Geo Unit 1 Flashcards
Opportunity Cost
Loss of potential gain from choosing one alternative over another
Tertiary Sector
Jobs and activities give service to people
Opportunities creates jobs
Secondary Sector
Using raw materials to make goods of higher value
Mercantilism
Economies of Scale
As the scale of the company increases the average cost goes down. Get more capital.
As the capital increases the audience increases so production goes up. Unit cost per item goes down.
International Division of Labor
How company uses comparative advantage to specialize in different economies, resources and capabilities
Some companies dominate in global market.
Comparative Advantage
Ability of country/ individual/ organization to make good/service at a lower opportunity cost than another country/ individual/ organization.
Urban blight
Population leaves and house has no value/ abandoned
Special Economic Zones
Regions in a country that give different economic incentives. To attract foreign investment and economic growth.
- Tax breaks
- Less regulations
- access to different services and infrastructure
Free Trade zones
Region in country where imported goods can be stored + processed
- X tariffs\trade barriers
Globalization
Business/organizations go at a global scale
Sustainability
Meeting present needs without exploiting future needs
Export Processing Zones
Regions in a country borders that gives special economic regulations and incentives
- to promote production of goods + services
Multiplier effect
Original investment by a business leads to a chain of spending and economic activity
Fordism
System of production that focuses on mass production of standard goods
- Set # of labors + specific tasks
- Standardization, Centralization
Post Fordism
Production where workers are trained multiple tasks and make custom goods
Just in time delivery
Materials parts are deliver just in time when they are needed
- lower cost
- higher productivity
- lower caring inventory cost
- Delay supply chain
- Higher coordination
- miscommunication: late production lower revenue
Agglomeration
Clustering different economic activities in a specific geographic area
Growth Poles (Money Plant)
Specific area that are known as the center of area of economic growth and development
Rostow’s Stages of Economic Growth (Deevlopment)
- traditional society
- Reconditions for takeoff.
- Takeoff.
- Drive to maturity.
- High consumption.
Traditional Society
Economy is subsistence
Primary Sector Jobs
Slow economic growth
Low specialization
No modern tech
Pre Conditions for takeoff
Economy grows
Foreign Countries interested in country and resources
New infrastructure, tech, education
New Jobs for manufacturing and raw material
Higher productivity
Takeoff
Rabbit, economic growth starts
Traditional into agricultural
Jobs and secondary sector
Modern tech
Country might get exploited
Drive to maturity
Participate in the global trade
New opportunities in tertiary sector
Industrial industry
Economy stabilizes
Independent
High mass consumption
Fully developed economy
Wanted product
Jobs in tertiary sector
Independent
Consumer culture according to consumption
Dependency theory/world system theory
Development of certain countries are hindered by dependence on developed countries
- Economic growth
- Resources
Wallerstein’s World System Thoery
Core countries ➡️ Periphery:
High profit consumption goods
Periphery ➡️ Core:
Raw materials and cheap labor
Commodity Dependence
60% plus exports: raw materials
Economy development, lower in other industries
Vulnerable to change in price for COMMODITY
Robinson projection
No major distortions area shape size direction all slightly distorted map is visually appealing
