Economic Development

AP HuG

primary sector

direct extraction of materials from earth’s surface

secondary sector

transforms raw materials into useful or manufactured goods

tertiary sector

the provision of all goods and services to people in exchange for payment

quarternary sector

the knowledge based sector including research and development

quinary sector

the highest levels of decision making

break-of-bulk point

a location where transfer is possible from one mode of transportation to another

containerization

the transporting of goods in standard-sized shipping containers.

bulk-reducing industry

an industry in which the final product weighs less than the inputs

bulk-gaining industry

an industry in which the final product weighs more than the inputs

core countries

have the most power in the world economic system

semi-peripheral countries

countries industrializing and manufacturing

peripheral countries

poor countries, largely agricultural, having little power or influence in the world system

complementary advantage

a measure of how well one country’s export profile matches another country’s import profile

comparative advantage

the ability of an individual or group to carry out a particular economic activity more efficiently than any other activity

outsourcing

contracting work out to noncompany employees or other companies

export processing zone

where special regulations benefit foreign controlled businesses

maquiladora

factories built by US companies in Mexico near the US border

ecotourism

the practice and business of recreational travel based on concern for the environment