UNIT 7 - CH 20 Flashcards

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1
Q

Comparative advantage

A

The ability of a country to produce a good at a lower cost than another country can

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2
Q

Complementary

A

When two regions through exchange of commodities can specifically satisfy each others demands

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3
Q

Deindustrialization

A

The cumulative and sustained decline in the contribution of manufacturing to a national economy

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4
Q

Ecotourism

A

A form of tourism, based on the enjoyment of scenic areas or natural wonders, that aims to provide an experience of nature or culture in an environmentally sustainable way

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5
Q

European Union (EU)

A

(Syn common market) an economic association established in 1957 by a number of Western European countries to promote free trade mooing its members

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6
Q

Export processing zone (EPZ)

A

Industrial parks for foreign companies to conduct export-orientated manufacturing

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7
Q

Export processing zones (EPZs)

A

Zones established by many countries in the periphery and semi-periphery where they offer favorable tax, regulatory, and trade arrangements to attract foreign trade and investment

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8
Q

Fordism

A

Form of mass production in which each worker is assigned one specific task to perform repeatedly

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9
Q

Free trade agreement

A

An agreement between member countries to remove duties and trade barriers on products traded among them

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10
Q

Free trade zone (FTZ)

A

A tariff-free zone located within or near a port city

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11
Q

Growth poles/centers

A

Because of economic stimulus with the technopoles they can also be called this- attracts even more economic development

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12
Q

International division of labor

A

The process where assembling procedures for a product are spread out through different parts of the world

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13
Q

International Monetary Fund (IMF)

A

An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade brought financial cooperation

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14
Q

Just-in-time delivery

A

Shipment of parts and materials to arrive at a factory moments before they are needed

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15
Q

Mercosur

A

An organization that promotes trade and economic cooperation among the southern and eastern countries of South America

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16
Q

Multinational corporation

A

An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management

17
Q

Multiplier effect

A

Expansion of economic activity caused by the growth or introduction of another economic activity

18
Q

NAFTA (North American Free Trade Agreement)

A

The free-trade area launched in 1994 involving the United States, Canada, and Mexico

19
Q

Neoliberalism

A

A strategy for economic development that calls for free markets, balanced budgets, privatization, free trade, and minimal government intervention in the economy

20
Q

Outsourcing

A

The practice of contracting with an organization to perform some or all business functions in a country other than the country in which the product or service will be sold

21
Q

Organization of Petroleum Exporting Countries (OPEC)

A

An economic organization consisting primarily of Arab nations that controls the price of oil and the amount of oil its members produce and sell to other nations

22
Q

Post-Fordism

A

Increased automation on the assembly line requires workers who are not replaced to perform many jobs

23
Q

South African Development Community (SADC)

A

Formed in 1979 to foster economic cooperation and integration among the 16 member states

24
Q

Special Economic Zones (SEZs)

A

Specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign business and investment

25
Q

Sustainable development

A

Conducting business in a way that protects 6the natural environment while making economic progress

26
Q

Tariffs

A

Taxes on imports or exports

27
Q

Transnational corporations

A

Corporations that operate worldwide

28
Q

UN Sustainable Development Goals (SDGs)

A

A collection of 17 global goals set by the United Nations to mobilize efforts to end all forms of poverty, fight inequalities, and tackle climate change, while ensuring that no one is left behind

29
Q

World Trade Organization (WTO)

A

A permanent global institution to promote international trade and to settle international trade disputes