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21 Terms
1
Tertiary Sector
Basic services provided, such as retail, hospitality, and health care.
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2
Quaternary Sector
Focuses on information processing and services such as research and consulting.
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3
Quinary Sector
Involves decision-making and specialized tasks, including government officials and researchers.
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4
Deindustrialization
The transition from a manufacturing-based economy to a service-oriented economy, often causing economic decline in some regions.
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5
Rust Belt
Regions in the U.S. that experienced industrial decline and job losses due to factory closures.
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6
Sun Belt
U.S. regions that attracted new industries and population growth due to favorable conditions.
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7
Economic Disparities
The differences in wealth and economic opportunities between industrialized and non-industrialized regions.
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8
Geographic Information Systems (GIS)
Technology that helps optimize business locations based on geographic data.
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9
Outsourcing
The practice of relocating jobs to countries with cheaper labor costs, often impacting job availability in service sectors.
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10
Dependency Theory
The theory suggesting that poorer countries are held back by economic systems established during colonialism, making them reliant on wealthier countries.
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11
High-Tech Cluster
An area that promotes the growth of technology-driven companies, often offering tax incentives and infrastructure support.
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12
Tourism Services
The industry focused on travel for leisure, generating significant economic benefits globally.
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13
Microcredit
Small loans provided to individuals in low-income areas to start or expand businesses.
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14
Human Development Index (HDI)
A measure that assesses development using factors like literacy, education, and income, beyond just GDP.
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15
Islands of Development
Wealthy or developed areas within a larger region of poverty.
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16
Rostow’s Modernization Model
A theory that proposes countries progress through five stages of development, from traditional societies to high mass consumption.
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17
Primate City
A city that is significantly larger and more influential than any other city in the country.
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18
Sustainability
The ability to maintain development levels without depleting resources, ensuring future generations can meet their needs.
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19
Globalization
The increasing interdependence of economies and cultures globally, impacting service industries and job markets.
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20
Financial Services Crisis
The 2008 crisis that highlighted vulnerabilities in interconnected financial markets, leading to a global downturn.
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21
Technopol
A planned area where high-tech companies cluster to benefit from shared resources and proximity to knowledge.