The Industrial Revolution transformed manufacturing from home-based cottage industries to factory production, creating new jobs and social classes while driving urbanization. This unit explores economic sectors, development theories, and measures of national economic performance and social progress.
Key points:
• Examines the impact of industrial revolution on cottage industries
• Covers economic sectors from primary to quinary
• Explains core, semi-periphery and periphery countries
• Discusses Alfred Weber's Least Cost Theory for industrial location
• Defines formal vs informal economies
• Compares GDP, GNP, and GNI as economic indicators
• Explores measures of development like HDI and gender inequality
• Covers women's rights and microloans in developing economies
• Outlines Rostow's stages of economic growth model