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GEO 3303 > Exam 3 > Flashcards

Exam 3 Flashcards

1
Q

Be able to briefly explain why it is so difficult to measure and analyze the economic output of services using an example (like doctor, lawyer, teacher, etc.)

A

Because of the intangibility, services become almost impossible to accurately measure.
How does one measure the output of services of a teacher?

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2
Q

Know the complications that can arise from the way the U.S. government accounts for the service sector in its analysis of employment (think about the example of the janitor working in a Ford automobile plant)

A

US gov uses industries. Ford plant, manufacturing cars. Plant workers vs admin/receptionists, in house custodial staff.. Service sector occupations, even though they are classified as manufacture employees.

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3
Q

Know the approximate percentage of the labor force that currently works in services in the United States; know the approximate percentage of new jobs created that are service sector jobs

A

over 80% currently works in the service sector, and comprise 90% of new jobs created

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4
Q

Be able to explain what we mean when we say demand for services is income-elastic

A

increases in real personal income tend to generate proportionately larger increases in demand for services. Bluntly, the more money we make, the more services we buy. Some services are more income-elastic than others; entertainment, transportation in regards to tourism and travel.

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5
Q

Be able to provide the main reason why demand for health services is rising in the developed world

A

Changing demographics. Our elderly populations are increasing, ex Japan. Seeing the same thing all over the developed world.

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6
Q

Be able to explain how governments have contributed to the growth of services; know the single largest employer in the United States

A

Fire protection, police protection, parks. Not supposed to be run for profit. Firefighters: socially necessary but shouldn’t be profitable. Aka if your house is on fire you shouldn’t have to cut them a check to put the fire out. The Federal government is the single largest employer in the United States (2 million people)

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7
Q

Be able to explain how a city like Las Vegas “exports” services

A

When I go to vegas and stay at a hotel, go to a show, vegas is exporting tourism to ME. The money that purchased those services came from texas. Money paying for the service came from a different place. the money purchasing those services has come from elsewhere.

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8
Q

Know some of the qualities of firms that would be most likely to engage in externalization of services

A
  • The firm faces severe in-house technical limitations
  • The firm is an independently-owned entity
  • The firm is sophisticated relative to its competitors
  • Service inputs are diverse, shifting, and nonstandardized
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9
Q

Be able to explain the degree of labor intensity that is typical of most service industries, as well as providing a reason WHY that is the case

A

Service sector industries tend to be very labor intensive compared to manufacturing. For services in general it is much more difficult or costly to automate the labor force. We need human beings.

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10
Q

Be able to explain the nature of income distribution that we have associated with the rise of service sector employment and how it contrasts with the income distribution typical of a manufacturing-based economy

A
  • Gaussian or “Normal distribution”, bell curve is wha manufacturing based economies produced in terms of income distribution. Very few low wage, Many medium wage, few huge wage earners
  • Polarized distribution of wages. Have a lot of low wage earners, middle class hollows out, and a lot of high wage earners in service sector. High end service sector jobs, requiring a lot of education. On the low end you have a lot of “unskilled” jobs that require little to no education
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11
Q

Be able to describe the qualities that define a “McJob”

A

jobs that are part time or temporary in duration, little to now benefits, almost no upward mobility, low wage

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12
Q

Be able to define “pink-collar job”

A

Jobs that historically have been female, dominated jobs, like clerical work, retail, health care other than doctors, working in foodservice, k-12 teaching, and childcare

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13
Q

know which SPECIFIC group of women have seen the highest rates of entry into the workforce post-WWII

A

Most rapid rise has been among married women with children since the end of WWII.

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14
Q

Know what service sector industry has become a concern (and expense) as women with children have entered the workforce

A

Child care

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15
Q

Be able to briefly characterize the nature of unionization in most service industries

A

manufacturing economies once had 50% participation of the work force in unions, now in Service economies it’s less than 10%, been seen at less than 8%

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16
Q

Be able to provide the main reason why demand for educational services is rising in the developed world

A

dealing w high end professional services, generally require more education than manufacturing services.

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17
Q

Be able to generally explain how employment rates and wage levels differ, on average, between those with higher levels of education versus those with lower levels of education

A

High end service sector jobs, requiring a lot of education. On the low end you have a lot of “unskilled” jobs that require little to no education. When people are denied access to education at a university it condemns them to a life of poverty. those who don’t complete high school or college have doors shut to them.

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18
Q

Know which industry is the largest component of the financial service sector

A

Commercial Banking

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19
Q

Know some of the types of services investment banking institutions provide

A

buying and sellings of securities like stocks, bonds, futures, derivatives, investments. Can facilitate corporate mergers and leverage buyouts. A Corporate merger doesn’t always involve the exchange of cash, it’s sometimes stocks.

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20
Q

Know which financial industry involves the commodification of risk

A

Insurance

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21
Q

Be able to briefly explain why finance is more highly regulated than most industries

A

The way your financial institutions behave affect the entire economy. Most countries have a national bank to regulate the financial sector.

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22
Q

Know what aspect of deregulation led to the rise of the “banking giants”, which comprise only 2% of all banks, but control 50% of all bank assets

A

removal of interstate banking regulation

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23
Q

Know some of the causes of the 2007-09 Financial Crisis

A

The explosion of complicated activities
• Derivatives
• The “financialization” of mortgages
The Federal Reserve’s low interest rates and loan demand
“Subprime” mortgage loans by predatory lenders
The rise in housing prices versus incomes in the 1990s-2000s

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24
Q

Know some of the MANY impacts of the 2007-09 Financial Crisis

A
  • Mortgage defaults erupted
  • Foreclosures skyrocketed
  • Housing prices declined for the first time in decades
  • New construction came to a halt
  • “Under water” mortgages
  • Consumer spending slowed
  • Banks were reluctant to lend (“credit freeze”)
  • The Dow Jones lost 60% of its value, devastating investors and pensions
  • Unemployment skyrocketed to 10.5%
  • Manufacturing crashed (GM and Chrysler bailouts)
  • Tax revenues dwindled, resulting in public services being cut back
  • Government action like the bailouts (TARP, GM/Chrysler) and the stimulus were done
  • Controversial because of the addition to the national debt
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25
Q

Be able to briefly explain why the accounting industry became one of the most important professions in advanced capitalist economies

A

One of the most important services provided for producers because of the separation bw ownership & control of firms, specifically publicly traded companies. Shareholders own the company, accountants are communication bw how effective management is running the company and the stockholders, showing that management is running the company effectively and their money is being well spent. Investors make informed decisions

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26
Q

Be able to explain why there is such a high degree of agglomeration between legal services and the firms they represent

A

Legal is close to their clients for face to face communication, want to be able to trust our lawyers

27
Q

Know some of the factors that are important to examine when looking at the distribution of consumer services (there is a BIG one, but there are also numerous others on those slides that are important to look at as well)

A
  • The distribution of these largely reflects the affluence of the local client base.
  • Thus, the study of consumer services is closely linked to:
  • Local demographics (age, gender, ethnicity)
  • Associated tastes and preferences of people
  • Inclination of people to save and spend
  • Advertising and other sources of information that shape preferences
  • Income elastic - If we have a wealthier clientele locally there will be more of that service, and a lot of different services as well. When disposable incomes rise, the consumer services will thrive
28
Q

Be able to explain the transportation innovations that led to the growth of tourism (one after WWI, and one after WWII)

A

the automobile (after WWI) and the wide-body jet airplane (after WWII) caused tourism to explode.

29
Q

Know the factors that contribute to the volume of tourists that travel to a given destination

A
  • Information available to potential clients
  • Their disposable incomes and willingness to travel
  • Currency exchange rates
  • Transportation/lodging supply and costs
  • Cultural familiarity OR exotic appeal
  • Concerns over safety (crime, terrorism)
  • Political restrictions against travel
30
Q

Know the “costs” of tourism that must be absorbed by the tourist destination

A
  • The destination must make enormous investments in infrastructure (water, trans., communication, etc.)
  • The development of tourist “enclaves”- you have the tourist section, little to no interaction with the locals living their lives, and then a separate where the tourist workers live
  • The “Tourism Trap” on the low road to economic development
  • Resentment from locals
  • Environmental damage
31
Q

Be able to differentiate between site and situation

A

Site- absolute location. Purest form is latitude and longitude coordination
Situation- relative location

32
Q

Know what type of transportation was very important for the fate of many towns in the 1800s

A

Canals

33
Q

Know the FIRST invention, introduced in Richmond, VA in 1888, that transformed the structure of cities

A

The Electric Trolley

34
Q

Know the two major canals that exemplify the value water transportation still has and the shortcuts they create

A

The Suez Canal (1869) ME to mediterranean

the Panama Canal (1914) -Atlantic to pacific

35
Q

Be able to define distance decay

A

the reduction in flow or movement among places with increasing distance between them.

36
Q

Be able to explain the concept of time-space convergence (or time-space compression)

A

the progressive reduction in the travel time among places- get there faster

37
Q

Be able to explain the concept of cost-space convergence (or cost-space compression)

A

Ever-cheaper movement of people and goods led to cost pace convergence- reduction in cost

38
Q

Be able to explain some of the complications that even developing countries with dense road networks can experience with transportation (think of the India example)

A

• In some countries, transportation is slow, expensive, and difficult due to poorly developed infrastructure.
• This is the case in much of the developing world, which helps inhibit economic development.
• The case of India and seemingly dense networks
Monsoon season destroys these roads that are often people’s only way to get out of their towns, and often roads did not lead far enough into cities

39
Q

Be able to explain what tap routes are

A

rail or highway lines that just penetrate the interior from a coastal port, usually a production area- straight line with maybe one or two branches. Many countries were left with these tap routes from imperialism. Need national interconnectivity to effectively administer. Need a spider web of interconnections. Takes time to get from one straight line to network needed.

40
Q

Terminal costs

A

paid regardless of distance

Loading and unloading fees; whether you go one mile or a thousand miles, you gotta pay it regardless of distance

41
Q

Line-haul costs

A 
function of distance 
 up the further we go- FUEL best example of a line haul cost- vehicle maintenance
42
Q

Be able to explain some of the impacts associated with the deregulation of the U.S. airline industry

A
  • Most important impact/result of deregulation is more competitive fairs and survival of most efficient companies
  • Domestic us air routes are now open to almost any airline
  • Hub & spoke networks- reduced costs by funneling large amounts of passengers through the hubs. Helps reduce costs for consumer, but negotiating increased links in travel, more changes of planes, if you don’t live near a hub it’s more difficult to get a direct flight
43
Q

Know what 3 factors account for U.S. personal mobility by automobile being at its highest point in history

A
  • Overall performance of the national economy
  • Spread of low-density exurbs
  • Increased mobility and participation of women in workforce
44
Q

Know what invention finally divorced communication from the speed of transportation methods

A

The telegraph

45
Q

fiber-optic communication in terms of density of areas, security issues, and which one is suitable for point-point or point-area

A

generally favored by large corps for data transmission and finance for electronic funds transfer systems- great for high density areas and point to point communication. More secure

46
Q

satellite communication in terms of density of areas, security issues, and which one is suitable for point-point or point-area

A

tv- perfect for low density areas and point area transmission

47
Q

Know what measure of standard of living is seen as key to enabling Internet access

A

Per-capita incomes

48
Q

Be able to briefly explain how the Internet has changed the RANGE of our positions and our voices about issues

A

Americanization in globalization of culture Providing a voice to the powerless and marginalized; Taking what was once local to now a global scale ex; viral tweet

49
Q

Be able to explain the concept of “communities without propinquity” as it relates to the Internet

A

groups of users who share common interests but not physical proximity

50
Q

Be able to provide a couple of examples of urban specialization of production; know what sort of products small towns usually specialize in

A
  • American history ex:
  • Pittsburgh- Steel
  • Detroit- Automobile
  • Milwaukie- Beer
  • Akrin, Ohio- Tire
  • Battle Creek, Michigan- Kellogs, cereal
  • Winston-Salem, NC- Tobacco
  • Vegas- Tourism
  • San Mo-Education
  • Even small towns can show this, typically if a small town is going to specialize in an industry, it will likely be a primary sector industry, mining, forestry,
51
Q

Be able to define economic base

A

the part of the city’s economy that links it to markets in other regions and countries; this is what exports a city’s products to a wider market.

52
Q

Base/Basic Sector

A

is export oriented, and can include any industries from any of the other sectors. Bringing in money from outside the city. Export is something that’s bringin in money from outside

53
Q

Non-basic sector

A

recycles corporate and personal incomes in ways that meet demand of firms and households
EX: HEB is part of the nonbasic sector, catering to the people who live here

54
Q

• Be able to briefly describe the 3 parts to the changes that can reverberate through a local economy when the basic sector expands -or- contracts according to the economic base model

A

Direct Effects: changes in total employment in basic sector
Indirect Effects: changes in total employment in firms that sell goods and services to the basic sector through subcontracts
Induced Effects: changes in consumer spending due to changes in the basic sector. Size of these will depend on number of workers affected, average incomes, and spending habits and preferences

55
Q

EX- university is growing:

A

Direct effects: increases in total employment in basic sector
Indirect effects: needs for more office supplies, build new buildings, so increase contracts, contract out to construction company. New academic building would need to hire more peeps for construction company
Increases in total employment in firms that sell goods and services to the basic sector through subcontracts
Induced effects: more people employed through basic and nonbasic, consumer spending rises
rises in consumer spending due to changes in the basic sector. 5 new people or 50 new people hired? Raises $5 a month or $500 a month?
EX- university is shrinking:
Would be decreasing for all

56
Q

Be able to explain where firms tend to agglomerate in the cities (we used a particular term, often abbreviated, for this area of a city); be able to give the main reason why land in this area is so expensive

A

tends to occur in urban core areas known as the central business district (CBD)
The accessibility of the land here results in it being very expensive…this is why we have high rents and tall buildings there. You build up, rather than out if you’ve run out of land

57
Q

Be able to explain the general difference between the Residential Location Decisions of poor families and wealthier families by focusing on WHY they live where they live

A

proximity to work is the most critical portion of this decision- key factor determining where we live. Poorer people are going to place a greater premium on living close to work because they cannot afford the additional commuting costs. Wealthier families can afford to be a little farther away. Poorer populations end up living on the more expensive land in the city in apartments, and wealthier families live out on the cheaper land in the suburbs because they can afford single family homes

58
Q

Be able to explain how poor families benefit from new high-end housing being built using the Filtering Model of Housing

A

Poorer populations can benefit from new high end housing being built the wealthier populations will move and push relatively high quality newer homes down in affordability, giving poorer populations access to newer homes.

59
Q

Be able to list some of the key housing demand factors

A
  • Avg household size.
  • price of housing,
  • inflation adjusted income/affordability
  • homebuyer speculation/expectation of future changes in housing market.
  • Meeting housing standards/ building or zoning codes.
60
Q

Be able to describe the general qualities of those who suburbanized first in the late 1800s versus those who remained in the central city

A

Primarily middle class or higher, having to afford fees for electric trolley, primarily American born. Poorer immigrants were still stuck in the city.

61
Q

Know the six factors that reinforced suburban sprawl after World War II, along with the mass adoption of the automobile

A
  • Low mortgage interest rates
  • Loan guarantees provided under federal programs
  • Property tax reductions for owner-occupied homes
  • Cheap transportation
  • Massive highway subsidies
  • Cheap land (most of all)
62
Q

Be able to briefly explain why building roads and water infrastructure is much more expensive in the suburbs than in the central cities

A

Lower density of the suburbs makes it more expensive, you have to build a longer road/water pipeline to connect all the users in the suburbs as opposed to the cities

63
Q

Be able to define gentrification and explain the general nature and some of the criticisms of it

A

Resurgence in growth of downtown areas; a reworking of cities to better reflect service-oriented economy
For every family that has moved back into the cities, 8 have moved into the suburbs. People living in the city wanting to refurbishing their own community. For low income groups, especially many minority groups render them homeless, local community stores get outcompeted by boutiques

64
Q

• Be able to name the 3 global cities, as well as knowing which one’s status as a global city may be in jeopardy due to Brexit

A

London- London may be about to lose its status because of Brexit
NYC
Tokyo

GEO 3303 (5 decks)

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