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Hug Vocab Unit 7
| Term | Definition |
|---|---|
| Raw Materials | any metals, wood, or other plant products, animal products, or other substances that are used to make intermediate or finished goods |
| Industrialization | the process in which the interaction of social and economic factors causes the development of industries on a wide scale |
| Industrial Revolution | the radical change in manufacturing methods that began in Great Britain in the mid-18th century and was marked by the shift from small-scale, hand-crafted, muscle-powered production to power-driven mass production |
| Cottage Industries | preindustrial form of manufacture in which members of families spread out through rural areas worked in their homes to make goods |
| Primary Sector | economic sector associated with removing or harvesting products from the earth; includes agriculture, fishing, forestry, mining or quarrying, and extracting liquids or gas |
| Secondary Sector | economic sector associated with the production of goods from raw materials; includes manufacturing, processing, and construction |
| Tertiary Sector | economic sector that includes a host of activities that involve the transport, storage, marketing, and selling, of goods or services; also called service sector |
| Quaternary Sector | economic sector that is a subset of tertiary sector activities that requires workers to process and handle information and environmental technology |
| Quinary Sector | economic sector that is a subset of the quaternary sector; involves the very top leaders in government, science, universities, nonprofits, health care, culture and media |
| Post Industrial Economies | an economic pattern marked by predominant tertiary sector employment- with a good share of quaternary and quinary jobs |
| Gross Domestic Product (GDP) | the total value of the goods and services produced by a country's citizens and companies within the country in a year |
| Least Cost Theory | industrial location theory proposed by Alfred Weber suggesting that businesses locate their facilities in a particular place because that location minimizes the costs of production |
| Agglomeration | the tendency of enterprises in the same industry to cluster in the same area |
| Break of Bulk Points | location where it is more economical to break raw materials into smaller units before shipping them further |
| Bulk Reducing Industries | industry in which the raw materials cost more to transport than the finished goods |
| Bulk Gaining Industries | industry in which the finished good cost more to transport than the raw materials |
| Industrial Parks | a collection of manufacturing facilities in a particular area that is typically found in suburbs and is located close to highways to facilitate movement of raw materials and finished products |
| Human Development | the processes involved in the improvement of people's freedoms, rights, capabilities, choices, and material conditions |
| Gross National Product (GNP) | the total value of the goods and services produced by a country's citizens and companies both domestically and internationally in a year |
| Gross National Income (GNI) | the total value of goods and services globally produced by a country in a year divided by the country's population |
| Formal Sector | businesses, enterprises, and other economic activities that have government supervision, monitoring, and protection, and are also taxed |
| Informal Sector | any part of a country's economy that is outside of government monitoring or regulation; sometimes called the informal economy |
| Human Development Index (HDI) | a measure that determines the overall development of a country by incorporating 3 key dimensions of human development: life expectancy at birth, access to education measured in expected and mean years of schooling, and standard living measured by GNI |
| Gender Inequality Index (GII) | a measure that calculates inequality based on 3 categories: reproductive health, environment, and labor-market participation |
| Women Empowerment | women's options and access to participate fully in the social and economic spheres of a society |
| Labor Market Participation | rate that measures an economy's active labor force, calculated by taking the sum of all employed workers divided by the working age population |
| Microloans | a very small short-term loan with low interest intended to help people in need |
| Rostow Stages of Economic Growth | a model that suggests that all countries can be categorized on a spectrum from traditional to modern and that to become modern, countries need to pass through distinct stage of economic growth in succession |
| Dependency theory | a theory that describes the development challenges and limitations faced by poorer countries and the political and economic relationships poorer countries have with richer countries |
| Commodity Dependence | an aspect of dependency theory that occurs when more than 60% of a country's exports and economic health are tied to one or two resources |
| Comparative Advantage | the relative cost advantage a country or organization has to produce certain goods or services for trade |
| Complementarity | the mutual trade relationship that exists between 2 places based on the supply of raw materials and the demand for finished products or services |
| Neoliberalism | beliefs that favor free-market capitalism in which trade has no constraints form government |
| Deindustrialization | process by which a country or area reduces industrial activity, particularly in heavy industry, and manufacturing |
| Growth Poles | a place of economic activity clustered around one or more high-growth industries that stimulate economic gain by capitalizing on some special asset |
| Just in Time Delivery | a system in which goods are delivered as needed so that companies keep in inventory only what is needed for near-term production |
| Fordism | a highly organized and specialized system for industrial production that focuses on efficiency and productivity in mass production; named after Henry Ford |
| Post-Fordism | system focused on small-scale batch production for a specialized market and flexibility that allows for a quick response to changes in the market |
| Outsourcing | the condition when one or more aspects of production moves to an organization in another country |
| International Division of Labor | a pattern of production and labor in which different countries are engaged in distinct aspects of production |
| Multiplier Effect | the economic effect in which a change creates a larger change, such as when a near manufacturing plant grows t'he economy by giving rise to more related jobs and services |
| Special Economic Zones (SEZs) | an area within a country that offers more favorable economic regulations (such as tax benefits or no tariffs) to attract foreign businesses |
| Export Processing Zones (EPZs) | an area within a country that is subject to more favorable regulations (usually including the elimination of tariffs) to encourage foreign investment and the manufacturing of goods for export |
| Free Trade Zones | a relatively large geographical area within a country in which businesses pay few or no tariffs on goods to encourage or facilitate its rate in international trade |
| Ecotourism | a farm of tourism based on the enjoyment of natural areas that minimizes the impact to the environment |
Created by:
Violet Snave