Industrialization and Economic Development
Vocabulary Words
1.
Agglomeration
2. Basic Industries
3. Break-of-bulk
points
4. Capitalism
5. Communism
6. Cottage industry
7. Deglomeration
8. Entrepots
9. Export Processing
Zones
10. Fixed Costs
11. Footloose
Industry
12. Fordism
13. Gross domestic
product
14. Gross national
product
15. Human
Development
index
16. Just in time
delivery
17. Maquiladoras
18. Multiplier effect
19. Outsourcing
20. Socialism
21. Special Economic
Zones (SEZs)
22. Ubiquitous
industries
23. Variable costs
Name _____________________________
The centralization of parts of an industry for the mutual benefit of the industry as a
whole
Industries that sell their products or services primarily to consumers outside the
settlement (i.e. car manufacturers in Detroit, Michigan)
A location where transfer is possible from one mode of transportation to another
An economic system that lets the competitive market determine the price of goods in
a society and in which people have the freedom to choose their outcomes based on
their ability to pay for a product
An economic system in which the government has total control over the prices of
goods in a society, ranging from the price of bread to utility prices
Manufacturing based in homes rather than in factories, commonly found prior to the
Industrial Revolution
Occurs when the market becomes saturated with a particular industry, creating too
much competition and forcing some businesses to shut down
Areas where trade goods are brought to be reloaded onto other forms of
transportation
Small areas of a country with exceptional investment and trading conditions that are
created by its government to stimulate and attract foreign investors and business.
Costs that do not fluctuate depending on the quantity ordered
A company with no allegiance or ties to a country or a location that, therefore, can
move its primary location
A form of mass production in which each worker is assigned one specific task to
perform repeatedly
Determined by summing the selling value or market price of all goods and services that
are produced in a particular country in a given year
Determined by summing the value of the goods and services produced by a country’s
factors of production within a given period (usually one year)
Includes the characteristics such as life expectancy, literacy, education, and standard of
living that affect all people’s lives regardless of culture.
Shipment of parts and materials to arrive at a factory moments before they are
needed
A factory built by a US company in Mexico near the US border, to take advantage of
the much lower labor costs in Mexico
The expansion of the economic base of a city as a result of increased demand sparking
increased production, which in turn employs more people who then demand even
more goods and services
A decision by a corporation to turn over much of the responsibility for production to
independent suppliers
An economic system in which the government controls the basic elements of an
economy, such as food prices, transportation costs, and energy prices
Areas designated specifically for foreign companies to locate their headquarters (i.e. in
China, Beijing, Shanghai, and Hong Kong are examples of SEZs)
A product is available to consumers at any time and at any location around the world
(i.e. McDonald’s)
Costs that fluctuate based on the volume of the order