Industrialization and Economic Development Patterns and Processes Part 1

Question 1

Industry

Answer 1

The process of using machines and large-scale processes to convert raw materials into manufactured goods.

Question 2

Raw Materials

Answer 2

The basic substances such as minerals and crops needed to manufacture finished goods.

Question 3

Market

Answer 3

A place where products are sold.

Question 4

Cottage Industry

Answer 4

Small home-based businesses that made goods.

Question 5

Industrial Revolution

Answer 5

A series of technological advances starting in the 18th century that resulted in more complex machinery driven by water or steam power that could make products faster and at lower costs than could cottage industries.

Question 6

Industrial Belt

Answer 6

Industrialized regions that stretched across the midlatitudes of the Northern Hemisphere. It included the northeastern and midwestern United States, much of Europe, part of Russia, and Japan.

Question 7

Deindustrialize

Answer 7

A process of decreasing reliance on manufacturing jobs.

Question 8

Rust Belts

Answer 8

Regions that have large numbers of closed factories.

Question 9

Primary Sector

Answer 9

Extracting natural resources from the earth. Includes farming, mining, fishing, and forestry.

Question 10

Secondary Sector

Answer 10

Making products from natural resources. Includes manufacturing and building.

Question 11

Tertiary Sector

Answer 11

Providing information and services to people. Includes retail sales, medicine, and housekeeping.

Question 12

Quaternary Sector

Answer 12

Managing and processing information. Includes financial analysis, software development, and data science.

Question 13

Quinary Sector

Answer 13

Creating information and making high-level decisions. Includes research and top managers in corporations or government.

Question 14

Multiplier Effect

Answer 14

The potential of a job to produce additional jobs.

Question 15

Least Cost Theory

Answer 15

A theory created by German economist Alfred Weber in order to explain the key decisions made by businesses about where to locate factories. Weber proposed that factory owners would locate their factories where they could minimize their total costs by balancing three factors: minimizing transportation costs, minimizing labor costs, and maximizing agglomeration economies.

Question 16

Agglomeration Economies

Answer 16

The spatial grouping of several businesses to share costs, such as an access road to a public highway or development of a workforce with special skills.

Question 17

Locational Triangle

Answer 17

The three points of the triangle are the market for a good and two resources needed to make the good.

Question 18

Bulk-Reducing Industries

Answer 18

Also known as weight-losing, raw material-oriented, or raw-material-dependent industries. In these industries, raw materials lose bulk during processing.

Question 19

Bulk-Gaining Industries

Answer 19

Also known as weight-gaining, market-oriented, or market-dependent industries. In these industries, products become bulkier as processing occurs.

Question 20

Labor-Oriented Industry

Answer 20

Highly dependent on a workforce.

Question 21

Break of Bulk

Answer 21

The procedure of transferring cargo from one mode of transportation to another.

Question 22

Containerization

Answer 22

The system in which goods are loaded into a standardized shipping unit.

Question 23

Intermodal

Answer 23

Can be carried on a truck, train, ship, or plane.

Question 24

Footloose

Answer 24

Can pack up and leave for a new location quickly and easily.

Question 25

Front Offices

Answer 25

Spaces designed to impress clients, such as offices on the expensive upper floors of a skyscraper in a large city.

Question 26

Back Offices

Answer 26

Less expensive office spaces.

Question 27

Gross National Product (GNP)

Answer 27

The dollar amount of all goods and services produced by a country’s citizens in one year. Similar and often used interchangeably with the GNI.

Question 28

Gross National Income (GNI)

Answer 28

The dollar amount of all goods and services produced by a country’s citizens in one year. Similar and often used interchangeably with the GNP.

Question 29

Gross Domestic Product (GDP)

Answer 29

The dollar amount of all final goods and services produced within a country in one year.

Question 30

Remittances

Answer 30

The profits from a foreign-owned company leaving the country and going back to the home country to provide for the family there.

Question 31

Per Capita

Answer 31

Amount of money output per person.

Question 32

Purchasing Power Parity (PPP)

Answer 32

A measure of what similar goods cost in different countries.

Question 33

Formal Sector

Answer 33

The portion of the economy that is monitored by government, so people in it follow regulations and pay taxes.

Question 34

Informal Sector

Answer 34

Sometimes called the underground economy or the shadow economy, this is the portion of the economy that is not monitored by government.

Question 35

Gini Coefficient

Answer 35

Sometimes called the Gini index, this is a measure of the distribution of income within a population. The values range between 0 and 1. The higher the number, the higher the degree of income inequality.

Question 36

Life Expectancy

Answer 36

The number of years a person is expected to live.

Question 37

Literacy Rate

Answer 37

The percentage of population that can read and write, usually at an 8th grade level or higher.

Question 38

Gender Gap

Answer 38

Differences in the privileges afforded to males and females in a society.

Question 39

Gender Inequality Index (GII)

Answer 39

A composite measure of several factors indicating gender disparity, including reproductive health, empowerment, and labor market participation.

Question 40

Human Development Index (HDI)

Answer 40

Combines one economic measure (GNI per capita) with three social measures (life expectancy, expected years of schooling, and average years of schooling). The composite score for each country will range between 0 and 1, with the higher values representing greater levels of development.

Question 41

Non-Governmental Organization (NGOs)

Answer 41

Programs enacted by governments and international non-profit agencies. These often empower women to find jobs outside the home.

Question 42

Microcredit

Answer 42

Also known as microfinance, these programs provide loans often to women to start or expand a business.