Unit 7 - Industrial and Economic Development

Question 1

industrial revolution

Answer 1

A series of improvements in industrial technology that transformed the process of manufacturing goods

Question 2

industrialization

Answer 2

the process of developing machine production of goods; the development of industries in a country or region on a wide scale.

Question 3

colonialism

Answer 3

the practice of one nation establishing and maintaining control over another territory, often involving settlement, resource extraction, and the imposition of political, economic, and cultural systems.

Question 4

imperialism

Answer 4

the policy of one country extending its power and influence over another, often through colonization, military force, or other means

Question 5

industrial production

Answer 5

the manufacturing of goods, mining of raw materials, and the generation of electricity and other utilities

Question 6

development

Answer 6

A process of improvement in the material conditions of people through diffusion of knowledge and technology

Question 7

primary economic sector

Answer 7

The portion of the economy concerned with the direct extraction of materials from Earth’s surface, generally through agriculture, although sometimes by mining, fishing, and forestry.

Question 8

secondary economic sector

Answer 8

The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials. (construction, manufacturing, and processing)

Question 9

tertiary economic sector

Answer 9

The portion of the economy concerned with transportation, communications, and utilities, sometimes extended to the provision of all goods and services to people in exchange for payment (services)

Question 10

quaternary economic sector

Answer 10

a knowledge-based part of the economy - which typically includes services such as information technology, information-generation and -sharing, media, and research and development (scientists, educators, financial analysts, IT professionals, and researchers)

Question 11

quinary economic sector

Answer 11

a branch of the quaternary sector called the quinary sector, which includes the highest levels of decision making in a society or economy (jobs in the federal, state, and local governments)

Question 12

containerization

Answer 12

the process of using standardized containers to transport goods efficiently by land, sea, or air.

Question 13

break-of-bulk point

Answer 13

a location where transfer is possible from one mode of transportation to another

Question 14

core

Answer 14

core holds the main economic power

Question 15

semi-periphery

Answer 15

one that is in a transitional stage between the core and periphery

Question 16

periphery

Answer 16

less developed, often characterized by lower standards of living, reliance on raw resource extraction, and limited industrialization or technological advancements

Question 17

complementarity

Answer 17

the actual or potential relationship between two places, often involving economic exchange, where one place supplies something that another place needs

Question 18

comparative advantage

Answer 18

The ability of a country to produce a good at a lower cost than another country can.

Question 19

neoliberal policies

Answer 19

a set of economic principles that promote free markets, deregulation, and reduction of government intervention in the economy

Question 20

free trade agreements

Answer 20

a treaty between two or more countries that reduces or eliminates trade barriers like tariffs and quotas, allowing goods and services to move more freely across borders

Question 21

tariffs

Answer 21

a tax imposed by a government on imported goods and services

Question 22

global financial crises

Answer 22

a severe worldwide economic downturn that began in 2007-2008, marked by the collapse of financial institutions.

Question 23

microlending

Answer 23

the practice of providing small loans, or microloans, to individuals and small businesses, often in developing countries, who lack access to traditional financial services. These loans are intended to support economic development and empower individuals, particularly women, through entrepreneurship and small business growth.

Question 24

deindustrialization

Answer 24

Process by which companies move industrial jobs to other regions with cheaper labor, leaving the newly deindustrialized region to switch to a service economy and to work through a period of high unemployment

Question 25

outsourcing

Answer 25

A decision by a corporation to turn over much of the responsibility for production to independent suppliers.

Question 26

special economic zones

Answer 26

a designated area within a country where business and trade laws differ from the rest of the country, often with more relaxed regulations and incentives to attract foreign investment

Question 27

free trade zones

Answer 27

special zones in which all trade barriers between two countries are eliminated

Question 28

export processing zones

Answer 28

designated areas within a country that offer favorable conditions for foreign and domestic companies to manufacture and export goods

Question 29

international division of labor

Answer 29

the global allocation of different tasks and responsibilities among countries, where countries specialize in specific industries or sectors based on their comparative advantages

Question 30

post fordist methods of production

Answer 30

a shift from the mass production model pioneered by Henry Ford towards flexible, specialized, and customized production systems. It's characterized by a move away from standardized, large-scale manufacturing to smaller, more adaptable units that cater to niche markets

Question 31

multiplier effects

Answer 31

describes how an initial change in spending or investment can lead to a larger overall increase in economic activity

Question 32

economies of scale

Answer 32

the cost advantages that businesses experience when they increase their production volume

Question 33

agglomeration

Answer 33

the clustering or concentration of businesses and industries in a specific area, leading to benefits like reduced costs and increased efficiency due to proximity

Question 34

just in time delivery

Answer 34

type of delivery when needed parts for production are scheduled to arrive "just-in-time" for production. Important for Single Market Manufacturers to be close to market.

Question 35

service sectors

Answer 35

encompasses economic activities that provide services to businesses or consumers, rather than producing tangible goods

Question 36

high tech industries

Answer 36

businesses that utilize advanced research and technology to produce high-value products, such as medicines, electronics, and other innovative goods

Question 37

growth poles

Answer 37

a specific geographic location that attracts industries, investment, and workers, leading to economic development and growth

Question 38

sustainability

Answer 38

The use of a resource in ways that maintain the resource at a certain quality for a certain period of time

Question 39

pollution

Answer 39

the introduction of harmful substances or contaminants into the natural environment, leading to adverse effects on ecosystems, human health, and the planet's resources

Question 40

climate change

Answer 40

significant long-term shifts in global temperature and weather patterns, primarily driven by human activities, particularly the burning of fossil fuels, which release greenhouse gases

Question 41

ecotourism

Answer 41

a type of tourism that prioritizes environmental conservation and the well-being of local communities while providing an experience of nature and culture in a sustainable way

Question 42

weber's least cost theory

Answer 42

proposes that the optimal location for a production facility is where the combined transportation costs of raw materials and finished goods are minimized

Question 43

rostow's stages of economic growth

Answer 43

Model created in the 1950's that gives an idea of where a country is in their stage of development. The model of economic development describes a country's progression which occurs in five stages transforming them from least-developed to most-developed countries. There are five stages in this model, including: 1. "The traditional society," 2. "The preconditions for takeoff," 3. "The takeoff," 4. "The drive to maturity," 5. "The age of mass consumption."

Question 44

wallerstein's world system theory

Answer 44

drawing on conflict view, described unequal economic and political relationships in which certain industrialized nations and their global corporations dominate core of the world's economic system, (core, semi-periphery, and periphery countries)

Question 45

dependency theory

Answer 45

resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former

Question 46

commodity dependence

Answer 46

a situation where a country's economy relies heavily on the export of raw materials or agricultural products

Question 47

EU

Answer 47

a political and economic union of 27 European countries that aims to promote integration, cooperation, and free movement of people, goods, services, and capital

Question 48

world trade organization (WTO)

Answer 48

Administers the rules governing trade between its 144 members. Helps producers, importers, and exporters conduct their business and ensure that trade flows smoothly.

Question 49

mercosur

Answer 49

a South American trade bloc established to promote free movement of goods, capital, services, and people among its member states, aiming to foster economic integration and competitiveness on the global stage

Question 50

OPEC

Answer 50

an intergovernmental organization founded in 1960 that coordinates and unifies the petroleum policies of its member countries

Question 51

international monetary fund (IMF)

Answer 51

An international organization of 183 countries, established in 1947 with the goal of promoting cooperation and exchange between nations, and to aid the growth of international trade.

Question 52

UN (Sustainable Development Goals)

Answer 52

represent a universal call to action to end poverty, protect the planet, and ensure that by 2030, all people enjoy peace and prosperity

Question 53

gross domestic product (GDP)

Answer 53

The sum total of the value of all the goods and services produced in a nation

Question 54

gross national income (GNI) per capita

Answer 54

The monetary worth of what is produced within a country plus income received from investments outside the country

Question 55

formal structures of an economy

Answer 55

the legally regulated and government-monitored portion of an economy

Question 56

informal structures of an economy

Answer 56

economic activities that are not officially tracked or taxed by the government, often operating outside formal legal and regulatory frameworks

Question 57

income distribution

Answer 57

how a country's total income is divided among its population, highlighting the inequality and disparities in economic well-being

Question 58

standard of living

Answer 58

the level of wealth, comfort, and material goods available to people in a specific geographic area or socioeconomic class

Question 59

gender inequality index (GII)

Answer 59

a measure that captures the loss in achievements due to gender disparities in the dimensions of reproductive health, empowerment and labor force participation; 0 (perfect equality) to 1 (total inequality)

Question 60

reproductive health

Answer 60

the physical, mental, and social well-being of individuals related to their reproductive systems and reproductive choices

Question 61

indices of empowerment

Answer 61

an index that measures the extent of women's participation in political and economic life, reflecting gender inequality

Question 62

human development index (HDI)

Answer 62

Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy

Question 63

sustainable development goals

Answer 63

a universal set of 17 interconnected goals established by the United Nations in 2015 to address global challenges such as poverty, inequality, climate change, environmental degradation, peace, and justice