Economics

Question 0

Ancillary activities

Answer 0

economic activities that surround and support large-scale industries such as shipping and food service

Question 1

Agglomeration

Answer 1

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

Question 2

Anthropocentric

Answer 2

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

Question 3

backwash effect

Answer 3

the negative effects on one region that result from economic growth within another region

Question 4

break-bulk point

Answer 4

a location where large shipments of goods are broken up into smaller containers for delivery on the Internet.

Question 5

Brick-and-mortar industries

Answer 5

traditional businesses with actual stares in which trade or retail occurs; it does not exist solely on the Internet.

Question 6

Bulk gaining industries

Answer 6

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.

Question 7

Bulk reducing industries

Answer 7

industries whose final products weigh less that their constituent parts and whose processing facilities tend to be located close to sources of raw materials

Question 8

Conglomerate corporation

Answer 8

a firm that is comprised of many smaller firms that serve several different fucntions

Question 9

Core

Answer 9

National or global regions where economic power, in terms of wealth, innovation, and advanced technology, is concentrated.

Question 10

Core-periphery model

Answer 10

a model of the spatial structure of development in which underdeveloped countries are defined by their dependence on a developed core region

Question 11

cottage industry

Answer 11

industry in which the production of goods and services is based in homes, as opposed to factories.

Question 12

deglomeration

Answer 12

the dispersal of an industry that formerly existed in an established agglomeration

Question 13

Deindustrailization

Answer 13

loss of industrial activity

Question 14

development

Answer 14

the process of economic growth, expansion, or realization of regional resource potential

Question 15

E-commerce

Answer 15

web-based economic activities

Question 16

economic backwaters

Answer 16

regions that fail to gain from national economic development

Question 17

ecotourism

Answer 17

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

Question 18

export-processing zone

Answer 18

areas where governments create favorable investment and trading conditions to attract export-oriented industries.

Question 19

fast world

Answer 19

areas of the world, usually the economic core, that experience greater levels of connection due to high-speed telecommunications and transportation technologies

Question 20

footloose firms

Answer 20

manufacturing activities in which cost of transporting both raw materials and finished product is not important for determining the locations of the firm

Question 21

Fordism

Answer 21

system of standardized mass production attributed to Henry Ford

Question 22

Foreign investment

Answer 22

overseas business investment made by private companies

Question 23

gender equity

Answer 23

a measure of the opportunities given to woman compared to men within a given community

Question 24

globalization

Answer 24

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

Question 25

GDP

Answer 25

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

Question 26

Gross National Product

Answer 26

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.

Question 27

Human Development Index

Answer 27

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.

Question 28

Industrial Revolution

Answer 28

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.

Question 29

Industrializaton

Answer 29

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.

Question 30

Industrialized countries

Answer 30

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.

Question 31

least-cost theory

Answer 31

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.

Question 32

least-developed countries

Answer 32

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.

Question 33

manufacturing region

Answer 33

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.

Question 34

Maquiladoras

Answer 34

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.

Question 35

Net National Product

Answer 35

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.

Question 36

Nonrenewable resources

Answer 36

natural resources, such as fossil fuels, that do not replenish themselves in a timeframe that is relevant for human consumption.

Question 37

Offshore financial center

Answer 37

Areas that have been specially designed to promote business transactions, and thus have become centers for banking and finance.

Question 38

Outsourcing

Answer 38

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.

Question 39

Periphery

Answer 39

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.

Question 40

Primary economic activities

Answer 40

economic activities in which natural resources are made available for use or further processing, including mining, agriculture, forestry, and fishing

Question 41

Productivity

Answer 41

a measure of the goods and services produced within a particular country

Question 42

Purchasing Power Parity

Answer 42

a monetary measurement of development that takes into account what money buys in different countries

Question 43

quaternary economic activities

Answer 43

economic activities concerned with research, information gathering, and administration

Question 44

Quinary economic activities

Answer 44

the most advanced form of quaternary activities consisting of high level decision making for large corporations or high level scientific research

Question 45

regionalization

Answer 45

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.

Question 46

renewable resources

Answer 46

any natural resource that can replenish itself in a relatively short period of time, usually no longer that the length of a human life.

Question 47

Rostow’s stage of development

Answer 47

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.

Question 48

Secondary economic activities

Answer 48

economic activities concerned with the processing of raw materials such as manufacturing, construction, and power generation.

Question 49

semiperiphery

Answer 49

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

Question 50

service-based economies

Answer 50

highly developed economies that focus on research and development, marketing, tourism, sales and telecommunications

Question 51

slow world

Answer 51

the developing world that does not experience the benefits of high speed telecommunications and transportation technology

Question 52

spatially fixed costs

Answer 52

an input cost in manufacturing that remains constant wherever production is located

Question 53

spatially variable costs

Answer 53

an input cost in manufacturing that changes significantly from place to place in its total amount and its relative share of total costs.

Question 54

specialty goods

Answer 54

goods that are not mass-produced but rather assembled individually or in small quantities

Question 55

sustainable development

Answer 55

the idea that people living today should be able to meet their need without prohibiting the ability of future generations to do the same

Question 56

tertiary economic activities

Answer 56

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.

Question 57

Transnational corportation

Answer 57

a firm that conducts business in at least two separate countries; also known as multinational corportation

Question 58

world cities

Answer 58

a group of cities that form an interconnected, internationally dominant system of global control of finance and commerce

Question 59

world-systems theory

Answer 59

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.

Question 60

Value added processing

Answer 60

The more technologically complex in processing, the more value the product becomes