Industrial Revolution
What type of industry involved making goods by hand at home before factories?
What is Cottage industry?
What does GDP measure?
Total value of goods/services produced within a country
Which sector involves raw materials?
Primary
What type of labor requires little training?
Unskilled labor
What are line costs?
Costs during transportation (fuel, wages)
Before the Industrial Revolution, most people worked in which sector?
Primary sector (agriculture)
What’s the difference between GDP and GNP?
GNP includes production by citizens abroad; GDP does not
Which sector is manufacturing?
Secondary
What type of labor requires specialized training?
Skilled labor
What are terminal costs?
Costs at endpoints (ports, airports)
What major shift happened to population distribution after industrialization?
Rural → Urban migration
Why do we use “per capita” data?
To account for population differences between countries
Which sector includes services like teachers and doctors?
Tertiary
Why do companies prefer unskilled labor in some countries?
Lower wages
Which transportation method is cheapest per unit?
Ocean shipping
What happened to quality of life immediately after industrialization?
It decreased in the short term (slums, poor conditions)
What does PPP stand for and why is it used?
Purchasing Power Parity; compares cost of living
What does a high % of tertiary workers indicate?
High development
What is one major threat to unskilled labor jobs?
Automation/technology
Which transportation method is fastest but most expensive?
Air
Name one key invention that helped industrialization grow.
Steam engine / Spinning Jenny / Flying Shuttle
Which measure includes taxes and foreign investment?
GNI
Which sectors involve knowledge and decision-making?
Quaternary and Quinary
Why do highly skilled workers sometimes earn more?
Specialization and demand shortages
Why might a company avoid ocean shipping?
It is slow (bad for perishable goods)