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Industrial Revolution
Series of Improvements in industrial Technology that transform the process of manufacturing goods
Imperialism
Policy of extending a countries power And influence through Diplomacy or Military force
Assembly line
Production method that breaks down A complex job into a series Of smaller tasks
Fordism
Form of mass production in which Each worker is assigned One specific task to perform Repeatedly
Substitution principle
Replace one factor of production with another to save costs; typically replace a worker with a machine
Post fordism
Increased automation on the assembly line requires workers who are not replaced to perform many jobs
Primary sector
The part of the economy that draws raw material from the natural environment
Secondary sector
The part of the economy that transforms material into manufactured goods
Tertiary sector
The part of the economy that involves services rather than goods
Quaternary sector
Includes the highest level of decision-making in a society or economy