All Flashcards
What is a Traditional Economy?
An economy based on customs and traditions, often involving farming and bartering.
What is a Market Economy?
An economy driven by supply and demand, with free markets and competition.
What is a Command Economy?
An economy where the government controls everything, using centralized planning.
What is a Mixed Economy?
An economy that blends elements of market and command systems.
Explain the concept of Uneven Development.
Industrialization and economic growth can lead to both progress and problems, resulting in uneven development across regions and countries.
Explain Sustainable Development.
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Describe the impact of Railroads on economic development.
Railroads increased the movement of goods, people, and ideas, acting as the arteries of the economy.
What role do Raw Materials play in economic development?
Access to raw materials, facilitated by steamships, fueled industrial growth.
How did women entering the workforce impact economic development?
Factory jobs gave women more economic power and contributed to overall economic growth.
Explain the impact of Global Trade on development.
Increased global trade leads to more development and knowledge sharing between countries.
Compare Market and Command Economies.
Market: Driven by supply and demand, private ownership. Command: Government controlled, centralized planning.
Compare Fordist and Post-Fordist Production.
Fordist: Mass production, standardized goods. Post-Fordist: Flexible, customized production.
Compare Developed and Developing Countries in terms of industrialization.
Developed: High levels of industrialization, advanced technology. Developing: Lower levels of industrialization, reliance on agriculture or resource extraction.
Compare the impacts of TNCs on developed vs. developing countries.
Developed: Job creation, economic growth, competition. Developing: Investment, infrastructure, potential exploitation, dependence.
Compare Traditional and Modern Economies.
Traditional: Based on customs, limited technology. Modern: Market-driven, advanced technology.
Compare Agglomeration and Deglomeration.
Agglomeration: Grouping of activities for mutual benefit. Deglomeration: Dispersal of activities due to negative externalities.
Compare Industrialization and Deindustrialization.
Industrialization: Growth of manufacturing. Deindustrialization: Decline of manufacturing.
Compare Neocolonialism and Colonialism.
Colonialism: Direct political control. Neocolonialism: Economic and political influence without direct control.
Compare the economic structures of the Sun Belt and the Rust Belt.
Sun Belt: Growing industries, service-based economy. Rust Belt: Declining manufacturing, aging infrastructure.
Compare the environmental impacts of Industrialization and Sustainable Development.
Industrialization: High pollution, resource depletion. Sustainable Development: Reduced pollution, resource conservation.
What is the definition of Agglomeration?
Grouping of activities for mutual benefit.
What is the definition of Growth Pole?
A specific area that drives regional economic development.
What is the definition of Just-In-Time Delivery (JIT)?
Receiving materials just when they are needed, reducing waste and storage costs.
What is the definition of Post-Fordist Production?
Shift from mass production to flexible, customized production.
What is the definition of Deindustrialization?
Loss of a region's industrial base; shift towards a service-based economy.
What is the definition of Transnational Corporations (TNCs)?
Large businesses operating in multiple countries.
What is the definition of Neocolonialism?
Continuing economic and political control by powerful countries, even after formal colonialism ends.
What is the definition of Maquiladoras?
Factories in developing countries that import raw materials and export finished goods, often near borders.
What is the definition of Sun Belt?
Region in the US known for warm climate and rapid growth.
Define Industrialization.
The process of transforming from an agrarian society to one based on manufacturing of goods and services.