GEOGRAPHY – INDUSTRY DEFINITIONS

TNC:  they are companies that operate in more than one country.

Footloose Industry: Footloose industry is a general term for an industry that can be placed and located
at any location without effect
A market is a place where buyers and sellers can meet to facilitate the
Market:
exchange or transaction of goods and services. 
is the money it has available to fund its day-to-day
Capital:
operations and to bankroll its expansion for the future. 
 consequence of an industrial or commercial activity which affects other parties
Externalities:
without this being reflected in market prices.
 Economies of scale are the financial advantages that a company gains
Economies of Scale:
when it produces large quantities of products.

Primary industries are those that harvest or extract raw material from nature,
Primary Industry:
such as agriculture, oil and gas

industry that converts the raw materials provided by primary industry into
Secondary Industry:
commodities and products for the consumer; manufacturing industry.

Tertiary Industry: the part of a country's economy concerned with the provision of services.

The quaternary sector of the economy is based upon the economic activity that
Quaternary Industry:
is associated with either the intellectual or knowledge-based economy

industries having high concentrations of workers in STEM (Science,

Hi-Tech Industry:
Technology, Engineering, and Mathematics) occupations.
newly industrialized country (NIC), country whose national economy has
NIC: transitioned from being primarily based in agriculture to being primarily
based in goods-producing industries,
Deindustrialisation means a decline in the importance of industrial activity for
Deindustrialisation: a place It involves a structural change in the way the economy of a place is
organised.
The craft industry encompasses goods that are handmade by artisans or
Craft Industry:
those skilled in a particular trade
An assembly plant is a factory where large items such as cars are put together,
Assembly Plant:
usually using parts which have been made in other factories.
The informal sector is broadly characterised as consisting of units engaged in
Informal Sector: the production of goods or services with the primary objective of generating
employment and incomes to the persons concerned.

The formal sector consists of municipal agencies or private firms that are

Formal Sector:
responsible for waste collection, transport, and disposal. 
 The term manufacturing refers to the processing of raw materials or parts into
Manufacturing: finished goods through the use of tools, human labor, machinery, and chemical
processing.
Gross domestic product (GDP) is the monetary value of all finished goods and
GDP: services made within a country during a specific period.

Rostow's stages of economic growth model is one of the major historical

Rostow Model: models of economic growth

Inputs: what is put in, taken in, or operated on by any process or system.

Processes: a series of actions or steps taken in order to achieve a particular end

Outputs: the amount of something produced by a person, machine, or industry.

an area in which state incentives such as tax concessions are offered to

Enterprise zones:
encourage business investment.
Just-in-time, or JIT, is an inventory management method in which goods are
Just-in-time:
received from suppliers only as they are needed. 

an arrangement of machines or sequence of operations involved with a single

Production line:
manufacturing operation or production process.

Expenditure: the action of spending funds.

Just in case (JIC) is an inventory strategy where companies keep large
Just-in-case:
inventories on hand

Weight Gain: Use compact raw materials to produce a bulky finished product.

The weight loss industry is made up not only of companies developing and
Weight loss:
supporting diet plans but also weight-loss supplement manufactures

 The Clark Fisher model shows the changes in employment through a period

Clark Model:
of time.

Employment The employment structure of a country shows how the labour force is divided
Structure: between the primary, secondary and tertiary sectors

Research and development (R&D) is a valuable tool for growing and

R&D:
improving your business.

MEDC: Economically Developed Country and its rich

the process by which businesses or other organizations develop international

Globalisation:
influence or start operating on an international scale.
LEDC: Less Economically Developed Country and has a low gdp

the exclusive possession or control of the supply of or trade in a commodity

Monopoly:
or service.
Labor is the amount of physical, mental, and social effort used to produce
Labour:
goods and services in an economy.
International Labour Organization (ILO), specialized agency of the United
ILO: Nations (UN) dedicated to improving labour conditions and living standards
throughout the world.
 Raw material is goods or products which are used in manufacturing or
Raw materials: unprocessed products which are used in the creation of some final product.

Perishable goods: Perishables are goods that spoil quickly and therefore have a short shelf life

BRICS is the group composed by the five major emerging countries - Brazil,
BRICS: Russia, India, China and South Africa -, which together represent about 42% of
the population, 23% of GDP, 30% of the territory and 18% of the global trade.
a number of different things, parts or items that are grouped together;
Conglomeration: collection.

international trade left to its natural course without tariffs, quotas, or other
Free trade: restrictions.

the theory or practice of shielding a country's domestic industries from

Protectionism: foreign competition by taxing imports.

Fairtrade: trade between companies in developed countries and producers in

developing countries in which fair prices are paid to the producers.

The World Trade Organization (WTO) is the only global international

WTO: organization dealing with the rules of trade between nations.

a tax or duty to be paid on a particular class of imports or exports.

Tariffs:

Quotas: a limited quantity of a particular product which under official controls

can be produced, exported, or imported.

a sum of money granted by the state or a public body to help an industry or business
Subsidies:
keep the price of a commodity or service low.

a financial gain, especially the difference between the amount earned and the amount
Profits:
spent in buying, operating, or producing something.