18/19 Vocab

Commodity Dependence

• An aspect of dependency theory, when 60% of a country's exports and economic health is tied to one or two resources.
• The ability of a country to produce a good at a lower cost than another country can.
• When two regions through an exchange of commodities can specifically satisfy each other's demands
• A process by which a firm moves some of its work to a location outside of the home country, so that work can be done more efficiently and less expensively.

Agglomeration

• an urban center with certain attributes that, if augmented by a measure of investment support, will stimulate regional economic development in it's hinterland
• a duty-free and tax-exempt industrial park created to attract foreign corporations and create industrial jobs.
• process by which companies move industrial jobs to other regions with cheaper labor, leaving their home region lacking in manufacturing jobs, leading to a switch to service industry jobs.
• Clumping or clustering together of industries for mutual advantage

Tertiary Sector

• the sector of the economy that involves services, rather than goods
• the part of the economy that extracts raw materials. Farming and Mining.
• the part of the economy focused on manufacturing and assembling products from raw materials.
• the emergence of service industries that require high levels of specialized knowledge or technical skill, i.e scientific research
• network of business transactions that are not reported and therefore not included in a country's GDP, economic projection, and aren't taxed by the government.

Primary Sector

• the part of the economy that extracts raw materials. Farming and Mining.
• the part of the economy focused on manufacturing and assembling products from raw materials.
• the sector of the economy that involves services, rather than goods
• the emergence of service industries that require high levels of specialized knowledge or technical skill, i.e scientific research
• network of business transactions that are not reported and therefore not included in a country's GDP, economic projection, and aren't taxed by the government.

Secondary Sector

• the part of the economy focused on manufacturing and assembling products from raw materials.
• the part of the economy that extracts raw materials. Farming and Mining.
• the sector of the economy that involves services, rather than goods
• the emergence of service industries that require high levels of specialized knowledge or technical skill, i.e scientific research
• network of business transactions that are not reported and therefore not included in a country's GDP, economic projection, and aren't taxed by the government.

Quinary Sector

• the emergence of service industries that require high levels of specialized knowledge or technical skill, i.e scientific research
• the part of the economy that extracts raw materials. Farming and Mining.
• the part of the economy focused on manufacturing and assembling products from raw materials.
• the sector of the economy that involves services, rather than goods
• network of business transactions that are not reported and therefore not included in a country's GDP, economic projection, and aren't taxed by the government.

Quaternary Sector

• service sector jobs concerned with the collection, processing and manipulation of information and capital, ie finance, administration, insurance, legal services.
• the part of the economy that extracts raw materials. Farming and Mining.
• the part of the economy focused on manufacturing and assembling products from raw materials.
• the sector of the economy that involves services, rather than goods
• the emergence of service industries that require high levels of specialized knowledge or technical skill, i.e scientific research

Formal Sector

• jobs that are monitored by the government, and taxed. Jobs in industry, established services, etc.
• the part of the economy that extracts raw materials. Farming and Mining.
• the part of the economy focused on manufacturing and assembling products from raw materials.
• the sector of the economy that involves services, rather than goods
• the emergence of service industries that require high levels of specialized knowledge or technical skill, i.e scientific research

Informal Sector

• network of business transactions that are not reported and therefore not included in a country's GDP, economic projection, and aren't taxed by the government.
• the part of the economy that extracts raw materials. Farming and Mining.
• the part of the economy focused on manufacturing and assembling products from raw materials.
• the sector of the economy that involves services, rather than goods
• the emergence of service industries that require high levels of specialized knowledge or technical skill, i.e scientific research

GDP

• a measurement of the total goods and services produced within a country
• businesses seek locations that minimize transportation and labor costs
• an indicator constructed by the UN to measure the gender gap in the level of achievement in terms of income, education and life expectancy.
• indicator of level of development for each country, constructed by the UN, combining income, literacy, education and life expectancy.