Economic and Industrial Concepts Defined
Classified in Economy
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Key Economic and Industrial Terms
Industrial Revolution
A process involving the transition from a traditional economy based on agriculture to an economy based on industry and machines, allowing for the manufacture of goods in large quantities.
Marketing
A set of principles and practices designed to increase demand for a product.
Industrial Restructuring
The process of modernization of an industry that requires a complete reorganization of the work process and the structure of the company.
Industrial Area
An area designated for the installation of factories and warehouses.
Technology Park
A space designed to encourage the creation and development of innovative enterprises.
Heavy Industry
Provides products necessary for the development of other industrial activities.
Light Industry
Provides products produced for consumers.
Public Services
Services whose supply is guaranteed by the state.
Private Services
Services offered to individuals to obtain financial gain.
Types of Services
- Commercial
- Financial
- Transport
- Tourism
- Information
- Communication
- Business
Trade Balance
The difference between the value of goods sold to another country and the value of goods purchased abroad.
Balance of Payments
Defines a country's total trade with the rest of the world.
Wholesale
A trader who buys large quantities of a product directly from the producer.
Retail
A trader that is in contact with the consumer and sells the product in small quantities.
Free Trade Area
Eliminates tariffs among some countries.
Customs Union
Tariffs are eliminated among member countries, and they establish a common customs policy.
Tourism Impacts
Benefits of Tourism
- Increased wealth for the country
- Boosts economic activity
- Promotes the improvement of infrastructure
Disadvantages of Tourism
- Can disrupt local traditions
- Increase resource consumption
- Environmental impact
Information and Communication Technology (ICT)
Information technology and communication.
Causes of Underdevelopment
Internal Causes
- External debt
- Technological backwardness
- Corruption
External Causes
- Colonial legacy
- International trade system
Millennium Development Goals
- Eradicate extreme poverty and hunger
- Achieve universal primary education
- Promote gender equality
- Reduce child mortality
- Improve maternal health