hgap unit 7
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| Industry | The production of goods or the provision of services for the satisfaction of human wants.
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| Raw materials | The basic materials from which a product is made.
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| Market | A place where goods or services are bought and sold.
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| Cottage industry | Small-scale industry carried on at home by family members using their own equipment.
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| Industrial revolution | A period of rapid industrial development characterized by the introduction of machinery and the mass production of goods.
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| Industrial belt | A region with a high concentration of industrial activity.
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| Deindustrialize | The decline in industrial activity in a region or country.
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| Rust belt | A region in the northeastern United States characterized by declining industry and urban decay.
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| Primary sector | The sector of the economy that extracts raw materials from the earth.
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| Secondary sector | The sector of the economy that processes raw materials into finished goods.
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| Tertiary sector | The sector of the economy that provides services rather than producing goods.
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| Quaternary sector | The sector of the economy that involves intellectual activities such as research and development.
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| Quinary sector | The sector of the economy that involves high-level decision making and management.
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| Multiplier effect | The phenomenon whereby an initial change in spending leads to a chain reaction of further changes in spending.
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| Least cost theory | A theory that explains the location of industries based on minimizing transportation and production costs.
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| Agglomeration economy | The benefits that firms gain by locating near each other in clusters or agglomerations.
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| Locational triangle | A conceptual model used to explain the location of industry based on three factors
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| Bulk reducing industries | Industries that produce goods that are smaller in volume and weight after processing.
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| Bulk gaining industries | Industries that produce goods that are larger in volume and weight after processing.
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| Labor-oriented industries | Industries that rely heavily on labor rather than capital for production.
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| Break of bulk | The location where goods are transferred from one mode of transportation to another.
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| Containerization | The process of transporting goods in standardized containers.
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| Intermodal | Relating to or involving two or more different modes of transportation.
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| Footloose | Industries that are not tied to a specific location and can easily relocate.
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| Front offices | The parts of a business that interact directly with customers.
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| Back offices | The parts of a business that handle administrative and support functions.
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| Gross national product | The total value of goods and services produced by a country's residents, regardless of where they are located.
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| Gross national income | The total income earned by a country's residents, including income from abroad.
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| Gross domestic product | The total value of goods and services produced within a country's borders in a given period of time.
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| Remittances | Money sent by migrants to their home country.
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| Per capita | Per person.
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| Purchasing power parity | A measure of the relative value of currencies based on the cost of a basket of goods and services.
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| Formal sector | The part of the economy that is regulated and taxed by the government.
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| Informal sector | The part of the economy that operates outside of government regulation and taxation.
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| Gini coefficient | A measure of income inequality within a population.
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| Life expectancy | The average number of years a person is expected to live.
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| Literacy rate | The percentage of people in a population who can read and write.
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| Gender gap | The difference in opportunities, status, and attitudes between men and women.
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| Gender inequality index | A measure of gender disparities in a country's health, education, and income.
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| Human development index | A composite index that measures a country's level of development based on health, education, and income indicators.
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| Nongovernmental organizations | Organizations that are not part of the government and work on humanitarian or social issues.
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| Microcredit | Small loans given to individuals, typically in developing countries, to help them start or expand a small business.
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| Stages of Economic Growth model | A theory that explains the process of economic development in stages, typically including traditional society, preconditions for takeoff, takeoff, drive to maturity, and age of high mass consumption.
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| World Systems Theory (Core-Periphery model) | A theory that divides the world into core, semi-peripheral, and peripheral regions, with the core benefiting from the exploitation of the periphery.
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| Dependency model | A theory that suggests that underdeveloped countries are dependent on developed countries for economic growth and development, often due to historical colonial relationships.
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| Non-governmental organization (NGO) | An organization that operates independently from government control and typically works on humanitarian, environmental, or social issues.
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| Commodities | Raw materials or primary agricultural products that can be bought and sold, such as coffee, oil, or wheat.
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| Commodity dependence | A situation where a country's economy heavily relies on the export of one or a few primary commodities.
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| Trade | The exchange of goods and services between countries or regions.
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| Barter | The exchange of goods or services for other goods or services without the use of money.
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| Comparative advantage | The ability of a country or region to produce goods or services at a lower opportunity cost than other countries or regions.
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| Complementarity | The degree to which two regions can satisfy each other's demands through trade by specializing in the production of different goods or services.
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| Free trade | The exchange of goods and services between countries without tariffs, quotas, or other restrictions.
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| Neoliberalism | A political and economic ideology that advocates for free-market capitalism, deregulation, and reduced government intervention in the economy.
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| Trading blocs | Groups of countries that form agreements to promote trade and economic cooperation among themselves, often by reducing trade barriers within the bloc.
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| Mercosur | The Southern Common Market, a trading bloc in South America that aims to promote economic integration among its member countries.
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| World Trade Organization (WTO) | An international organization that regulates international trade and resolves disputes between member countries.
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| International Monetary Fund (IMF) | An international financial institution that provides loans and financial assistance to countries experiencing economic difficulties.
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| Outsourcing | The practice of contracting work to an external third-party provider, often in another country, to reduce costs or access specialized skills.
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| Offshoring | The relocation of business activities or services to a foreign country, typically to take advantage of lower labor costs.
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| Reshoring | The reversal of offshoring, where businesses bring back previously outsourced activities or services to their home country.
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| New international division of labor | The global distribution of labor, where different stages of production are located in different countries to take advantage of comparative advantages and cost efficiencies.
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| Basic economic activity | Economic activities that produce goods or services primarily for local consumption.
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| Non-basic economic activity | Economic activities that produce goods or services primarily for export or outside the local economy.
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| Transnational corporations (TNCs) | Companies that operate in multiple countries and may have production facilities, offices, and subsidiaries around the world.
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| Multinational corporations (MNCs) | Companies that operate in multiple countries but may not have the same level of integration across borders as TNCs.
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| Export processing zones (EPZs) | Special economic zones where companies are given tax incentives and other benefits to encourage export-oriented production.
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| Special economic zones (SEZs) | Designated areas within a country that have special economic regulations and incentives to attract foreign investment and promote economic development.
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| Maquiladoras | Manufacturing plants, typically located in Mexico, that operate under preferential tariff arrangements, often assembling goods for export to the United States.
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| Free-trade zones (FTZs) | Areas within a country where goods can be imported, stored, and re-exported without being subject to customs duties.
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| Postindustrial economy | An economy characterized by a shift away from manufacturing and towards services, information technology, and knowledge-based industries.
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| Assembly line | A production process where a product is assembled sequentially along a line of workers, each performing a specific task.
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| Fordism | A system of mass production pioneered by Henry Ford, characterized by standardized products, assembly line production, and high wages for workers.
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| Substitution principle | The practice of replacing labor with capital or technology to increase efficiency and reduce costs.
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| Post-Fordist | A system of production characterized by flexible production methods, decentralized decision-making, and just-in-time delivery.
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| Just-in-time delivery | A production strategy where materials and components are delivered to the production line exactly when they are needed, minimizing inventory costs.
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| Locational interdependence | The idea that the location of one firm is influenced by the locations of other firms in the same industry.
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| Agglomeration economies | The benefits that firms gain from locating near each other in clusters or agglomerations.
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| Technopoles | Centers of high-technology manufacturing and information-based industry.
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| Growth poles (growth centers) | Regions or cities that serve as centers of economic growth and development, attracting investment and stimulating development in surrounding areas.
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| Spin-off benefits (spread effects) | Positive economic effects that result from the growth of an industry or activity, such as increased employment and investment in related sectors.
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| Backwash effects | Negative economic effects that result from the growth of an industry or activity, such as resource depletion and environmental degradation.
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| Brownfields | Abandoned or underutilized industrial or commercial sites that may be contaminated with hazardous substances.
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| Corporate parks (business parks) | Planned developments containing a cluster of office buildings, research facilities, and other amenities designed to attract businesses.
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| Sustainability | Meeting the needs of the present without compromising the ability of future generations to meet their own needs.
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| Sustainable development | Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
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| Ecological footprint | The amount of land and resources required to sustainably support a particular lifestyle or level of consumption.
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| Ecotourism | Tourism that promotes the conservation of natural environments and the well-being of local communities.
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| Sustainable Development Goals | A set of 17 global goals adopted by the United Nations to address poverty, inequality, environmental degradation, and other development challenges by 2030.
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