Industrial Revolution
A fabric or cloth woven from the fibers of wool, cotton, or flax
What is a textile?
The portion of the economy where the highest level management decisions are made in the areas of business, government, education, and science
What is the quinary sector?
This describes a firm’s relative ability to outperform other TNCs in its industry
What is competitive advantage?
Trade rules that restrict imports in order to protect domestic industries
What is Protectionism?
The economic and social arrangement based on the mass production of standardized goods, high labor union membership rates, stable and full-time manufacturing employment, and high factory wages that enable mass consumption
What is Fordism?
The average amount of goods or services produced per worker per unit of time
What is Labor productivity?
These industries extract resources from the environment
What is the primary sector?
Alfred Weber’s theory that transportation costs and labor costs play a strong role in determining the location of manufacturing facilities
What is least-cost theory?
A range of pro-market and anti-government positions on the economy, such as reducing government ownership and regulation and promoting privatization and market-based solutions
What is Neoliberalism?
The production of small batches of goods as needed by customer demand
What is Just-in-time manufacturing (JIT)?
The machine manufacture of large quantities of identical products
What is mass production?
These industries provide services to businesses and consumers, including all the different types of work necessary to transport and deliver goods and resources
What is the tertiary sector?
This occurs when commodities account for more than 60 percent of the value of a country’s total exports
What is commodity dependence?
A country’s ability to produce a good or service more efficiently than another country
What is Absolute advantage?
The decline, and sometimes complete disappearance, of employment in the manufacturing sector in the core’s industrial centers
What is Deindustrialization?
The people in an industrial economy who depend on wage labor to obtain the necessities of life
Who are the working class?
These industries process the raw materials extracted by primary industries, transforming them into finished, usable forms
What is the secondary sector?
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
What is world systems theory?
A theory of trade stating that each country strives to export more than it imports in order to accumulate wealth
What is Mercantilism?
A specific area within a country’s borders where business and trade laws are different from those in the rest of the country
What is a Special economic zone (SEZ)?
The people who are either salaried professionals (such as lawyers, educators, and physicians) or office wage workers (such as bank tellers and store clerks)
Who are the middle class?
The portion of the economy dedicated to intellectual and informational services, such as scientific research and development
What is the quaternary sector?
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
What is dependency theory?
A country’s ability to produce one product much more efficiently than it can produce other products within its economy
What is Comparative advantage?
These occur where firms cluster spatially in order to take advantage of geographic concentrations of skilled labor and industry suppliers, specialized infrastructure, and ease of face-to-face contact with industry participants
What are Agglomeration economies?