Key Industrial and Energy Terminology Explained
Key Industrial and Energy Terminology
Energy Sources and Production
- Thermal Power: Complexes that produce electricity by burning fossil fuels (coal, oil, or gas).
- Hydropower: Renewable energy obtained by converting the mechanical energy of water power into electricity.
- Renewable Energy: Energy obtained from virtually inexhaustible natural sources, some due to their vast energy content, and others because they regenerate naturally.
- Power Sources: Resources that provide useful force for various applications.
Industrial Sectors and Concepts
- Secondary Sector: A set of economic activities that transform raw materials or semi-finished products using an energy source.
- Basic Industry: Industrial sector that transforms raw materials into intermediate products.
- Manufacturing: Branches of industrial activity sharing common raw materials, technology, skilled labor force, resulting products, and markets.
- Consumer Goods Industry: Industrial sector that produces goods for direct use by consumers.
- Equipment Industry: Industrial sector that converts semi-processed goods into machinery used by other industries.
- Steel Industry: Industrial branch dedicated to the production of iron and steel.
- Metallurgical Industry: Industrial branch dedicated to the production of metals.
- Petrochemical Industry: Industrial branch engaged in the acquisition and processing of petroleum products.
Economic and Development Terms
- Economies of Scale: Large-series production achieved at low prices.
- External Economies: Benefits that a given environment contributes to a company.
- Endogenous Industrialization: Promoting industrial development based on the advantages of each specific location.
- Promotion and Development Poles: State policies aimed at promoting industry establishment in less developed areas through various incentives.
- Industrial Restructuring: Reforms involving shock treatment to help troubled industries adapt to new technology and market conditions regarding competitiveness.
- Technology Park: Areas of low building density and high environmental quality designed to host research centers and innovative companies.
Resources and Corporate Structure
- Commodities: Resources from which raw materials or semi-processed products originate.
- Reservoir: Areas with high concentrations of minerals.
- Appeal (Potential Resource): Any known or hereafter devised element capable of being used by humans, regardless of current technological availability for exploitation.
- Book (Proven Resource): All known resources that can be exploited with current techniques.
- Holding: A finance company with stakes in various companies, controlling them by owning all or a substantial part of their shares.
- Label (Multinational Corporation): A company that has production facilities in different countries and operates under a common strategy set by its headquarters.