7.2

• Economic Sectors


  • Primary
  • Secondary
  • Tertiary
  • Quaternary
  • Quinary
• Primary sector


  • Extracting natural resources from the earth
• Primary sector


  • Farming
  • Mining
  • Fishing
  • Forestry
• Secondary sector


  • Making products from natural resources
• Secondary sector


  • Manufacturing
  • Building
• Tertiary sector


  • Providing information and services to people
• Tertiary sector


  • Retail sales
  • Medicine
  • Housekeeping
• Quaternary sector


  • Managing and processing information
• Quinary sector


  • Creating information and making high-level decisions
• Quinary sector


  • Research
  • Top managers in corporations or government
• The three main sectors are primary, secondary, and tertiary, with quaternary and quinary being additional sectors that were once part of the tertiary sector
• Quaternary and quinary sectors were once part of the tertiary sector
• Jobs


  • Architect
  • Tailor
  • Fisher
  • Assembly line worker at a food processing plant
  • Chief Executive Officer of the Microsoft Corporation
• multiplier effect - the potential of a job to produce additional jobs
• least cost theory - made by Alfred Weber, explains the key decisions made by businesses about where to locate factories
• agglomeration economies - spatial grouping of several businesses to share costs and resources
• locational triangle - the three points of the triangle are the marker for a good and the two resources needed to make the good
• bulk-reducing industry a known for weight-losing, raw material oriented, or raw material-dependent industry
• bulk-gaining - weight-gaining, market oriented and market-dependent industries
• labor-oriented industry/labor-dependent industry - highly dependent on a workforce and will want to be near a source of those workers
• break of bulk - the procedure of transferring cargo from one mode of transport to another
• containerization - system in which goods are loaded into a standardized shipping unit
• intermodal - they can be carried on a truck, train, ship or plane
• front offices - designed to impress clients

  back offices - less expensive office spaces