AP Unit 7 Terms

Period of major industrialization that began in Britain in the late 1700s, marked by technological innovation and increased manufacturing.

• Industrial Revolution

• Technological Advancement

• Manufacturing Era

• Economic Expansion

Measures average achievement in key dimensions of human development: health, education, and standard of living.

• Human Development Index (HDI)

• Gross Domestic Product (GDP)

• Quality of Life Index (QLI)

• Social Progress Index (SPI)

The consumption of natural resources faster than they can be replenished.

• Natural-Resource Depletion

• Sustainable Development

• Resource Management

• Environmental Conservation

The ability to produce goods at a lower opportunity cost than other producers.

• Absolute Advantage

• Comparative Advantage

• Competitive Advantage

• Cost Advantage

Production system where materials arrive as needed to reduce storage costs.

• Just-in-time Delivery

• Batch Production

• Mass Production

• Continuous Flow Production

Areas with different business and trade laws than the rest of the country.

• Special Economic Zones

• Free Trade Areas

• Industrial Parks

• Trade Facilitation Zones

Clustering of similar businesses in an area.

• Agglomeration

• Segregation

• Isolation

• Dissipation

Energy from naturally replenishing sources like wind or solar, indicating environmental sustainability.

• Non-renewable Energy

• Fossil Fuels

• Renewable Energy

• Nuclear Energy

UN objectives for ending poverty, protecting the planet, and ensuring prosperity for all.

• Sustainable Development Goals

• Global Climate Agreement

• Universal Basic Income

• World Health Initiative

How an increase in spending produces an increase in national income and consumption.

• Multiplier Effect

• Supply-Side Economics

• Demand-Pull Inflation

• Fiscal Policy