Economic and Industrial Concepts

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Industrial revolution

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A period of major industrialization that transformed economies from agrarian to industrial.

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Assembly line

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A manufacturing process in which parts are added in sequence to create a finished product.

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Primary sector

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The part of the economy that involves the extraction of raw materials.

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Secondary sector

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The part of the economy that transforms raw materials into manufactured goods.

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Tertiary sector

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The part of the economy that provides services rather than goods.

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Quaternary sector

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The part of the economy that involves knowledge-based activities.

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Quinary sector

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The part of the economy that involves high-level decision making and advanced services.

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Agglomeration economies

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The benefits that firms obtain by locating near each other.

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Least cost theory

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A theory that explains the optimal location of a manufacturing establishment based on minimizing costs.

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Bulk-reducing industry

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An industry in which the final product weighs less than the inputs.