The document defines the fast food industry as the sale of finished food products that are low cost, quick to prepare and consume, packaged for portability, and highly perishable. While some view fast food as a modern American phenomenon, the document notes that many fast food items originated in Europe and have a long history, with defining characteristics of fast food emerging well before terms like "fast food" became popular in the mid-20th century. The fast food industry has grown to become a significant economic sector centered around major global franchises.