Ch 18 Vocab
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each of the black spaces below before clicking
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| Industry | Any economic activity using machinery on a large scale to process raw materials into products
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| Raw Materials | Any metals, wood or other plant products, animal products or other substances that are used to make intermediate or finished goods
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| Industrialization | The process in which the interaction of social and economic factors causes the development of industries on a wide scale
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| 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
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| Cottage Industries | Preindustrial form of manufacture in which members of families spread out through rural areas worked in their homes to make goods
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| 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
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| 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
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| Secondary Sector | Economic sector associated with the production of goods from raw materials, include manufacturing, processing and construction
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| 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
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| Quaternary Sector | Economic sector that is a subset of tertiary sector activities that requires workers to process and handle information and environmental technology
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| 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
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| Postindustrial Economy | An economic pattern marked by predominant tertiary sector employment- with a good share of quaternary and quinary jobs
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| 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
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| Dual Economies | Economies with two distinct distributions of economic activity across the economic sectors
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| 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
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| Agglomeration | The tendency of enterprises in the same industry to cluster in the same area
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| Break of Bulk Points | Location where it is more economical to break raw materials into smaller units before shipping them further
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| Bulk Reducing Industries | Industry in which the raw materials cost more to transport than the finished goods
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| Bulk Gaining Industries | Industry in which the finished goods cost more to transport than the raw materials
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| 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
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