AP HUG CH18 Vocab

Agglomeration

the tendency of enterprises in the same industry to cluster in the same area

Break-of-Bulk-Point

location where it’s more economical to break raw materials into smaller units before shipping them further

Bulk-reducing industry

industry in which the raw materials cost more to transport than the finished goods

Bulk-gaining industry

industry in which the raw materials coast more to transport than the raw materials

Cottage Industry

preindustrial form of manufacture in which members of families spread out through rural areas worked in their homes to make goods

Dual Economies

economies with two distinct distributions of economic activity across the economic sectors

Industry

any economic activity using machinery on a large scale to process raw materials into products

Economic Sectors

collection of industries engaged in similar economic activities based on the creation of raw materials, the production of goods, the provision of services, or other activities

Gross Domestic Product (GDP)

the total value of goods and services produced by a country’s citizen and companies within the country in a year

Industrial Park

a collection of manufacturing facilities in a particular area that is typically found in suburbs and is located close to highways to facilitate movement of raw materials and finished product

Industrial Revolution

the radical change in manufacturing methods that began in Great Britain in the mid-18th century and was marked by the shift from small-scale, hand crafted, muscle powered production, to power driven mass production

Industrialization

the process in which the interaction of social and economic factors causes the development of industries on a wide scale

Least-cost theory

industrial location theory proposed by Alfred Weber suggesting that businesses locate their fcailities in a particular place because that location minimizes the costs of production

Postindustrial economy

an economic pattern marked by predominant tertiary sector employment- with a good share of quaternary and quinary jobs

Primary sector

economic scetor associated with removing or harvesting products from the earth; includes agriculture, fishing, forestry, mining or quarrying, and extracting liquids or gas

Quaternary sector

economic sector that is a subset of tertiary sector activities that requires workers to process and handle information and environmental technology

Quinary sector

economic sector that is a subset of the quaternary sector, involves the very top leaders in government, science, universities, nonprofits, healthcare, culture, and media

Raw materials

any metals, wood or other plant products, animal products or other substances that are used to make intermediate or finished goods

Secondary sector

economic sector associated witj the production of goods from raw materials; includes manufacturing, processing, and construction

Tertiary sector

economic sector that includes a host of activities that involve the transport, storage, marketing and the selling of goods or services also collects the service sector