unit 7-1 Flashcards
100!!
industrial revolution
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
textile
A fabric or cloth woven from the fibers of wool, cotton, or flax
labor productivity
The average amount of goods or services produced per worker per unit of time
fossil fuels
Natural fuel derived from the fossilized remains of living organisms
crude oil
A yellowish-black liquid fossil fuel found in geologic deposits
commercial farmers
Farmers who raise crops and livestock to sell in the market at a profit rather than raising them for their own consumption
wage labor
A socioeconomic relationship in which an employer pays a worker to complete a task, sometimes by the day or by the hour
working class
The people in an industrial economy who depend on wage labor to obtain the necessities of life
capitalist class
People who own the means of production and pay the wages of workers
middle class
People who are either salaried professionals (such as lawyers, educators, and physicians) or office wage workers (such as bank tellers and store clerks)
labor unions
Associations of workers in particular industries established to collectively bargain with capitalists
mass production
The machine manufacture of large quantities of identical products
assembly line
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
mass consumption
The purchase of large amounts of mass-produced goods by large numbers of people
international division of labor
The situation in which the labor forces of different countries and world regions play complementary roles in an interdependent global economy
economic sectors
Groupings of industries based on what is produced and the activities of the workforce
primary sector
Industries that extract natural resources from the environment
secondary sector
Industries that process the raw materials extracted by primary industries, transforming them into finished, usable forms
tertiary sector
Industries that provide services to businesses and consumers, including all the different types of work necessary to transport and deliver goods and resources
quaternary sector
The portion of the economy dedicated to intellectual and informational services, such as scientific research and development
quinary secotr
The portion of the economy where the highest-level management decisions are made in the areas of business, government, education, and science
base industry
An industry of disproportionate economic importance and on whose existence other industries and employment sectors depend
semi-periphery
Countries or regions whose economies have elements of both the core and the periphery
break-of-bulk point
A location where cargo is transferred from one mode of transportation to another
shipping containers
Standardized, stackable, intermodal metal boxes used to transport goods by ship, railroad, or truck
containerization
The system of intermodal freight transport using shipping containers
least-cost theory
Alfred Weber’s theory that transportation costs and labor costs play a strong role in determining the location of manufacturing facilities
world systems thoery
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
dependency ratio
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
commodity dependence
Occurs when commodities account for more than 60 percent of the value of a country’s total exports
gross national product (GNP)
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
gross domestic product (GDP)
The total value of all goods and services produced within a country over a specific period, regardless of the producer’s national origin
gross national income (GNI)
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
GDP per capita
A country’s GDP divided by its total population
purchasing power parity (PPP)
Measures how much a common “basket of goods” costs locally in the currency of each country being compared
gender inequality index (GII)
A statistical measure of gender inequality that combines data on reproductive health, empowerment, and labor-market participation
human development index (HDI)
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
informal sector
The part of any economy that is not officially recorded, monitored, or taxed by the government
formal sector
The part of the economy that is officially recorded with the government
income distribution
How a country’s total GDP is distributed among the individuals in its population
