key terms Flashcards
Mechanisation
The process of using machines and automation to perform tasks that were previously done by humans
urbanisation
Increasing number of people migrate from rural to urban areas
Industrialisation
The process of transforming the economy from a focus on agriculture to reliance on manufacturing
Containerisation
Using containers to ship, larger amounts of material around the globe
multiplier effect
The process, by which a new or expanding economic activity in an area creates additional employment as its employees have money to spend on goods and services
transnational corporation
-Very large company with factories and offices in more than one country which markets products and services worldwide
Global shift
-the localational movement of manufacturing production in particular from ACs to EDCs and LIDCs
deindustrialisation
The absolute or relative decline in the importance of manufacturing in the economy of a country or region
industrial dereliction
Abandonment and deterioration of industrial facilities
unemployment
Where a person actively tries to find a job, but does not succeeded
Deprivation
When a persons, well-being falls below a generally regarded minimum
Downward cumulative causation
Economic activities, leading to chain reaction of decline
Counter urbanisation
-movement of people from urban to rural areas
Foreign direct investment
Inwood investment by foreign company, usually TNC in a country
Narrow economic base
An economy that heavily relies on a limited range of industries or sectors for its income and growth
