Chapter 12 Flashcards
Define service
Any activity that fulfills a human want/need in exchange for $
What sector of the economy do services fall under?
Tertiary sector
Define settlement
A permanent collection of buildings + people living there
What distribution must services follow?
Proximity to the market
What are three subdivisions of the service sector of the economy?
- Consumer services
- Business services
- Public services
Define consumer services
Providing services to individual consumers who desire them and can afford to pay for them
What are the 4 main types of consumer services, and provide an ex. for each
- Retail+whole sale: grocers, dep. stores, car salesmen
- Education services: teachers
- Health+social services: Doctors offices, nursing homes
- Leisure+hospitality: restaurants, bars, lodging
Define business services
Services that facilitate the activities of other businesses
What are three types of business services, and provide an ex. of each
- Professional services: law, engineering, accounting
- Financial sevices: AKA F.I.R.E-Finance, insurance, real estate, banks
- Trans.+info. services: Trucking to publishing
Define public services
Providing security and protection for citizens and businesses
State changes in # of employees b/w 1975-2010 in business services
- Jobs expanded most rapidly in prof. services
- Jobs grew more slowly in finance+trans. services b/c less amt. of workers are required, improved efficiency
State changes in # of employees b/w 1975-2010 in consumer services
- rapid increase=provision of health care. ex: hospital staff, clinics, nursing homes
- other large increase in: education, entertainment, recreation
- no increase in retail
Explain how the service sector contributed to the 2008 recession
-rapid rise in real estate prices=speculators get properties+resell at higher price -poor judgment in lending $ by fin. instit. -poor credit=high risky loans
Define central place theory
Selecting the right location for a new shop to maximize profit
What does central place theory seek to explain?
How the most profitable location can be found
Define central place
A market center for the exchange of goods+services by people attracted from the surrounding area
What is a market place?
The are surrounding a service from which customers are attracted
What other term is sometimes used to refer to a market area?
Hinterland
What shape does central place their hypothesize for market area? Why?
Hexagon, it represents a compromise b/w circles+squares has no gaps