Economics Flashcards
Ancillary activities
economic activities that surround and support large-scale industries such as shipping and food service
Agglomeration
Grouping together of may firms from the same industry in a single area for collective or cooperative use of infrastructure and sharing of labor resources
Anthropocentric
Human-centered; in sustainable development, anthropocentric refers to ideas that focus solely on the needs of people without considering the creatures with whom we share the planet or the ecosystems upon which we depend
backwash effect
the negative effects on one region that result from economic growth within another region
break-bulk point
a location where large shipments of goods are broken up into smaller containers for delivery on the Internet.
Brick-and-mortar industries
traditional businesses with actual stares in which trade or retail occurs; it does not exist solely on the Internet.
Bulk gaining industries
industries whose products weigh more after assembly than they did previously in their constituent parts. Such industries tend to have production facilities close to their markets.
Bulk reducing industries
industries whose final products weigh less that their constituent parts and whose processing facilities tend to be located close to sources of raw materials
Conglomerate corporation
a firm that is comprised of many smaller firms that serve several different fucntions
Core
National or global regions where economic power, in terms of wealth, innovation, and advanced technology, is concentrated.
Core-periphery model
a model of the spatial structure of development in which underdeveloped countries are defined by their dependence on a developed core region
cottage industry
industry in which the production of goods and services is based in homes, as opposed to factories.
deglomeration
the dispersal of an industry that formerly existed in an established agglomeration
Deindustrailization
loss of industrial activity
development
the process of economic growth, expansion, or realization of regional resource potential
E-commerce
web-based economic activities
economic backwaters
regions that fail to gain from national economic development
ecotourism
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
export-processing zone
areas where governments create favorable investment and trading conditions to attract export-oriented industries.
fast world
areas of the world, usually the economic core, that experience greater levels of connection due to high-speed telecommunications and transportation technologies
footloose firms
manufacturing activities in which cost of transporting both raw materials and finished product is not important for determining the locations of the firm
Fordism
system of standardized mass production attributed to Henry Ford
Foreign investment
overseas business investment made by private companies
gender equity
a measure of the opportunities given to woman compared to men within a given community
globalization
the idea that the world is becoming increasingly interconnected on a global scale such that smaller scales of political and economic life are becoming obsolete
GDP
the total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year
Gross National Product
The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year.
Human Development Index
measure used by the UN that calculates development not in terms of money or productivity but in terms of human welfare, the HDI evaluates human welfare based on three parameters: life expectancy, education, and income.
Industrial Revolution
The rapid economic and social changes in manufacturing that resulted after the introduction of the factory system to the textile industry in England at the end of the 18th century.
Industrializaton
Process of industrial development in which countries evolve economically, from producing basic, primary goods to using modern factories for mass-producing goods. At the highest levels of development , national economies are geared mainly toward the delivery of services and exchange of information.
Industrialized countries
Those countries including Britain, France, The US, Germany and Japan that were all at the forefront of industrial production and innovation through the middle of the 20th century. While industry is currently sifting to other countries to take advantage of cheaper labor and more relaxed environmental standards, these countries still account for a large portion of the world’s total industrial output.
least-cost theory
a concept developed by Alfred Weber to describe the optimal location of manufacturing established in relation to the costs of transport and labor, and the relative advantages of agglomeration or deglomeration.
least-developed countries
those countries including countries in Africa, except for South Africa, and parts of South America and Asia, that usually have low levels of economic productivity, low per capita incomes and generally low standards of living.
manufacturing region
a region in which manufacturing activities have clustered together. The major US industrial region has historically been in the Great Lakes, which includes states of Michigan, Illinois, Indiana, Ohio, New York and Pennsylvania. Industrial regions also exist in southeastern Brazil, central England, around Tokyo, Japan, and elsewhere.
Maquiladoras
Those US firms that have factories just outside the US/Mexican border in areas that have been specially designated by the Mexican government. In such areas, factories cheaply assemble goods for export back into the US.
Net National Product
A measurement of all goods and services produced by a country in a year, including production from its investments abroad, minus the loss or degradation of natural resource capital as a result of productivity.
Nonrenewable resources
natural resources, such as fossil fuels, that do not replenish themselves in a timeframe that is relevant for human consumption.
Offshore financial center
Areas that have been specially designed to promote business transactions, and thus have become centers for banking and finance.
Outsourcing
Sending industrial processes out for external production. The term outsourcing increasingly applies not only to traditional industrial functions, but also to the contracting of service industry functions to companies to overseas locations, where operation costs remain relatively low.
Periphery
Countries that usually have low levels of economic productivity, low per capita incomes, and generally low standards of living. The world economic periphery includes Africa, not South Africa, parts of South America, and Asia.
Primary economic activities
economic activities in which natural resources are made available for use or further processing, including mining, agriculture, forestry, and fishing
Productivity
a measure of the goods and services produced within a particular country
Purchasing Power Parity
a monetary measurement of development that takes into account what money buys in different countries
quaternary economic activities
economic activities concerned with research, information gathering, and administration
Quinary economic activities
the most advanced form of quaternary activities consisting of high level decision making for large corporations or high level scientific research
regionalization
the process by which specific regions acquire characteristics that differentiate them from others within the same country. In economic geography, regionalization involves the development of dominant economic activities in particular regions.
renewable resources
any natural resource that can replenish itself in a relatively short period of time, usually no longer that the length of a human life.
Rostow’s stage of development
A model of economic development that describes a country’s progression which occurs in five stages transforming them from least developed to most-developed countries.
Secondary economic activities
economic activities concerned with the processing of raw materials such as manufacturing, construction, and power generation.
semiperiphery
those newly industrialized countries with median standards of living, such as Chile, Brazil, India, China and Indonesia. Semi-peripheral countries offer their citizens relatively diverse economic opportunities but also have extreme gaps between rich and poort
service-based economies
highly developed economies that focus on research and development, marketing, tourism, sales and telecommunications
slow world
the developing world that does not experience the benefits of high speed telecommunications and transportation technology
spatially fixed costs
an input cost in manufacturing that remains constant wherever production is located
spatially variable costs
an input cost in manufacturing that changes significantly from place to place in its total amount and its relative share of total costs.
specialty goods
goods that are not mass-produced but rather assembled individually or in small quantities
sustainable development
the idea that people living today should be able to meet their need without prohibiting the ability of future generations to do the same
tertiary economic activities
activities that provide the market exchange of goods and that bring together consumers and providers of services such as retail, transportation, government, personal and professional services.
Transnational corportation
a firm that conducts business in at least two separate countries; also known as multinational corportation
world cities
a group of cities that form an interconnected, internationally dominant system of global control of finance and commerce
world-systems theory
Theory developed by Immanuel Wallerstein that explains the emergence of a core, periphery, and semiperiphery in terms of economic and political connections first established at the beginning of exploration in the late 15th century and maintained through increased economic access up until the present.
Value added processing
The more technologically complex in processing, the more value the product becomes
