Vocab Unit 7

Question 1

The process of using machines and large-scale processes to convert raw materials into manufactured goods

Answer 1

Industry

Question 2

the basic substances such as materials and crops needed manufacture finished goods

Answer 2

Raw materials

Question 3

A place where products are sold

Answer 3

Market

Question 4

Small, home based businesses that make goods

Answer 4

Cottage industry

Question 5

A series of technological advances that resulted in more complex machinery using water or steam power, faster at producing than cottage industries

Answer 5

Industrial revolution

Question 6

Highly industrialized area that stretched across midlatitudes of the Northern Hemisphere

Answer 6

Industrial belt

Question 7

The process of decreasing reliance on manufacturing jobs

Answer 7

Deindustrialize

Question 8

Regions with large numbers of closed factories

Answer 8

Rust belt

Question 9

Focused on extracting natural resources from the earth; farming, mining, fishing, forestry

Answer 9

Primary sector

Question 10

Focused on making products from natural resources; manufacturing, building

Answer 10

Secondary sector

Question 11

Focused on providing information and services to people; retail sales, medicine, housekeeping

Answer 11

Tertiary sector

Question 12

Focused on managing and processing information; financial analysis, software development, data science

Answer 12

Quaternary sector

Question 13

Focused on creating information and making high-level decisions; research, top managers in corporations or government

Answer 13

Quinary sector

Question 14

The potential of a job to produce additional jobs

Answer 14

Multiplier effect

Question 15

Factory owners would place their factories in areas where they can minimize total cost by balancing transportation costs, labor costs, and agglomeration economies

Answer 15

Least cost theory

Question 16

The spatial grouping of several businesses to share costs

Answer 16

Agglomeration economies

Question 17

Demonstrates Weber’s model; the three points are the market for a good and two resources needed to make the good

Answer 17

Locational triangle

Question 18

Some raw materials lose bulk during processing, such as copper ore

Answer 18

Bulk-reducing industries

Question 19

Some products gain weight during processing, such as soft drinks

Answer 19

Bulk-gaining industries

Question 20

Highly dependent on a workforce and will want to be near a source of those workers

Answer 20

Labor-oriented industry

Question 21

The procedure of transferring cargo from one mode of transpiration to another

Answer 21

Break of bulk

Question 22

The system in which goods are loaded into a standardized shipping unit

Answer 22

Containerization

Question 23

Containers can be carried on a truck, train, ship, or plane

Answer 23

Intermodal

Question 24

Because locational demands are minimal, companies can pack up and leave to a new location quickly and easily

Answer 24

Footloose

Question 25

Spaces located at the tops of skyscrapers for a company's executives designed to impress customers

Answer 25

Front offices

Question 26

Less expensive office spaces for a company's employees

Answer 26

Back offices

Question 27

The dollar amount of all goods and services produced by a country's citizens in one year; used interchangeably with GNI

Answer 27

Gross national product

Question 28

The dollar amount of all goods and services produced by a country's citizens in one year; used interchangeably with GNP

Answer 28

Gross national income

Question 29

The dollar amount of all goods and services within a country in one year

Answer 29

Gross domestic product

Question 30

Migrant workers sending money back to their families in their home country

Answer 30

Remittances

Question 31

Output is divided by population which produces an amount per person

Answer 31

Per capita

Question 32

A measure of what similar goods cost in different countries

Answer 32

Purchasing power parity

Question 33

The portion of the economy that is monitored by the government

Answer 33

Formal sector

Question 34

The portion of the economy not monitored by the government

Answer 34

Informal sector

Question 35

Measure of the distribution of income within a population

Answer 35

Gini coefficient

Question 36

The number of years a person is expected to live

Answer 36

Life expectancy

Question 37

The percentage of a population that can read and write

Answer 37

Literacy rate

Question 38

Differences in the privileges afforded to males and females in a society

Answer 38

Gender gap

Question 39

A composite measure of several factors indicating gender disparity

Answer 39

Gender inequality index

Question 40

Combines one economic measure with three social measures

Answer 40

Human development index

Question 41

Programs enacted by international non-profit agencies

Answer 41

Non-governmental organization

Question 42

provides loans to start or expand a buisness

Answer 42

Microcredit