industry Flashcards
economic geography
a discipline that studies the impact of economic activities on the landscape and investigates reasons behind the locations of economic activities
industrialization
the process by which economic activities on the earth’s surface evolved from basic goods to using factories to mass produce goods
primary economic activity
directly extracts products from the earth
secondary economic activity
transforms raw materials into usable products
industrial revolution
began in england in the 18th century, started industrialization
economic development
the process of improving the material conditions of people through the diffusion of knowledge and technology, result of industrialization
primary sector (agriculture)
the part of the economy that draws raw materials from the natural environment
secondary sector (industry)
the part of the economy that transforms raw materials into manufactured goods
tertiary sector (services)
the part of the economy that involves services rather than goods
quaternary sector
subset of the tertiary sector- like management
more developed countries
those that have experienced industrialization
less developed countries
those that have not experienced industrialization
newly industrializing countries
those in between industrialization
compressed modernity
rapid economic and political change that transformed the country into a stable nation with democratizing political institutions, a growing economy, and an expanding web of nongovernmental institutions
GDP/GDP per capita
the value of the total output of goods and services produced in a country during a year
value added
subtracting the costs of raw materials and energy from the gross value of the product
modernization model
any country that wants its economy to grow should study the paths taken by modernization
dependency theory
this analysis puts the primary responsibility for global poverty on rich nations; industrialized nations exploit
capitalist world economy
a global economic system that is based in high-income nations with market economies
export-oriented industrialization
a strategy that seeks to directly integrate the country’s economy into the global economy by concentrating on economic production that can find a place in international markets
james watt
inventor of the steam engine
location theory
explains the locational pattern of economic activities by identifying factors that influence this pattern
primary industry
develops around the location of natural resources, such as the industrial belts in the British midlands
secondary industry
less dependent on resource location; develops as transportation improves
