Analysis of Terms

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Analysis of Terms

Path dependence: Refers to the phenomenon in which a system's current state is heavily impacted by its historical journey to achieve that state. This concept underscores the significance of understanding historical context when considering any phenomenon; small decisions or events from years past can have major ramifications on the subsequent progress of a society or system (Arthur, 1994).

Primary Activities: Involve the extraction and production of natural resources such as agriculture, fishing, mining, and forestry - such as farming, fishing, mining, or forestry. They usually form the initial steps in production chains as these activities involve turning raw materials from natural sources into finished goods. Most often associated with developing countries due to abundant natural resources (Barney, 1991).

Rare Resources: Rare resources refer to scarce or hard-to-obtain resources that,...