Untitled Deck Flashcards
(26 cards)
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
Farmers 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 and 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 from the environment
Secondary Sector
Industries that process the raw materials extracted by primary industries, transforming them into finished, usable 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
Quaternary 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
