| TERM/PHRASE | CLASSIFICATION | DESCRIPTION |
|---|---|---|
| Capital Intensive | is a type of economic activity | which costs a lot of money |
| Economic Base | is an economic term | which refers to activities that produce goods and services for export |
| Economic Collectivism | is a type of economy | in which ownership and management of resources is in the hands of the government |
| Economy of Scale | is an economic term | which refers to the positive correlation between the size and efficiency of industry |
| Factory Freezer Trawler | is a type of ocean ship | from which fish are caught, then processed, frozen, and stored on board |
| Footloose Industry | is a type of company | which is able to locate anywhere without having to consider location factors |
| Foreign Exchange | is a monetary term | which refers to money obtained by selling goods and services internationally in return for monetary payments |
| Free On Board | is a financial term | which refers to the price of a product without the transportation or freight charge |
| Functional Index | is a value | which indicates the importance of an activity within a community when compared with the national average |
| High Order Products | is a marketing term | which refers to products and services purchased infrequently |
| Industrial Revolution | is an historical time period | in which there was rapid development in Industry in Britain between the late 18th and early 19th century resulting from the application of machinery to industry, particularly the steam engine |
| Invisibles | is an accounting term | which refers to items such as travel, freight and shipping charges, interest, and dividends from investment |
| Labor Intensive | is a type of economic activity | which requires a lot of people |
| Laissez-Faire | is a theoretical economic system | in which there is complete freedom in the flow of goods and services, and prices are determined by supply and demand |
| Low Order Products | is a marketing term | which refers to products and services that are purchased frequently |
| Mass Production | is an economic term | which refers to large-scale manufacturing of the same product to lower the costs per item |
| Mixed Economy | is a type of economy | in which there are elements of both a market (private enterprise) and a command (government regulation) economy |
| Offshore Fishing | is a type of fishing | which is done on the ocean far from shore, using large boats that can stay at sea for several days before returning to port |
| Primary Manufacturing | is a level of industry | which involves raw materials being processed into a product |
| Quaternary Industry | is a level of industry | which involves processing information |
| Secondary Industry | is a level of industry | which involves the processing of raw materials at the first stage of the manufacturing process |
| Secondary Manufacturing | is a level of industry | which involves using a product to produce another product |
| Tariff | is a tax | which is levied on imported products in order to protect a domestic industry |
| Threshold Population | is a value | which indicates the number of customers needed to make a business profitable |
| Value Added | is an accounting term | which refers to the increased value of a product at each stage in the manufacturing and distribution process |
| Visibles | is an accounting term | which refers to items that are physically bought or sold |