Unit 7.2 Flashcards
Primary sector
It is a sector in which extracts natural resources from the earth. Examples are farming, mining, fishing, forestry. *dominated the economy until the late 1800s, includes many high-risk jobs, few-high paying jobs, most jobs require physical skill
Secondary sector
Tertiary sector
Sale and exchange of manufactured products and raw materials
Quartenary sector
Service sector. Finance, insurance, legal services
Quinary sector
Healthcare, education
Multiplier effect
Describes the expansion of an areas economic base as a result of the basic and non basic industries located there
Least cost theory
Webers theory that factory owners desired to minimize costs in three areas: transportation, labor, and agglomeration
Agglomeration economies
Economy in which like things are put together to their benefit all businesses. But bringing all people to one area increases congestion
Locational triangle
The optimum location for the production of a good based on the fixed locations of the market and two raw material sources
Bulk-reducing industries
An industry in which the final product weighs less or comprises a lower volume than the inputs
Bulk-gaining industries
An industry in which the final product weighs more or comprises a greater volume than the inputs
Back offices
Outscoring clerical activities to ldcs where labor is cheaper
Front offices
The main administrative office of a business or other organization
Footloose
An industry whose location is not strongly influenced by access to materials and or markets, can operate in a wide range of locations
Intermodal
Two or more modes of transportation meet. Ex air, road, rail and ship.
