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Industrial Revolution & Trading
Economic Sectors
Least Cost Theory & Rostow
Measures of economic & social development
Vocab
100

True or False: The industrial revolution happened all over the world at the same time.

False (look at Africa)

100

Sector that involves farming, fishing, and raw materials

Primary sector

100

Beer bottling is an example of what type of industry?

Bulk gaining (gets heavier with production)

100

True or False: The higher the GDP of a country, the more equal its income distribution. 

False - GINI, just because it's a wealthy country doesn't mean the wealth is spread equally. 

100

a tax placed by a government on goods that are imported from other countries.

Tariffs

200

When (decade) and where did the first industrial revolution begin?

Great Britain, late 1700s

200

Services such as hair salons, grocery stores, and restaurants are examples of which sector?

Tertiary (service factor)

200

A copper concentration mill tends to locate near a copper mine because it is a...

Bulk-reducing industry

200

Combined social and economic measure including life expectancy, education, and income. 

This describes which Index? (No abbreviations) 

Human Development Index (HDI)

200

What concept does this describe:

  • Parts arrive right when they are needed
  • Reduces need for storage and warehouses
  • Saves companies money and space

Just In Time Delivery (JIT)

300

NAFTA (North American Free Trade Agreement) includes which countries

US, Canada, Mexico

300

what are the two sectors that come after tertiary?

4 - Quaternary 

5 - Quinary

300

Rostow’s model describes stages of what?

Economic growth and development

300

Getting paid "under the counter" or black-market goods are an example of which type of economy?

Informal 

300

Explain the difference between bulk gaining and bulk reducing industries.

Bulk gaining = gains weight during production, locate closer to market

Bulk Reducing = Loses weight during production, factories are closer to the raw material

400

contracting work out to non-company employees of other companies. This can be international or domestic.

Ex: Nike hires workers in Vietnam to make shoes

Outsourcing 

400

Identify the step in the process of the example and which sector it belongs to:

Oil is extracted from the ground, turned into gasoline in a refinery , and then sold at a gas station.

Oil extraction = Primary 

Turned into gasoline at refinery = Secondary 

Sold at gas station = tertiary 

400

Stage where countries begin industrialization and infrastructure development.

Take-off stage

400

What does the GINI Coefficient measure?

How evenly income is distributed in a country

400

When companies move their operations - their ‘back offices’ - to countries where the costs of doing business are lower

Offshoring

500

Describe how imperialism and the industrial revolution are connected.

  • The Industrial Revolution created a huge demand for raw materials (like cotton, coal, and rubber) and new markets to sell manufactured goods.
  • Industrialized countries (mostly MDCs in Europe and the U.S.) looked to colonies and less-developed regions (LDCs) to supply these materials cheaply.
  • This economic need drove imperialism, as countries expanded their political and military control over regions rich in resources.
  • In short: industrialization fueled imperial expansion, and imperialism ensured access to the resources and markets needed to sustain industrial growth. 
500

What happens during the secondary sector of economic activity?

Manufacturing (turning raw material into usable goods)

500

What 3 major factors does Weber focus on in his least cost theory?

- Transportation

- Labor 

- Agglomeration

500

Maternal mortality, Adolescent fertility, Parliamentary representation, educational attainment, labor force participation are all a part of what social index measurement (no abbreviations) 

GII - Gender inequality Index

500

Term used for businesses locating near similar industries instead of markets.

Agglomeration