Unit 7 Vocabulary

Tertiary Sector

• The portion of the economy concerned with agriculture and raw materials

• The portion of the economy concerned with manufacturing and industry

• The portion of the economy concerned with transportation, communications, and utilities, sometimes extended to the provision of all goods and services to people in exchange for payment

• The portion of the economy that focuses on financial services and banking

Gender Inequality Index

• An indicator constructed by the UN to measure the extent of each country's gender inequality in terms of reproductive health, empowerment, and the labor market

• A measure of economic disparity between genders in developed countries

• A ranking of countries based on women's participation in politics

• A tool used to assess the educational attainment of women globally

Situation Factors

• Location factors related to the transportation of materials into and from a factory

• Factors affecting employee satisfaction in the workplace

• Economic conditions influencing market demand

• Environmental regulations impacting production processes

Primary Sector

• The portion of the economy concerned with the direct extraction of materials from Earth, generally through agriculture

• The sector focused on manufacturing and industrial processes

• The part of the economy that deals with services and intangible goods

• The segment of the economy that involves research and development of new technologies

Outsourcing

• A decision by a corporation to turn over much of the responsibility for production to independent suppliers

• A strategy to increase in-house production capabilities

• A method to reduce employee benefits and salaries

• A process of merging with other companies to enhance market share

Secondary Sector

• The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials

• The part of the economy focused on providing services rather than goods

• The sector that deals with the extraction of raw materials from the earth

• The area of the economy that involves the distribution of finished products to consumers

Developed Country

• A country that has progressed relatively far along a continuum of development

• A country with a high population density

• A country that is primarily agrarian

• A country with limited access to education

Human Development Index (HDI)

• An indicator constructed by the UN to measure the level of development for a country through a combination of income, education, and life expectancy

• A measure of a country's military strength and capabilities

• An index that ranks countries based on their environmental sustainability

• A statistical tool used to calculate the average age of a population

Break of Bulk Point

• A location where transfer is possible from one mode of transportation to another

• A point where goods are manufactured

• A location where bulk goods are stored

• A point of sale for retail transactions

Gross Domestic Product (GDP)

• The total income of a country's residents in a year.

• The value of the output of goods and services produced in a country in a year, not accounting for money that leaves and enters the country.

• The total value of all financial transactions in a country.

• The measure of a country's economic growth over a decade.