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Ch 18 Vocab
| Term | Definition |
|---|---|
| Industry | Any economic activity using machinery on a large scale to process raw materials into products |
| Raw Materials | Any metals, wood or other plant products, animal products or other substances that are used to make intermediate or finished goods |
| Industrialization | The process in which the interaction of social and economic factors causes the development of industries on a wide scale |
| Industrial Revolution | The radical change in manufacturing methods that began in Great Britain int he mid-18th century and was marked by the shift from small-scale, hand-crafted, muscle-powered production to power-driven mass production |
| Cottage Industries | Preindustrial form of manufacture in which members of families spread out through rural areas worked in their homes to make goods |
| Economic Sectors | Collections of industries engaged in similar economic activities based on the creation of raw materials, the production of goods, the provision of services or other activities |
| Primary Sector | Economic sector associated with removing or harvesting products from the earth; includes agriculture, fishing, forestry, mining or quarrying, and extracting liquids or gas |
| Secondary Sector | Economic sector associated with the production of goods from raw materials, include manufacturing, processing and construction |
| Tertiary Sector | Economic sector that includes a host of activities that involve the transport, storage, marketing and selling of goods or services; also called the service sector |
| Quaternary Sector | Economic sector that is a subset of tertiary sector activities that requires workers to process and handle information and environmental technology |
| Quinary Sector | Economic sector that is a subset of the quaternary sector; involves the very top leaders in government, science, universities, nonprofits, health care, culture and media |
| Postindustrial Economy | An economic pattern marked by predominant tertiary sector employment- with a good share of quaternary and quinary jobs |
| Gross Domestic Product | The total value of the goods and services produced by a country's citizens and companies within the country in a year |
| Dual Economies | Economies with two distinct distributions of economic activity across the economic sectors |
| Least-Cost Theory | Industry location theory proposed by Alfred Weber suggesting that businesses locate their facilities in a particular place because that location minimizes the costs of production |
| Agglomeration | The tendency of enterprises in the same industry to cluster in the same area |
| Break of Bulk Points | Location where it is more economical to break raw materials into smaller units before shipping them further |
| Bulk Reducing Industries | Industry in which the raw materials cost more to transport than the finished goods |
| Bulk Gaining Industries | Industry in which the finished goods cost more to transport than the raw materials |
| Industrial Parks | A collection of manufacturing facilities in a particular area that is typically found in suburbs and is located close to highways to facilitate movement of raw materials and finished products |
Created by:
Mrs_Karim
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