Essential Definitions in Industry and Global Economics

Unit 3: Key Industrial Concepts

• Heavy Industry: Industry that transforms raw materials into semi-finished products used by other industries.
• Light Industry: Industry that manufactures products for consumers, utilizing raw materials or semi-finished products.
• Industrial Area: A geographical location characterized by continuous industrial development and activity.
• European Blue Banana: Also known as the European Backbone or the Bluemerang, this urban corridor of industry stretches from North West England to Northern Italy. Cities in this area are characterized by a high concentration of capital, population, and industry.
• Refinery: A production facility where raw materials are converted into valuable products through chemical processes.

Unit 4: Economic Indicators and Services

• Tertiarisation of the Economy: The growth and predominance of the tertiary sector, driven by an increased standard of living and greater demand for services by both the general population and businesses.
• Gross Domestic Product (GDP): The total value of all goods and services a country produces during a specific period.
• Human Development Index (HDI): An indicator that measures life expectancy, health, education, and standard of living.
• Public Services: Services created and managed by the government to guarantee basic necessities for the general population (e.g., healthcare, education).
• Private Services: Services created and managed by private companies primarily aimed at obtaining financial benefits.
• Healthcare System: Includes all services intended to prevent and treat human illnesses.
• Literacy Rate: The percentage of people who are able to read and write.
• Dropout Rate: The number of students who leave school before graduating.
• Transport Revolution: Significant development in transportation leading to a substantial decrease in both cost and journey times.
• Communications Revolution: A phenomenon driven by the development of telecommunications technology, enabling faster communication and allowing media to reach consumers almost instantaneously.
• Retail Trade: Trade involving buying merchandise from wholesalers and selling it directly to consumers.
• Wholesale Trade: Trade involving moving large quantities of merchandise for sale to other merchants or companies.
• Balance of Trade: The difference in value between a country's total exports and total imports.
• Balance of Payments: A record of a country's balance of trade plus all other economic transactions between that country and the rest of the world.
• Tourism: The temporary movement of people from their usual place of residence to another location.