7.2 Flashcards
Primary Sector
Extracting natural resources from the earth like farming, fishing, mining, and forestry. LDCs tend to mostly do these things (Ethiopia)
Secondary Sector
Making products from natural resources like manufacturing and building (China)
Tertiary Sector
Providing information and services to people such as retail sales, medicine, and housekeeping. MDCs tend to mostly have this (USA)
Quaternary Sector
Managing and processing information like financial analysis, software development, and data science.
Quinary Sector
Creating information and making high level decisions like research and top managers in corporations or government.
Multiplier Effect
The potential of a job to produce additional jobs.
Least Cost Theory
Factory owners locate their factories based on minimizing transportation costs, minimizing labor costs, and maximizing agglomeration economies
Agglomeration Economies
The spatial grouping of several businesses to share costs, such as an access road to a public highway or development of a workforce with special skills.
Locational Triangle
Weber’s model can be shown with a locational triangle. The three points of the triangle are the market for a good and the two resources needed to make the good.
Bulk-Reducing Industries
Transportation costs were often closely related to bulk (weight and size). Bulk reducing industries (such as chip manufacturers) have products that are easier and therefore cheaper to transport than the raw materials needed to make it. A company can save money by locating closer to the raw materials.
Bulk-Gaining Industries
Industries where the product made is bulkier than the raw materials used to make it (soda manufacturers). These companies locate closer to the market.
Labor-Oriented Industry
A company that is highly dependent on a workforce and will want to be near a source of those workers.
Break of Bulk
The procedure of transferring cargo from one mode of transportation to another. (Boat>Train>Truck)
Containerization
The system in which goods are loaded into a standardized shipping unit. (The big boxes seen on the back of semi trucks)
Intermodal
The containers can be carried on a truck, train, and/or boat.