unit 7 geography-Industrial and Economic Development

• Industial revolution: a period of rapid development of industry that started in Great Britain in the late 18th and 19th century.
• primary sector: jobs that are more manual, no skill required, industrial that extract natural resources from the environment.
• secondary sector: jobs which transform raw material into elaborated products.
• tertiary sector: associated with the sale and exchange of manufactured products and raw materials.
• quaternary sector: jobs that need high level of skill and education.
• qunary sector: highest level of decision making includes top officials in government.
• least cost theory: where owners would locate manufacturing industries based on transportation cost, lower cost, and agglomeration.
• agglomeration: when factories whose products are the same are built near each other to make the cost of supply less.
• break of bulk point: name given to economic center where a manufactured product assembled and then separated into various shipment ready to be transported to wide range of markets.
• intermodal transportation zone: difficulty in time and cost that usually comes with increasing distance intermodal where two or more modes of transportation meet.
• gross domestic product (GDP): the total value of goods and services product within the borders of a country during a specific time period, usually one year.
• Gross national product (GNP): The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year.
• formal economy: the legal economy that is taxed and monitored by a government and is included in a government.
• informal economy: economic activities that are not regulated or recognized by the government, mostly illegal product that are sold and/or not regulated by the government.
• human development index (HDI): measures that status of life in any given based off of like life expectancy, education level, and income per capita. If HDI of a country is closer to 0 means is less developed while closer to 1 means more developed.
• gender inequality index (GII): a composite metric of gender inequality using three-dimension reproduction health, empowerment, and the labor market. If GII of a country is closer to 0 it means is more developed while closer to 1 means is less developed.
• Rostow's model: used as a guide for underdeveloped countries to become a developing country.
• Wallerstein's world system theory: suggest that while the world economy is never changing, there are three basis hierarchies of countries as core, periphery, and semi-periphery.
• Dependency Theory: The core countries depend on the periphery for labor and raw material while the periphery depends on the core for goods and services.
• complimentary advantage: the ability of two countries complements each other's production through trade.
• comparative advantage: the ability of a country to produce a good or service at a lower opportunity cost than another country.
• neo-liberal policies: economic policies that promote free market principles.
• European Union: it established an internal market promoting economic, political, social integration among its members state.
• outsourcing: the process of moving industrial production or service industries to external facilities or organization often out of the country.
• offshoring: the practice of relocating business process or work function to another country in order to cut cost and increase efficiency.
• Fordism: the use of labor specialization and a moving assembly line production to create a large member of standardized goods at decrease prices for consumers.
• post-Fordism: a shift in the way of good are produce, characterized by a more away from mass production and toward more flexible customized production method.
• just-in-time manufacturing: seek to reduce inventories for the production process by purchasing in pots for arrival just in time to use and producing output just in time to sell.
• growth pole: a specific area or sector that drives economic development in a region.
• agglomeration economies. the benefits that come when firms and people locate near one another together in cities and industrial clusters.
• multiplier effect: the effect on a natural income and production of an exogenous increase in demand.
• special economic zones: designated areas within a country that have special economic regulation that are more favorable that the regulation that apply in the rest of the country.
• new international division of labor: transfer of some type of jobs, especially those requiring low-paid, less skilled workers, from more developed to less developed countries.
• Deindustrialization: a process in which the Industial activity in a county or region is removed or reduced b/c of a major economic or social change.
• sustainable development: the use of natural resources in a way that meet the needs of the present without compromising the ability of future generations to meet their own needs.
• resource depletion: the consumption of resource faster than it can be replenished.
• environmental pollution a series of disturbances and damage to the ecosystem after the by-product abs waste from human activities enter the environment.
• climate change: the long-term shift in temperature and water patterns.
• conserving natural resources goals: the careful maintenance and upkeep of natural resources to prevent it from disappearing.
• carbon-neutral industrialization: the reduction in greenhouse emission and removed of carbon dioxide from the atmosphere.