Ch 12 Industry & Service Flashcards
Fordist Production
The dominant mode of mass production that endured from 1945-1970
Vertical Integration
Owning operating and coordinating all the resources needed to produce a product
Horizontal Integration
The process of a company increasing production of goods and services at the same part of the supply chain
Friction of Distance
The increase in time and cost that usually comes with increased distance over which commodities must travel
Bulk-Reducing industries
The firm may locate near the source of that input to minimize transportation cost
Bulk-Gaining industries
Makes something that gains volume or weight during production
Post-Fordist production
Refers to a set of production processes in which the components of goods are mode in different places around the globe and then brought together as needed to meet consumers demand
Flexible production systems
Pick and choose among multitude of supplies and production strategies in distant places quickly shift their choices in response to adjustments in production cost or consumers demand
Just-in-time delivery
Companies keep just what they need for short term production and new parts are shipped quickly when needed
Footloose industry
Industry that is not bound to a physical location
Quaternary
The collection, processing,manipulation of information and capital
Quinary
Activities that facilitate complex decision making and the advancement of human capacities
Consumer services
Provide services to individual consumers who desire them and can afford to pay for them
Business services
The principle purpose is to facilitate other businesses
Cottage industry
Families and communities produced goods in workshops and merchants traded manufactured products throughout the world
