Sectors of Industry
What is in the Primary Sector?
Farming, mining, fishing, and forestry etc
What is labour supply?
The availability of people with the right skills to work in a business.
What are Transnational Corporations (TNCs) or Multinational Corporations (MNCs)?
Companies that operate in more than one country.
What is the model for the perfect employment shifts between economic sectors as a country
Clark fisher model
What is in the Secondary Sector?
Manufacturing
why would a country have goverment policys
tax breaks offered by governments to attract businesses to an area.
What is a commodity chain
the full range of activities involved in the design, production, distribution, and marketing of a product, from raw material sourcing to final consumption
What is Gross Domestic Product (GDP)?
the total value of goods and services produced within a country over a specific period.
What is the Tertiary Sector?
Somthing that provides a service
What is agglomeration?
businesses, or industries, cluster together in a specific area for economic benefit
What is globalisation?
The increasing interconnectedness and interdependence of countries worldwide.
What is urbanization?
This phenomenon occurs when more people move from rural areas to cities, often due to economic opportunities.
What is the Quaternary Sector?
A highly specialised, knowledge-based segment of the economy, often involving research, information technology, and high-level consultancy.
Why would companies want alot of raw materials?
What is Foreign Direct Investment (FDI)?
Investment made by a company from one country into business interests in another country.
What is sustainable development?
This concept promotes meeting present needs without compromising the ability of future generations to meet theirs.
What is de-industrialisation
The economic transformation in HICs characterised by a significant decline in manufacturing employment and output, often accompanied by growth in service industries and a need for workforce re-skilling.
What are government policies?
This factor includes regulations and incentives provided by the government that can influence business location decisions.
What are exploitation of labour or negative environmental impacts
A potential negative consequence for host LICs/NEEs when TNCs operate there, often involving poor working conditions, low wages, or environmental degradation due to less stringent regulations or weak enforcement.
What is the global shift in manufacturing
The movement of manufacturing industries from HICs to LICs or NEEs due to lower labour costs and fewer regulations.