Module 53-55

Question 1

Industrial Revolution

Answer 1

The rapid transformation of the economy through the introduction o machines, new power sources, and new chemical processes in Europe and the US between 1760 and 1830.

Question 2

Textile

Answer 2

A fabric or cloth woven from the fibers of wool, cotton, or flax.

Question 3

Labor Productivity

Answer 3

The average amount of goods or services produced per worker per unit of time.

Question 4

Fossil Fuels

Answer 4

Natural fuel derived from the fossilized remains of living organisms.

Question 5

Crude Oil

Answer 5

A yellowish-black liquid fossil found in geologic deposits.

Question 6

Commercial farmers

Answer 6

Farmers who raise crops and livestock to sell in the market rather than raising them for their own consumption.

Question 7

Wage Labor

Answer 7

A socioeconomic relationship in which an employer pays a worker to complete a task, sometimes by the day or by the hour.

Question 8

Working class

Answer 8

The people in an industrial economy who depend on wage labor to obtain the necessities of life.

Question 9

Capitalist Class

Answer 9

People who own the means of production and pay the wages of workers.

Question 10

Middle Class

Answer 10

People who are either salaried professionals (lawyers, educates, and physicians) or office workers (bank tellers and store clerks)

Question 11

Labor Unions

Answer 11

Associations of workers in particular industries established to collectively bargain with capitalists.

Question 12

Mass Production

Answer 12

The machine manufacture of large quantities of identical products.

Question 13

Assembly line

Answer 13

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.

Question 14

Mass Consumption

Answer 14

The purchase of large amounts of mass-produced goods by large numbers of people.

Question 15

International division of labor

Answer 15

The situation in which labor forces of different countries and world regions play complementary roles in an interdependent global economy.

Question 16

Economic Sectors

Answer 16

Groupings of industries based on what is produced and the activities of the workforce.

Question 17

Secondary Sector

Answer 17

Industries that process raw materials extracted by primary industries, transforming them into finished, washable forms.

Question 18

Tertiary Sector

Answer 18

Industries that provide services to businesses and consumers, including all the different types of work necessary to transport and deliver goods and resources.

Question 19

Quaternary Sector

Answer 19

The portion of the economy dedicated to intellectual and informational services, such as scientific research and development.

Question 20

Quinary Sector

Answer 20

The portion of the economy where the highest level management decisions are made in areas of business, government, education, and science.

Question 21

Base Industry

Answer 21

An industry of disproportional economic importance and on whose existence other industries and employment sectors depend.

Question 22

Break-of-bulk point

Answer 22

A location where cargo is transferred from one mode of transportation to another.

Question 23

Shipping containers

Answer 23

Standardized,stackable, intermodal metal boxes used to transport goods by ship, railroad, or truck.

Question 24

Containerization

Answer 24

The system of intermodal freight transport using shipping containers.

Question 25

Least Cost theory

Answer 25

Alfred Weber's theory that transportation laws and labor costs play a strong role determining the location of manufacturing facilities.

Question 26

Wallerstein's World Systems Theory

Answer 26

Wallerstiens theory of economic development that regards world history as moving through a series of socioeconomic systems, culminating in the modern world system by about the year 1900.

Question 27

Dependency Theory

Answer 27

The theory that the periphery is poor because it was economically dependent on the core in a disadvantageous relationship originally established under colonialism and imperialism.

Question 28

Commodity Dependence

Answer 28

Occurs when commodities account for more than 60% of the value of a country's total exports.

Question 29

Gross National Product (GNP)

Answer 29

The total value of all the goods and services made by a country's residents and businesses in a specific time period regardless of the country or location in which they were made.

Question 30

Gross Domestic Product (GDP)

Answer 30

The total value of all goods and services produced within a country over a specific period, regardless of the producers national origin.

Question 31

Gross National Income (GNI)

Answer 31

The total income of a country's residents and businesses, including investment income, regardless of where it was earned, as well as money received from abroad such as foreign investment and development aid.

Question 32

GDP Per Capita

Answer 32

A country's GDP divided by it's total population.

Question 33

Purchasing Power Parity (PPP)

Answer 33

Measures how much a common "basket of goods" costs locally in the currency of each country being compared.

Question 34

Gender Inequality Index (GID)

Answer 34

A statistical measure of gender Inequality that combines data on reproductive health, empowerment, and labor-market participation.

Question 35

Human Development Index (HDI)

Answer 35

A statistical measure of human achievement that combines data on life expectancy at birth, education levels, and gross National Income (GNI) per capita (purchasing power parity (PPP))

Question 36

Informal Sector

Answer 36

The part of any economy that is not officially recorded, monitored, or taxed by the government.

Question 37

Formal Sector

Answer 37

The part of the economy that is officially recorded with the government.

Question 38

Income Distribution

Answer 38

How a country's total GDP is distributed amount the individuals in its population.