Unit 7: Industrial and Economic Development Patterns and Processes (copy)

Sectors

Different categories the economy can be divided into.

Primary Production

Includes agriculture, mining, energy, forestry, and fisheries.

Secondary Production

Involves processing raw materials drawn from the primary sector; reflects all forms of manufacturing.

Tertiary Production

Includes transportation, wholesaling, and retailing of finished goods to consumers.

Quaternary Production

Includes business services such as finance, banking, and insurance.

Quinary Production

Includes consumer services such as retailing, tourism, entertainment, and health services.

Commodity Chain

Exists from small-scale producers selling directly to transnational supply networks.

Sustainability

Products drawn from living resources like fisheries and forestry are renewable but require responsible practices.

Deindustrialization

The process of shifting away from manufacturing as the main source of economic production.

Gross Domestic Product (GDP)

The dollar value of all goods and services produced in a country in one year.

Gross National Income (GNI)

The dollar value of all goods and services produced in a country, plus exports minus imports.

Per Capita

A measurement 'for every head,' meaning per person, often used for income calculations.

Human Development Index (HDI)

An index designed to measure level of development based on social indicators in addition to economic production.

Dependency Theory

The theory that many LDCs are dependent on foreign investment and technology from MDCs.

Wallerstein’s World Systems Theory

A theory that explains uneven development by classifying nations into core, periphery, and semi-periphery.

Agglomeration

The concentration of human activities in clusters, gaining advantages from shared resources.

Economies of Scale

Cost advantages gained by increasing production.

The Asian Economic Crisis

A financial crisis in 1997 that resulted in a credit crunch and affected economies across Asia.

Asian Tigers

Economies of Asia known for aggressive economic growth and competitiveness.

Free-Trade Agreements

Agreements between countries to eliminate tariffs and promote trade.