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Transportation economics > deck_6984006 > Flashcards

deck_6984006 Flashcards

1
Q

BTS

A

Bureau of Transportation Statistics

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2
Q

USDOT

A

United States Department of Transportation

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3
Q

NTSB

A

National Transportation Safety Board

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4
Q

VMT

A

Vehicle Miles Traveled

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5
Q

HSR

A

High Speed Rail

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6
Q

Horizontal Mergers

A

Swallowing competitors to gain pricing power

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7
Q

Pricing Power

A

Ability to set market prices

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8
Q

Consolidation

A

Reduction in the number of suppliers to gain pricing power

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9
Q

Alliances

A

Bypassing regulations on mergers to receive the same benefits

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10
Q

Intramodal

A

Staying within the same mode of transportation

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11
Q

Intermodal

A

Changing between different modes of transportation

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12
Q

LNG

A

Liquefied Natural Gas

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13
Q

TEU

A

Twenty foot Equivalent Unit – standard container size

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14
Q

Economies of scale

A

Larger vehicles are more efficient than multiple vehicles

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15
Q

Defacto common

A

Commonly utilized and paid for by citizens

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16
Q

Public right of way

A

The right to use public roads and sidewalks

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17
Q

Maritime right of innocent passage

A

The right to the open ocean unless you are a military/pirate craft

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18
Q

FDI

A

Foreign Direct Investment – allowing temporary ownership of transportation industries by another country

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19
Q

NAFTA

A

North American Free Trade Agreement – all countries can control their own internal transportation

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20
Q

Common carrier obligation

A

You must provide service to all markets even if they are not attractive

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21
Q

Eminent Domain

A

The right to claim/seize land to build roads and other infrastructure

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22
Q

Interoperability

A

Compatibility between different country’s infrastructures (ie rail gauge)

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23
Q

Nationalization

A

Taken over by government – almost all modes are built and maintained by government

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24
Q

Quasinationalism

A

Permitting a dominant national company

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25
Q

National Company

A

Company given government preferences and protection

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26
Q

IPO

A

Initial Public Offering – offering to private stockholders to privatise a company

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27
Q

Primary Industries

A

Extraction – fishing, mining, lumber, agriculture

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28
Q

Secondary Industries

A

Manufacturing and processing

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29
Q

Fungible

A

Can be exchanged/moved/swapped without anyone knowing (Japan Oil)

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30
Q

Creative Destruction

A

Coined by Joseph Schumpeter saying better businesses will push out the older and obsolete ones

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31
Q

Darwinian

A

The idea of survival of the fittest with respect to businesses and organizations

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32
Q

Modal shifts

A

When one mode dies and another takes over

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33
Q

Adding Value

A

Converting a resource into a more valuable state (like corn to whiskey)

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34
Q

Market boundaries

A

Crossover between different industries

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35
Q

Universalities

A

The ability of a mode to reach any location (trucking is the most)

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36
Q

Logistics

A

The science/practice of physical distribution systems

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37
Q

First and Last Mile

A

Trucking always does the first and last mile of goods transportation

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38
Q

NEPA

A

National Environment Policy Act – requires industries to do an environmental impact statement

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39
Q

mis en bouteille en chateau

A

Estate bottled wine

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40
Q

Operating Costs

A

Fuel, wages, insurance, vehicle maintenance

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41
Q

Infrastructure costs

A

Roads, tunnels, bridges, facilities – large blocks of expenditure

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42
Q

Vehicle costs

A

Cost of trucks, planes, fleets

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43
Q

Capital cost

A

An expense paid for something that will be used for a long time

44
Q

Fixed cost

A

The cost of offering service whether or not it gets used (ticket booths etc) – spent regardless of whether not trips are being made

45
Q

Variable cost

A

Cost of fuel, workers – only spent if the trip is made

46
Q

Fundamental Idea of Transportation Econ

A

Things must be FULL and MOVING

47
Q

Load Factor

A

percentage of the vehicle that is filled

48
Q

Line–haul costs

A

Costs occurring while the vehicle is moving (tolls,driver)

49
Q

Terminal costs

A

Costs occurring when goods are loaded, unloaded, stored, etc – these are unproductive costs

50
Q

Sunk costs

A

Costs with little salvage value unless to a similar company (railroads only slightly valuable to another rail company0

51
Q

Barrier to entry

A

Sunk costs make it hard to get into a transportation industry – must put a lot of money down up front

52
Q

Externalities

A

Byproducts of transportation, often negative, such as noise and pollution

53
Q

Terminals

A

Interchange between modes (can be same or different modes)

54
Q

Centrality

A

Being in the center

55
Q

Intermediacy

A

Being in a convenient intermediate location

56
Q

Market Area

A

The concentration of population/industrial activities that a terminal serves

57
Q

Accessibility

A

How easy it is to reach a terminal

58
Q

Fortress Hubs

A

Airline dominating a particular hub airport

59
Q

Containers

A

standardized shipping units designed for simplicity and function

60
Q

In–transit storage

A

grain silos, tanks, stockpiles

61
Q

Inventory cost

A

investment of money on a product before it is at a refined state or sellable location (ie the crude oil in a pipeline cannot be used until it’s at the end of the pipeline)

62
Q

Transshipment costs

A

Cost of loading/unloading of passengers

63
Q

Administration costs

A

Management of cargo, scheduling, overhead

64
Q

Fleet turnover rate

A

The rate at which vehicles/vessels are replaced

65
Q

Grandfathering

A

Not requiring older vehicles to be brought to current standards under the assumption that theyll be decommissioned soon

66
Q

Dwell time

A

terminal cost incurring during loading/unloading (not moving)

67
Q

Zero Sum

A

Anything I win, someone else will lose – Giving to one firm will cause another to lose

68
Q

Vertical Integration

A

buying a supplier (like Delta owning a refinery)

69
Q

Ruinous competition

A

having multiple lines going to the same location (rail companies all having routes to the same city)

70
Q

Amtrak

A

formed in 1971 to unburden rail companies of their empty passenger services

71
Q

Value capture

A

allowing railroads to benefit from some of the wealth they create when they run lines to different regions

72
Q

Network space

A

A train occupies a certain part of the track and carries a potential cost of delaying other operations

73
Q

Economy of utilization

A

Simply adding cars to a pre–existing train – “It’s already going there anyway”

74
Q

Diseconomies of scale

A

Once a company reaches a certain size it becomes too difficult to operate

75
Q

FRA

A

Federal Railroad Administration

76
Q

STB

A

Surface Transportation Board

77
Q

AAR

A

Association of American Railroads

78
Q

EIS

A

Environmental Impact Statement

79
Q

NEC

A

Northeast Corridor – Amtraks only profitable line

80
Q

grade separated

A

separating HSR from roadways

81
Q

TGV

A

French High–speed rail

82
Q

Federal–Aid Highway Act of 1956

A

the funding for highways is provided by thefederal government

83
Q

Social equity

A

People were displaced from their home, often poor and minorities

84
Q

Slum clearance highway routings

A

Putting highways through slums to eliminate them

85
Q

Freeway revolts

A

Citizens getting mad about roads passing through

86
Q

Tetraethyl Lead

A

boosted octane in gasoline but was poisonous and later lead to unleaded gasoline

87
Q

High Occupancy Lanes

A

special lanes only open to carpools

88
Q

TL

A

Truck Load – a single customers load goes from one origin to one destination

89
Q

LTL

A

Less–than Truck Load – consolidation of multiple shipments wiht multiple origins and destinations

90
Q

Deadheading

A

same as empty back–hauls – driving an empty truck

91
Q

Private Carriage

A

vertically integrated internal trucking for a country

92
Q

Mobility

A

the ease of flow within a transportation system

93
Q

ADA

A

Americans with Disabilities Act of 1990

94
Q

3PL

A

Third party logistics

95
Q

Logistics function

A

specialized group focusing on distribution facilities and scheduling

96
Q

Proxy

A

a measurable parameter that can be used to determine something that cannot be measured

97
Q

Cabotage

A

keeps US business and shipping alive – domestic American cargo must go by american transportation

98
Q

PPP

A

Public–private partnerships

99
Q

FHWA

A

Federal Highway Administration

100
Q

Highway trust fund

A

originally dedicated to highways – states can now use it on public transit

101
Q

CAFE standards

A

Corporate Average Fuel Economy – the standards imposed on vehicle manufacturers

102
Q

SAFETEA–LU

A

Safe, Accountable, Flexible, Efficient Transportation Equity Act

103
Q

MAP–21

A

Moving Ahead for Progress – 2yr bill passed by congress in 2012

104
Q

Alameda Corridor

A

rail highway in southern california

105
Q

Chicago CREATE Project P1

A

Railroad flyover

106
Q

PSHMA

A

Pipeline and Hazardous Materials Safety Administration

Transportation economics (4 decks)

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