determining the location of manufacturing facilities | least-cost theory |
Created by:
vasundhara.varadarajan