Industrial Revolution
What innovation in transportation greatly facilitated the movement of goods during the Industrial Revolution?
What is the steam engine?
Who developed the Least Cost Theory of industrial location?
Who is Alfred Weber?
This type of manufacturing involves the production of goods in large quantities using machinery.
What is mass production?
What is the measure commonly used to assess health and education levels in a country?
What is the Human Development Index (HDI)?
What is the primary goal of monetary policy?
What is controlling inflation?
This country is considered the birthplace of the Industrial Revolution.
What is Engalnd?
This factor is considered most important in determining the location of manufacturing according to Weber.
What is transportation cost?
What is the term for manufacturing processes that are labor-intensive rather than capital-intensive?
What is cottage industry?
This term refers to the economic transition from a focus on agriculture to a focus on industry.
What is economic development?
This term refers to the process of adjusting interest rates in an economy.
What is monetary policy?
What term describes the shift from agrarian economies to industrial economies?
What is industrialization?
What is the term for the optimal location of a factory in relation to raw materials and markets?
What is the industrial location theory?
This manufacturing strategy focuses on producing customized products for individual customers.
What are the two main types of development indicators?
What are quantitative and qualitative indicators?
Which institution typically implements a country’s monetary policy?
What is the central bank?
This economic system, characterized by private ownership and free markets, grew during the Industrial Revolution.
What is capitalism?
According to the Least Cost Theory, what are the three main factors affecting industrial location?
What are transportation, labor, and agglomeration?
What is the primary advantage of just-in-time (JIT) manufacturing?
What is reducing inventory costs?
This term describes the disparity in wealth and resources between developed and developing countries.
What is global inequality?
This term describes a situation where prices rise continuously over time.
What is inflation?
Which industry was the first to industrialize in the 18th century?
What is the textile industry?
This phenomenon describes the clustering of industries in specific areas to reduce costs.
What is agglomeration?
This term refers to the movement of manufacturing jobs from developed countries to developing countries.
What is outsourcing?
What is the significance of microfinance in economic development?
It provides small loans to individuals in developing countries to start businesses.
What is the effect of lowering interest rates on economic growth?
It generally stimulates borrowing and spending.