Vocab Unit 7 Flashcards
The process of using machines and large-scale processes to convert raw materials into manufactured goods
Industry
the basic substances such as materials and crops needed manufacture finished goods
Raw materials
A place where products are sold
Market
Small, home based businesses that make goods
Cottage industry
A series of technological advances that resulted in more complex machinery using water or steam power, faster at producing than cottage industries
Industrial revolution
Highly industrialized area that stretched across midlatitudes of the Northern Hemisphere
Industrial belt
The process of decreasing reliance on manufacturing jobs
Deindustrialize
Regions with large numbers of closed factories
Rust belt
Focused on extracting natural resources from the earth; farming, mining, fishing, forestry
Primary sector
Focused on making products from natural resources; manufacturing, building
Secondary sector
Focused on providing information and services to people; retail sales, medicine, housekeeping
Tertiary sector
Focused on managing and processing information; financial analysis, software development, data science
Quaternary sector
Focused on creating information and making high-level decisions; research, top managers in corporations or government
Quinary sector
The potential of a job to produce additional jobs
Multiplier effect
Factory owners would place their factories in areas where they can minimize total cost by balancing transportation costs, labor costs, and agglomeration economies
Least cost theory
The spatial grouping of several businesses to share costs
Agglomeration economies
Demonstrates Weber’s model; the three points are the market for a good and two resources needed to make the good
Locational triangle
Some raw materials lose bulk during processing, such as copper ore
Bulk-reducing industries
Some products gain weight during processing, such as soft drinks
Bulk-gaining industries
Highly dependent on a workforce and will want to be near a source of those workers
Labor-oriented industry
The procedure of transferring cargo from one mode of transpiration to another
Break of bulk
The system in which goods are loaded into a standardized shipping unit
Containerization
Containers can be carried on a truck, train, ship, or plane
Intermodal
Because locational demands are minimal, companies can pack up and leave to a new location quickly and easily
Footloose
Spaces located at the tops of skyscrapers for a company’s executives designed to impress customers
Front offices
Less expensive office spaces for a company’s employees
Back offices
The dollar amount of all goods and services produced by a country’s citizens in one year; used interchangeably with GNI
Gross national product
The dollar amount of all goods and services produced by a country’s citizens in one year; used interchangeably with GNP
Gross national income
The dollar amount of all goods and services within a country in one year
Gross domestic product
Migrant workers sending money back to their families in their home country
Remittances
Output is divided by population which produces an amount per person
Per capita
A measure of what similar goods cost in different countries
Purchasing power parity
The portion of the economy that is monitored by the government
Formal sector
The portion of the economy not monitored by the government
Informal sector
Measure of the distribution of income within a population
Gini coefficient
The number of years a person is expected to live
Life expectancy
The percentage of a population that can read and write
Literacy rate
Differences in the privileges afforded to males and females in a society
Gender gap
A composite measure of several factors indicating gender disparity
Gender inequality index
Combines one economic measure with three social measures
Human development index
Programs enacted by international non-profit agencies
Non-governmental organization
provides loans to start or expand a buisness
Microcredit
