unit 7-1

Question 1

industrial revolution

Answer 1

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

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 fuel found in geologic deposits

Question 6

commercial farmers

Answer 6

Farmers who raise crops and livestock to sell in the market at a profit 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 (such as lawyers, educators, and physicians) or office wage workers (such as 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 the 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

primary sector

Answer 17

Industries that extract natural resources from the environment

Question 18

secondary sector

Answer 18

Industries that process the raw materials extracted by primary industries, transforming them into finished, usable forms

Question 19

tertiary sector

Answer 19

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

Question 20

quaternary sector

Answer 20

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

Question 21

quinary secotr

Answer 21

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

Question 22

base industry

Answer 22

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

Question 23

semi-periphery

Answer 23

Countries or regions whose economies have elements of both the core and the periphery

Question 24

break-of-bulk point

Answer 24

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

Question 25

shipping containers

Answer 25

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

Question 26

containerization

Answer 26

The system of intermodal freight transport using shipping containers

Question 27

least-cost theory

Answer 27

Alfred Weber’s theory that transportation costs and labor costs play a strong role in determining the location of manufacturing facilities

Question 28

world systems thoery

Answer 28

Wallerstein’s 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 29

dependency ratio

Answer 29

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 30

commodity dependence

Answer 30

Occurs when commodities account for more than 60 percent of the value of a country’s total exports

Question 31

gross national product (GNP)

Answer 31

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 32

gross domestic product (GDP)

Answer 32

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

Question 33

gross national income (GNI)

Answer 33

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 34

GDP per capita

Answer 34

A country’s GDP divided by its total population

Question 35

purchasing power parity (PPP)

Answer 35

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

Question 36

gender inequality index (GII)

Answer 36

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

Question 37

human development index (HDI)

Answer 37

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]) population

Question 38

informal sector

Answer 38

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

Question 39

formal sector

Answer 39

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

Question 40

income distribution

Answer 40

How a country’s total GDP is distributed among the individuals in its population