Economics vocabulary

4. These factors result from the unique characteristics of a location. These are labor, capital, and land
7. The period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive re-organization of an economy for the purpose of manufacturing
8. A process that links people around the world through technology and an expanding communication network.
9. The minimum number of people needed to support a service.
10. The maximum distance people are willing to travel to use a service
12. A commodity, article, or service brought in from abroad (a foreign country) for sale
14. International trade left to its natural course without tariffs, quotas, or other restrictions.
15. A decision by a corporation to turn over much of the responsibility for production to independent suppliers
16. The transfer of goods or services from one person or entity to another, often in exchange for money. A system or network that allows trade is called a market
17. Intellectual services such as research and innovation
19. Economic activities that involve the processing of raw materials (primary products

1. in cultural, social, environmental, health, and economic connections among countries
2. A theory that explains the distribution of services based on the fact that settlements serve as centers of market areas for services; larger settlements are fewer and farther apart than smaller settlements and provide services for a larger number of people who are willing to travel farther
3. An industry for which labor costs comprise a high percentage of total expenses
4. These factors involve transporting materials to and from a factory. A firm seeks a location that minimizes the cost of transporting inputs to the factory and finished goods to consumers
5. The production of services instead of end goods that meet the needs of individuals
6. A type of operation or industry that involves extracting or refining natural resources.
7. also known as the First Industrial Revolution, was the transition to new manufacturing processes in Europe and the United States, in the period from about 1760 to sometime between 1820 and 1840
11. A commodity, article, or service sold abroad (to a foreign country).
13. The area surrounding a central place from which people are attracted to use the place’s goods and services (also known as hinterland)
18. A market center for the exchange of services by people attracted from the surrounding area