Unit 7 Flashcards
Industry
any economic activity using machinery on a large scale to process raw materials into products
Raw Materials
any metals, wood or other plant products, animal products, or other substances that are used to make intermediate or finished goods
Industrialization
the process in which the interaction of social and economic factors causes the development of industries on a wide scale
Industrialization Revolution
the radical change in manufacturing methods that began in Great Britain in the mid-18th century and was marked by the shift from small-scale, hand-crafted, muscle-powered production to power-driven mass production
Cottage Industries
preindustrial form of manufacture in which members of families spread out through rural areas worked in their homes to make goods
Economic Sectors
collections of industries engaged in similar economic activities based on the creation of raw materials, the production of goods, the provision of services, or other activities
Primary Sector
economic sector associated with removing or harvesting products from the earth; includes agriculture, fishing, forestry, mining or quarrying, and extracting liquids or gas
Secondary Sector
economic sector associated with the production of goods from raw materials; includes manufacturing, processing, and construction
Tertiary Sector
economic sector that includes a host of activities that involve the transport, storage, marketing, and selling of goods or services; also called the service sector
Quaternary Sector
economic sector that is a subset of tertiary sector activities that require workers to process and handle information and environmental technology
Quinary Sector
economic sector that is a subset of the quaternary sector; involves the top leaders in government, science, universities, nonprofits, health care, culture, and media
Postindustrial Economy
an economic pattern marked by predominant tertiary sector employment-with a good share of quaternary and quinary jobs
Gross Domestic Product(GDP)
the total value of all goods and services produced by a country’s economy in a year
Dual Economies
economies with two distinct distributions of economic activity across the economic sectors
Least-Cost Theory
industrial location theory proposed by Alfred Weber suggesting that businesses locate their facilities in a particular place because that location minimizes the costs of production
Break of Bulk Points
location where it is more economical to break raw materials into smaller units before shipping them further