U7 Vocab Flashcards
Industrial revolution
Rapid development brought by machinery & tech, –> growth of factories & mass production of goods
Primary
Extraction of natural resources
Tertiary
Sale & transport of finished goods
Quinary
Business executives & government officials
Semi-periphery
Industrializing, mostly capitalist countries positioned between periphery & core in World Systems Theory
GDP (gross domestic product)
total value of goods, services, & investments produced by country in a year
Gender inequality index
how disadvantaged women are in country in terms of reproductive health, empowerment, & labor market
Dependency theory
resources flow from less developed periphery to core of wealthy states, enriching latter at expense of former
Complementarity
Trade when both parties have goods/services the other wants
Globalization
Spread of businesses, products, ppl, & ideas around the world
Microfinance
Small loans to individuals & small businesses in developing countries
Outsourcing
Decision by corporation to turn over responsibility of production to independent suppliers
Post-Fordism
Modern industry has moved away from mass production in huge factories towards specialized markets based on small flexible manufacturing units
Agglomeration
Large # of companies and industries cluster together to benefit from cost reductions & increased efficiency as result of proximity
Ecotourism
Tourism based on enjoyment of natural areas in sustainable way
Sustainable development goals
Collection of 17 global goals aimed to improve planet & human quality of life by 2030
Vertical integration
Single entity controls entire process of production, from raw materials to distribution
Backwash effect
Negative effects on one region that result from economic growth in another region
Bulk gaining
Industry in which final product weighs more than the inputs
Cottage industry
Industry in which production of goods and services is based in homes, not factories
Technopole
Hub for information-based industry & high-tech manufacturing
Secondary
Turning raw materials into finished products
Quaternary
Includes medicine, law, education, investment, & tech
Core
Well-developed country w/ strong economic base
Periphery
Low levels of economic productivity, low per capita incomes, & generally low standards of living
Break-of-bulk point
Location where truckload or boatload is unloaded & distributed
Gini Coefficient
Measure of distribution of income across pop
Human Development Index
Meaurement of status of life in any given place based on life expectancy, ed. level, & income per capita
Comparative advantage
Economic concept that says country should specialize in certain products for export when they hold an advantage in producing those products & should import products for which they don’t have an advantage
Export Processing Zones
Areas found in many regions of the developing world that provide incentives for foreign companies to conduct business there
Fordism
Form of mass production where each worker is assigned a specific task to perform repeatedly
Economy of scale
Condition created when savings in cost per unit increase due to increasing the level of production
Just-in-time delivery
Inventory managment where companies keep on hand only what is needed in the short-term, planning long-term supplies will arrive as needed
Horizontal integration
Ownership by same firm of a number of companies that exist at the same point on a commodity chain
Ancillary activities
Economic activities that surround and support large-scale industries
Bulk reducing
Industry where final product weighs less than the inputs
Footloose Firm
industry that can be located anywhere w/o consideration for factors of production
Transnational corporation
Company that conducts research, operates factories, and sells products in many countries, not just where headquarters are located
Brownfield
Property w/ potential to be a hazardous waste, pollutant, or contaminant
MERCOSUR
Acronym for S. American organization whose purpose is to expand trade & reduce tariffs among member countries
WTO
Acronym for the organization that regulates international trade
