Unit 7: Industrial and Economic Development Patterns and Processes

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sectors

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52 Terms

1

sectors

different categories the economy can be divided into

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2

primary production

includes agriculture, mining, energy, forestry, and fisheries

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3

secondary production

includes the processing of the raw materials drawn from the primary sector

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4

tertiary production

includes the transportation, wholesaling, and retailing of finished goods to consumers

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5

quaternary production

includes wholesaling, finance, banking, insurance, real estate, advertising, and marketing (business services)

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6

quinary production

includes retailing, tourism, entertainment, and communications, government, or semi-public services such as health, education, and utilities (consumer services)

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7

commodity chain

exists from the small-scale, family-based producers selling directly from the farm or through local farmers’ markets to transnational supply networks selling to an international customer base

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8

resource processing

oil refineries, metals, plastics, chemicals, lumber, paper, food and beverage, concrete and cement, glass

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9

textiles

clothing, shoes and leather products, artificial fibers and thread

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10

furniture

home, office, bedding

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11

appliances

home appliances, commercial equipment, power tools, lighting

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12

transport

automotive, rail, aerospace, shipbuilding, recreational vehicles

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13

health

pharmaceuticals, medical devices, personal care products

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14

technology

home computers, business computing and servers, industrial control devices, phones, television and audio entertainment

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15

low-benefit services

sectors in which the labor force tends to be hourly employees who receive few if any additional benefits, like paid vacation or health insurance

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16

high-benefit services

sectors in which pay tends to be salaried and includes considerable fringe benefits like health, dental, and vision insurance; vacation; sick days; and retirement reimbursements

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17

deindustrialization

shifting away from manufacturing as the main source of economic production

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18

First World

industrialized and service-based economies that have free markets, a high level of productivity value per person and a high quality of life

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19

Second World

describes the communist countries of which only two communist states remain today: Cuba and North Korea

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20

Third World

countries with mainly agricultural and resource-based economies that have low levels of per-person productivity and a low quality of life

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21

newly industrialized countries (NICs)

Third-World states with economies that have made a distinct shift away from agriculture and toward manufacturing as the focus of economic development and production

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22

foreign aid, or foreign direct investment

funds to develop infrastructure and factories can come from internal sources

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23

technology transfer

where technical knowledge, training, and industrial equipment is provided to NIC governments to increase business efficiency and capacity

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24

Asian Tigers

a term used to describe the industrial economies of Asia that have been aggressive in terms of economic growth rates and their ability to compete for consumers

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25

credit crunch

results from banks and investors holding back on industrial loans and investments

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26

economic indicators

used to help understand the variable levels of development and measure the degrees of uneven development between states

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27

gross domestic product (GDP)

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

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28

gross national income (GNI)

the dollar value of all goods and services produced in a country, plus the dollar value of exports minus imports in the same year

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29

trade surplus

EXPORTS > IMPORTS

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30

trade deficit

EXPORTS < IMPORTS

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31

per capita

“for every head” in Latin, meaning for each person

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32

gross national income (GNI) per capita

the estimated income of a person converted to U.S. dollars at currency exchange rates

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33

gross national income purchasing power parity (GNI PPP)

an estimate that takes into account differences in prices between countries

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34

Human Development Index (HDI)

designed by the United Nations to measure the level of development of states based on a number of social indicators in addition to economic production

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35

Gini coefficient

measures the level of income disparity between the country’s richest and poorest population groups on a scale of 0 to 100

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36

Gender-Related Development Index (GDI)

takes the same indicators used to calculate HDI but replaces GDP per capita with income

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37

dependency theory

holds that most LDCs (including all NICs) are highly dependent on foreign-owned factories, foreign direct investment, and technology from MDCs to provide employment opportunities and infrastructure

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38

Prebisch thesis

detailed the dependency of Third-World economies on First-World loans and investments to pay for the building of new industries and infrastructure

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39

ecotourism

tourism directed toward exotic, often threatened, natural environments, intended to support conservation efforts and observe wildlife

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40

special economic zones (SEZs)

a type of export processing zone, defined as port locations where foreign firms are given special tax privileges to incentivize trade

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41

Wallerstein's World Systems theory

sought to explain uneven development around the world in the 1970s

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42

weight-losing/bulk-reducing manufacturing

involves a large amount of input that is reduced to a final product that weighs less or has less volume or bulk than the input

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43

weight-gaining/bulk-gaining manufacturing

involves a number of inputs that are combined to make a final product that gains bulk, volume, or weight in the production process

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44

supply chain

exists when parts are assembled into components that are then joined together to create larger finished products

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45

Fordist production (Fordism)

relied on a single company owning all aspects of production, from steel manufacture to advertising

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46

just-in-time production

methods in which suppliers send parts to assembly plants on an as-needed basis

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47

spatial margin of profitability

the area where local demand for a service creates revenue higher than the local costs of doing business

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48

footloose industry

businesses whose locations are not tied to resources, transportation, or consumer locations

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49

agglomeration economies

exist where firms with related or similar products locate together in clusters or regions

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50

deglomeration

occurs when a location is overloaded with similar firms and services

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51

economies of scale

achieved when producers expand their operations but incur lower per-unit costs in the process

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52

economies of scope

in which companies benefit from the increase in the number of different products under a larger brand

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