Unit 7

• Industry: any economic activities that uses machineary on a large scale to process raw materials.
• Raw Materials: substances used to make goods intended for sale
• Industrialization: the interaction of social and economic factors leading to the development of industries across a given scale
• Industrial revolution: began in Briten in 18th century and spreed in 19th century
• The Industrial Revolution marks the shift from small to large scale manufacturing
• The Industrial Revolution brought new technology, increased quality of goods, and increased quality of natural resources needed for production
• Cottage Industries: members of families spread in rural areas worked from home to produced goods
• Industrialization was most common in core countries, and peripheral countries sought for access and control over raw materials and new materials to increase their economy’s
• Economic sectors: collections of similar economic activities based on the creation of raw materials, the production of goods, and the provision of services
• Primary sector: involves the extraction of natural resources from earth(agriculture, fishing, mining, etc)
• Secondary sector: production of goods from the resources from the primary sector(metalworking, electricity, automobile production, etc)
• Tertiary Sector: provides services rather then finished goods(storage, selling goods, hospitality, etc)
• Quaternary sector: the processing and handling of information and environmental technology(library’s, education, research, Apple, Microsoft, etc)
• Quinary Sector: top leaders of important things(leaders in government, culture, universities, etc)
• Analyzing the number of workers in each economic sectors allows for the understanding of the structure of employment, how the goods are produced, and how the economy is developing
• Perifery countries are usually in primary sectors, semi-perifery in second and core in tertiary
• Human development: the improvements in prople’s freedom, rights, capabilities and options
• Formal sector: economic activities with government supervision and tariffs
• Informal sector: outside of government monitoring and is not taxed. There are no contracts making workers more vulnerable
• Gender Development Index: calculates gender inequality by health, education, and standard of living
• Women empowerment: female opportunities and access to social and economic parts of society
• Gross Domestic Product: the total value of goods and service produced by a country’s citizens and companies within a year(measured per capita)
• Gross National Product: the total value of the goods and services produced by a country domestically and internationally within a year
• Gross National Income: the total value of goods and services globally produced by a country in a year divided by the population
• Birth Rate(BR): the number of live births per 1000 in a given year
• Infant Mortality Rate(IMR): the rate of which infants die per 1000 youths
• Literacy Rats(LR): the present of people who can read in a country
• Gender Inequality Index(GII): used to calculate inequality based on reproductive health, empowerment, and labor market participation
• Human Development Index(HDI): used to determine the overall levels of development in countries
• Micro loan: short-term loans with low interest to help people in need
• In places where women have lower access to education, they are more vulnerable to poor health, lower income, and higher human trafficking expectancy
• Stages of Economic Growth: Rostow’s study of how countries can achieve economic growth
• Stage 1(Traditional Society): political power is local and family is important. There is no technology
• Stage 2(pre-conditions of take-off): progressive elements break through and workforce shifts from agricultural to manufacturing
• Stage 3(take off): political and social ideas in society change and urbanization increases
• Stage 4(drive to maturity): country sets into an economic normality and companies expand
• Stage 5(high mass consumption): country is urbanized and trade rapidly expands
• Rostow’s model may only be relevent to US and Europe, and doesn’t account for geography and how countries influence each other
• Wallerstein’s world system theory suggests that countries can develop with eachother
• Wallerstein’s theory says that core relays on semi-perfery and perfury, and semi relys on perfury