Secondary Sector: Industrial Sector

These flashcards cover key terms and concepts from the chapter on the secondary sector and its role in industrial development.

Secondary Sector

The part of the economy that transforms raw materials into goods, including manufacturing and construction industries.

Industrialization

The process of developing industries in a country or region on a wide scale.

Deindustrialization

The decline of industrial activity in a region or economy, often leading to job losses in manufacturing.

GDP Contribution

The percentage that a sector adds to the Gross Domestic Product of a nation, indicating its economic importance.

Import Substitution

An economic policy that replaces foreign imports with domestic production.

Export Orientation

A strategy where goods produced are primarily aimed at foreign markets.

Industry 4.0

The current trend of automation and data exchange in manufacturing technologies that includes cyber-physical systems.

Challenges of Industry 4.0

Issues such as lack of awareness, infrastructure gaps, and mismatch of skills hindering the adoption of Industry 4.0.

Economic Linkages

The connections between different industries or sectors within the economy that foster mutual growth.

Manufacturing Value Chain

The full range of activities that businesses engage in to bring a product from conception to delivery.