Caribbean Industrial Development and Economic Concepts

Vocabulary flashcards covering Caribbean economic sectors, industrial drivers, fiscal policies, and government budgeting principles based on the lecture.

Primary Industry

The economic sector that deals with extracting or obtaining goods in their raw, natural form, such as agriculture, fisheries, forestry, and drilling or mining for oil, gas, and minerals.

Secondary Industry

The economic sector that processes or manufactures raw materials from the primary sector to change their physical form and increase their monetary value (e.g., canning harvested fish into tuna or turning peppers into pepper sauce).

Tertiary Industry

The service-based sector of the economy where people are viewed as the primary resource delivering services directly to others, such as in tourism and hospitality.

Direct Employment

Jobs created immediately within an industry's primary operations, such as hotel workers in tourism, farm managers in agriculture, and engineers in manufacturing and mining.

Indirect Employment

Secondary jobs generated through an industry's backward and forward linkages to outside support sectors, such as outsourcing boat repair technicians in tourism or transport logistics in manufacturing.

Foreign Exchange Earnings

Revenue obtained in foreign currency through exports and international tourist spending, which nations utilize to purchase imports and settle debts.

Deficit Budget

A national financial plan where projected expenditures exceed total expected revenue, resulting in spending more money than the government earns.

Trinidad and Tobago Projected Budget Deficit

A shortfall of approximately $3,639,000,000$ dollars out of a total national budget of roughly $63\text{ billion}$ dollars.

Mid-Year Budget Review

A formal parliamentary evaluation conducted early in the subsequent year to review actual expenditures, address shortfalls, and reallocate funds across government ministries.

Focused Schools

Underperforming schools in Trinidad and Tobago that receive targeted government funding and specialized developmental programs to support struggling students.

Infrastructure

The foundational physical networks and utilities—including roads, shipping ports, air and sea bridges, electricity, and water—necessary for industrial operation and logistics.

Royalties

The specific form of government revenue and fees collected from the mining sector in exchange for the extraction of valuable natural resources.

Jamaican Blue Morgant Coffee

A premium export product whose productivity and global market value were expanded through targeted investments in modern farming techniques, processing facilities, and quality standards.

Intellectual Property Rights

Legal and policy regulations established to safeguard and monetize assets produced by the cultural and creative industries.