The Industrial Revolution
What is Industrialization?
The development of industries in a country or region on a wide scale.
GDP stands for
Gross Domestic Product
What is a Tariff?
A tax imposed on imported goods to protect domestic industries or generate revenue.
Explains that industries will locate in areas that minimize transportation, labor, and agglomeration costs to maximize profit.
Weber's Least Cost Theory
Define ranching
Refers to the commercial farming of livestock, typically cattle or sheep, on large plots of land for meat, wool, and other products.
What was the Industrial Revolution and where was it happening?
The Industrial Revolution was a period of major technological and economic change when machines began to replace manual labor, starting in the late 1700s. It began in Great Britain and later spread to Europe, the U.S., and other parts of the world.
What is an informal economy?
An informal economy consists of economic activities that are not regulated by the government, often involving unreported work like street vending or freelance jobs.
What is a complimentary index score?
Measures the degree to which two regions have compatible needs and resources, often used in trade and economic analysis.
This Theory includes Core, Semi-Periphery, and Periphery Countries
Wallerstien's World Systems Theory
What is the DTM? (Demographic Transition Model)
Explains how a country's population changes over time through four stages
How are colonialism and imperialism impacted by the Industrial Revolution?
The Industrial Revolution increased the demand for raw materials and new markets, driving European powers to expand their empires through colonialism and imperialism. New technologies and weapons made it easier to conquer and control other regions, fueling global expansion.
What affect do infant mortality rates have on a country's economy?
High infant mortality rates can negatively impact a country's economy by reducing the labor force in the long term and increasing healthcare costs. It may also indicate poor healthcare systems, which can deter investment and economic growth.
Are countries more or less likely to trade with one another who have a high complimentary index score?
More likely
Which of Rostow's stages of development does this describe: Society starts investing in infrastructure like roads, schools, and communication. There's some movement toward more productive industries.
Stage 2; Preconditions for takeoff
A low-income, informal urban settlement in Brazil, often characterized by inadequate housing, limited access to services, and high levels of poverty.
What migration pattern occured because of the industrial revolution?
Rural to Urban
What does GNP measure?
Gross National Product (GNP) measures the total market value of all goods and services produced by a country's residents, including income earned abroad. It reflects the overall economic output of a nation's citizens, regardless of location.
What is Neoliberalism?
Neoliberalism is an economic policy that emphasizes free markets, minimal government intervention, and privatization to encourage economic growth.
What is dependency theory?
Dependency theory argues that poorer countries rely on wealthier ones, preventing their economic growth and independence.
Whats the difference between a habit and a custom?
A habit is a repetitive act performed by an individual, while a custom is a practice or behavior regularly followed by a group of people.
What trend occured in food production and population growth due to the Industrial Revolution?
Food production increased due to improved farming tools and techniques, leading to more reliable food supplies. As a result, the population grew rapidly because people were healthier and living longer.
What effect does the use of renewable energy have on a countries economy?
The use of renewable energy can boost a country's economy by creating jobs in green industries, reducing energy costs over time, and promoting sustainability, which can attract investment.
List 3 examples of organizations based off neoliberal policies
World Trade Organization (WTO)
International Monetary Fund (IMF)
World Bank
North American Free Trade Agreement (NAFTA)
European Union (EU)
Organisation for Economic Co-operation and Development (OECD)
Asian Development Bank (ADB)
Name 3 characteristics of Stage 3 of Rostow's development theory
Rapid industrialization
Urbanization
Growth of manufacturing sectors
Expanding infrastructure
Increased investment in technology
Shift from agriculture to industry
Rising incomes and employment opportunities
Whats the difference between population density and population distribution?
Population density refers to the number of people living per unit of area, usually per square kilometer or mile. Population distribution describes how people are spread across a given area, showing patterns of where populations are concentrated or sparse.