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

Different categories into which the economy can be divided based on stages of production or types of products/services.

Sectors

Includes agriculture, mining, energy, forestry, and fisheries; the initial stage of the production process.

Primary production

Involves the processing of raw materials from the primary sector, primarily manufacturing.

Secondary production

Includes services like transportation, wholesaling, and retailing, as well as finance and government services.

Tertiary production

Involves business services such as finance, banking, insurance, and advertising.

Quaternary production

Includes consumer services like retailing, entertainment, tourism, and government services.

Quinary production

The process from small-scale, family-based production to transnational supply networks.

Commodity chain

Economic system where the government makes all economic decisions, controlling production and prices.

Command Economy

Economic system where individual choices dictate production and prices based on supply and demand.

Free Market Economy

An economic system characterized by private ownership and the production of goods for profit.

Capitalism

Materials or substances occurring in nature which can be exploited for economic gain.

Natural resources

Concept that denotes whether a resource can be replenished naturally over time.

Renewability

Sustainability

The ability to maintain ecological balance by avoiding depletion of resources.

The process of reducing industrial activity in a region or economy.

Deindustrialization

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

Gross Domestic Product (GDP)

The total income from all sources for a country, including exports and minus imports.

Gross National Income (GNI)

A composite statistic of life expectancy, education, and per capita income indicators.

Human Development Index (HDI)

The theory that LDCs depend on MDCs for employment and economic growth, leading to a cycle of dependency.

Dependency Theory

Responsible travel to natural areas that conserves the environment and improves the well-being of local people.

Ecotourism

The clustering of industries in a specific location that benefits from shared resources and labor.

Agglomeration

Cost advantages that industries experience when production becomes efficient by increasing output.

Economies of scale

Cost advantages from producing a wider variety of goods under a single brand.

Economies of scope

The shift in women's roles to include greater participation in education and the workforce globally.

Women in Development