Unit 7 Flashcards

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1
Q

Industry

A

any economic activity using machinery on a large scale to process raw materials into products

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2
Q

Raw Materials

A

any metals, wood or other plant products, animal products, or other substances that are used to make intermediate or finished goods

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3
Q

Industrialization

A

the process in which the interaction of social and economic factors causes the development of industries on a wide scale

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4
Q

Industrialization Revolution

A

the radical change in manufacturing methods that began in Great Britain in the mid-18th century and was marked by the shift from small-scale, hand-crafted, muscle-powered production to power-driven mass production

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5
Q

Cottage Industries

A

preindustrial form of manufacture in which members of families spread out through rural areas worked in their homes to make goods

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6
Q

Economic Sectors

A

collections of industries engaged in similar economic activities based on the creation of raw materials, the production of goods, the provision of services, or other activities

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7
Q

Primary Sector

A

economic sector associated with removing or harvesting products from the earth; includes agriculture, fishing, forestry, mining or quarrying, and extracting liquids or gas

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8
Q

Secondary Sector

A

economic sector associated with the production of goods from raw materials; includes manufacturing, processing, and construction

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9
Q

Tertiary Sector

A

economic sector that includes a host of activities that involve the transport, storage, marketing, and selling of goods or services; also called the service sector

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10
Q

Quaternary Sector

A

economic sector that is a subset of tertiary sector activities that require workers to process and handle information and environmental technology

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11
Q

Quinary Sector

A

economic sector that is a subset of the quaternary sector; involves the top leaders in government, science, universities, nonprofits, health care, culture, and media

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12
Q

Postindustrial Economy

A

an economic pattern marked by predominant tertiary sector employment-with a good share of quaternary and quinary jobs

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13
Q

Gross Domestic Product(GDP)

A

the total value of all goods and services produced by a country’s economy in a year

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14
Q

Dual Economies

A

economies with two distinct distributions of economic activity across the economic sectors

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15
Q

Least-Cost Theory

A

industrial location theory proposed by Alfred Weber suggesting that businesses locate their facilities in a particular place because that location minimizes the costs of production

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16
Q

Break of Bulk Points

A

location where it is more economical to break raw materials into smaller units before shipping them further

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17
Q

Bulk Reducing Industries

A

industry in which the raw materials cost more to transport than the finished goods

18
Q

Bulk Gaining Industries

A

industry in which the finished goods cost more to transport than the raw materials

19
Q

Industrial Parks

A

a collection of manufacturing facilities in a particular area that is typically found in suburbs and is located close to highways to facilitate movement of raw materials and finished products

20
Q

Human Development Index (HDI)

A

a measure that determines the overall development of a country by incorporating three key dimensions of human development: life expectancy at birth, access to education measured in expected and mean years of schooling, and standard of living measured by GNI per capita

21
Q

Gender Development Index (GDI)

A

a measure that calculates gender disparity in the three basic dimensions of human development: health, knowledge, and standard of living

22
Q

Gender Inequality Index(GII)

A

a measure that calculates inequality based on three categories: reproductive health, empowerment, and labor-market participation

23
Q

Women’s Empowerment

A

women’s options and access to participate fully in the social and economic spheres of a society

24
Q

Labor Market Participation (LMP)

A

a rate that measures an economy’s active labor force, calculated by taking the sum of all employed workers and dividing that number by the working-age population; also known as labor-force participation (LFP) rate

25
Q

Microloans

A

a very small short-term loan with low interest intended to help people in need

26
Q

Stages of Economic Growth

A

a model that suggests that all countries can be categorized on a spectrum from traditional to modern and that to become modern, countries need to pass through distinct stages of economic growth in succession

27
Q

Dependency Theory

A

a theory that describes the development challenges and limitations faced by poorer countries and the political and economic relationships poorer countries have with richer countries

28
Q

Commodity Dependence

A

an aspect of dependency theory that occurs when more than 60 percent of a country’s exports and economic health are tied to one or two resources

29
Q

Comparative Advantage Complementarity

A

the mutual trade relationship that exists between two places based on the supply of raw material and the demand for finished products or services

30
Q

Neoliberalism

A

beliefs that favor free-market capitalism in which trade has no constraints from government

31
Q

Deindustrialization

A

process by which a country or area reduces industrial activity, particularly in heavy industry and manufacturing

32
Q

Growth Poles

A

a place of economic activity clustered around one or more high-growth industries that stimulate economic gain by capitalizing on some special asset

33
Q

Just in Time Delivery

A

a system in which goods are delivered as needed so that companies keep in inventory only what is needed for near-term production

34
Q

Fordism

A

a highly organized and specialized system for industrial production that focuses on efficiency and productivity in mass production; named after Henry Ford

35
Q

Post Fordism

A

system focused on small-scale batch production for a specialized market and flexibility that allows for a quick response to changes in the market

36
Q

Offshore Outsourcing

A

the process by which services or one or more aspects of production are moved to an organization in another country

37
Q

International Division of Labor

A

a pattern of production and labor in which different countries are engaged in distinct aspects of production

38
Q

Multiplier Effects

A

the economic effect in which a change creates a larger change, such as when a new manufacturing plant grows the economy by giving rise to more related jobs and services

39
Q

Special Economic Zones(SEZ)

A

an area within a country that offers more favorable economic regulations (such as tax benefits or no tariffs) to attract foreign businesses

40
Q

Export Processing Zones

A

an area within a country that is subject to more favorable regulations (usually including the elimination of tariffs) to encourage foreign investment and the manufacturing of goods for export

41
Q

Free Trade Zones(FTZ)

A

a relatively large geographic area within a country in which businesses pay few or no tariffs on goods to encourage or facilitate its role in international trade

42
Q

Ecotourism

A

a form of tourism based on the enjoyment of natural areas that minimizes the impact to the environment