Unit 7 Aphug vocab 1/2

Industry

The production of goods or services within an economy, typically involving the transformation of raw materials into finished products through various processes.

Rust Belt

A region in the northeastern and midwestern United States characterized by declining industry, manufacturing jobs, and economic challenges, primarily due to deindustrialization.

Agglomeration economics

A concept in economic geography that refers to the benefits gained when firms and industries cluster together in a specific area, leading to increased productivity, innovation, and efficiency due to shared resources and infrastructure.

Intermodal

Transportation that involves multiple modes of transport, such as rail, truck, and ship, to move goods efficiently.

Raw materials

The basic materials from which products are made, often extracted or harvested from the earth, such as minerals, timber, and agricultural products.

Primary Sector

The sector of the economy that involves the extraction and harvesting of natural resources, such as agriculture, mining, forestry, and fishing.

Locational triangle

A model used in economic geography to illustrate the relationship between the locations of raw materials, market, and manufacturing in determining the optimal location for production.

Footloose

An industry that is not tied to any specific location or resource, allowing it to be located anywhere without concern for transportation costs.

Market

A place where goods and services are bought and sold, often influencing prices and availability in an economy.

Secondary sector

The secondary sector encompasses industries that process raw materials into finished goods, including manufacturing and construction.

Bulk-reducing industries

Industries that decrease in size or weight during production, typically located near raw material sources to minimize transportation costs.

Front offices

The administrative offices of a business that handle customer service and client interactions, often serving as the first point of contact.

Cottage industry

Small-scale, decentralized manufacturing operations, often run from homes, where individuals produce goods using their own resources and labor, typically for local markets.

Quaternary sector

The segment of the economy focused on knowledge-based activities involving services such as education, research, and information technology.

Bulk-gaining industries

Industries that produce goods that weigh more after production than before, often located near markets to minimize transportation costs.

Back offices

Administrative services that support business operations, often involving tasks like data entry, billing, and record keeping.

Industrial Revolution

A major turning point in history, the Industrial Revolution began in the late 18th century and marked the transition to new manufacturing processes, including the shift from hand production methods to machines.

Quinary sector

The part of the economy that involves high-level decision making and includes services such as education, healthcare, and scientific research.

Labor-oriented industry

An industry focused on labor-intensive processes, often requiring a large workforce for production and services.

Tertiary sector

The part of the economy that provides services rather than goods, including retail, entertainment, and hospitality.

Industrial belt

A region characterized by a concentration of industries, typically with strong transportation networks and labor availability.

Multiplier effect

The economic phenomenon where an initial investment leads to increased levels of income and consumption, generating further economic activity.

Break of bulk

A location where large shipments of goods are transferred from one mode of transportation to another.

Deindustrialize

To reduce or eliminate industrial activity in a region, often leading to economic decline and job losses.

Least cost theory

A theory that suggests businesses will locate their production facilities in areas that minimize costs, considering factors such as transportation, labor, and agglomeration.

Containerization

The use of standardized shipping containers to transport goods efficiently across different modes of transportation.

Gross national product (GNP)

The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period.

Gross National income (GNI)

Total income earned by a nation's residents and businesses, including any income earned abroad, over a specific period.

Gross domestic product (GDP)

The total value of all goods and services produced within a country's borders in a specific time period.

Remittances

The money that migrant workers send back to their families and communities in their home countries.

Per capita

'Per person', often used in statistics and economics to provide a measure that is adjusted for the population size.

Purchasing power parity (PPP)

An economic theory that compares the currencies of different countries by calculating how much of a 'basket of goods' can be purchased in each country.

Formal sector

The part of a country's economy that is officially recognized and regulated by the government, including registered businesses that pay taxes.

Informal sector

The part of an economy where economic activities are not regulated by the government, such as street vendors.

Gini coefficient

A statistical measure that indicates the level of income inequality within a population.

Life expectancy

The average number of years a newborn infant can expect to live based on current mortality rates within a given population.

Literacy rate

The percentage of a population aged 15 and above who can read and write.

Gender gap

A difference between men and women in their opportunities, rights, benefits, behavior, or attitudes.

Gender inequality index (GII)

A composite measure that assesses the level of disparity between women and men in a country.

Human development Index (HDI)

Measures the status of life in any given place based off of life expectancy, education levels, and income per capita.

Non-governmental organizations (NGOs)

A private organization that operates independently from any government, focusing on social, environmental, or humanitarian issues.

Microcredit (microfinance)

A financial service that provides small loans to individuals in developing countries to promote entrepreneurship and alleviate poverty.