Industrialization
This invention, powered by coal, kickstarted the Industrial Revolution by enabling factories to grow.
What is the steam engine?
This composite statistic uses income, education, and life expectancy to measure development.
What is HDI (Human Development Index)?
This innovation revolutionized global shipping in the 20th century and made trade far cheaper.
What are standardized shipping containers?
Weber’s Least Cost Theory is based on minimizing these two main costs.
What are transportation and labor?
This term describes a form of sustainable tourism that minimizes negative impacts, promotes conservation, and benefits local communities?
What is ecotourism?
These type of industries locate closer to raw materials to save money on transportation. (Hint: bulk-________)
What are bulk shedding industries?
A country with a high HDI likely has a workforce dominated by this economic sector.
What is the tertiary sector (or service sector)?
This term describes the ability of an individual, company, or country to produce a good or service at a lower opportunity cost than another producer
What is comparative advantage?
This is a place where cargo is transferred between different transportation types, such as ship to truck or truck to rail.
What is a break of bulk point?
This type of energy source, such as wind or solar, helps reduce environmental impact while supporting economic growth.
What is renewable energy?
This term describes clustering of related businesses to lower costs and share labor.
What is agglomeration?
This development indicator measures average income earned per person after adjusting for a country's residents earning abroad.
What is GNI per capita?
This term describes moving jobs overseas for lower labor costs.
What is offshoring?
These geographic areas offer tax breaks, cheap labor, and looser regulations to attract foreign companies
What are SEZs (Special Economic Zones)?
This factory model uses flexible production, specialization, just-in-time delivery, and smaller batches (the opposite of mass assembly lines).
What is post-Fordist production?
Name one reason why the Industrial Revolution began in Great Britain.
What is access to coal / high wages / stable government / capital / skilled labor / many waterways?
Countries with high gender inequality tend to score lower on this specific metric related to female participation and reproductive health.
What is the Gender Inequality Index (GII)?
This term describes the practice of a company hiring an outside firm or company to perform tasks, services, or production.
What is outsourcing?
This term describes a specific location, like a tech hub or industrial zone, where economic development is concentrated around a specific industry
What is a growth pole?
This term describes a global shift in production: low-skill, labor-heavy manufacturing moves from developed to developing countries; high-skill, knowledge-heavy tasks remain in wealthy nations
What is the new international division of labor?
This type of industry is most likely to be located close to markets and further from natural resource deposits due to high transport costs.
What is a bulk-gaining industry?
Name the global system that divides countries into core, semi-periphery, and periphery.
What is Wallerstein’s World-Systems Theory?
Give one reason why globalization can increase economic inequality within a single country.
What is outsourcing of low-skilled jobs / rise of high-tech sectors / uneven access to education or capital?
These zones allow companies to import raw materials, assemble them, and then export without paying tariffs.
What are Export Processing Zones (EPZs)?
These policies refer to a set of economic principles that promote free markets, deregulation, and less government intervention in the economy
What are neoliberal policies?