Unit 7 Aphug vocab 1/2

Industry The production of goods or services within an economy, typically involving the transformation of raw materials into finished products through various processes.

Rust Belt A region in the northeastern and midwestern United States characterized by declining industry, manufacturing jobs, and economic challenges, primarily due to deindustrialization.

Agglomeration economics A concept in economic geography that refers to the benefits gained when firms and industries cluster together in a specific area, leading to increased productivity, innovation, and efficiency due to shared resources and infrastructure.

intermodal transportation that involves multiple modes of transport, such as rail, truck, and ship, to move goods efficiently.

Raw materials The basic materials from which products are made, often extracted or harvested from the earth, such as minerals, timber, and agricultural products.

Primary Sector The sector of the economy that involves the extraction and harvesting of natural resources, such as agriculture, mining, forestry, and fishing.

Locational triangle A model used in economic geography to illustrate the relationship between the locations of raw materials, market, and manufacturing in determining the optimal location for production.

footloose An industry that is not tied to any specific location or resource, allowing it to be located anywhere without concern for transportation costs.

market A place where goods and services are bought and sold, often influencing prices and availability in an economy.

secondary sector The secondary sector encompasses industries that process raw materials into finished goods, including manufacturing and construction. This sector plays a crucial role in the economy by adding value to resources and creating products for consumers.

Bulk-reducing industries Industries that decrease in size or weight during production, typically located near raw material sources to minimize transportation costs.

front offices The administrative offices of a business that handle customer service and client interactions, often serving as the first point of contact.

cottage industry A cottage industry refers to small-scale, decentralized manufacturing operations, often run from homes, where individuals produce goods using their own resources and labor, typically for local markets.

Quaternary sector The segment of the economy focused on knowledge-based activities involving services such as education, research, and information technology.

Bulk-gaining industries Industries that produce goods that weigh more after production than before, often located near markets to minimize transportation costs.

Back offices Administrative services that support business operations, often involving tasks like data entry, billing, and record keeping.

Industrial Revolution A major turning point in history, the Industrial Revolution began in the late 18th century and marked the transition to new manufacturing processes, including the shift from hand production methods to machines.

Quinary sector The part of the economy that involves high-level decision making and includes services such as education, healthcare, and scientific research.

Labor-oriented industry An industry focused on labor-intensive processes, often requiring a large workforce for production and services.

Tertiary sector The part of the economy that provides services rather than goods, including retail, entertainment, and hospitality.

Industrial belt A region characterized by a concentration of industries, typically with strong transportation networks and labor availability.

Multiplier effect The economic phenomenon where an initial investment leads to increased levels of income and consumption, generating further economic activity.

Break of bulk a location where large shipments of goods are transferred from one mode of transportation to another, essentially being "broken up" into smaller quantities for distribution to local markets; typically occurring at a port where goods are unloaded from a ship and loaded onto trucks for inland delivery.

Deindustrialize to reduce or eliminate industrial activity in a region, often leading to economic decline and job losses.

Least cost theory A theory that suggests businesses will locate their production facilities in areas that minimize costs, considering factors such as transportation, labor, and agglomeration.

containerization the use of standardized shipping containers to transport goods efficiently across different modes of transportation, reducing shipping costs and time.

Gross national product (GNP) The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year.

Gross National income (GNI) total income earned by a nation's residents and businesses, including any income earned abroad, over a specific period, usually a year.

Gross domestic product (GDP) The total value of all goods and services produced within a country's borders in a specific time period, typically one year.

Remittances the money that migrant workers send back to their families and communities in their home countries

Per capita 'per person', and it is often used in statistics and economics to provide a measure that is adjusted for the population size.

Purchasing power parity (PPP) an economic theory that compares the currencies of different countries by calculating how much of a "basket of goods" can be purchased in each country

Formal sector the part of a country's economy that is officially recognized and regulated by the government, including businesses that are registered, pay taxes, and operate within legal guidelines

Informal sector the part of an economy where economic activities are not regulated by the government,(street vendors)

Gini coefficient a statistical measure that indicates the level of income inequality within a population

Life expectancy the average number of years a newborn infant can expect to live based on current mortality rates within a given population

Literacy rate the percentage of a population aged 15 and above who can read and write

Gender gap A difference between men and women in their opportunities, rights, benefits, behavior, or attitudes.

Gender inequality index (GII) a composite measure that assesses the level of disparity between women and men in a country

Human development Index (HDI) measures the status of life in any given place based off of life expectancy, education levels, and income per capita.

Non- governmental organizations (NGOs) a private organization that operates independently from any government, often focusing on social, environmental, or humanitarian issues, working to address problems outside of official state structures

Microcredit ( microfinance)

A financial service that provides small loans to individuals in developing countries to promote entrepreneurship and alleviate poverty.