unit 6 Flashcards
Agglomeration
Agglomeration: A localized economy in which a large number of companies and industries cluster together and benefit from the cost reductions and gains in efficiency that result from this proximity.
Assembly Line
Assembly line. Arrangement of workers, machines, and equipment in which the product being assembled passes consecutively from operation to operation until completed.
Brandt Line
Brandt Line. a line that divides the North and the South. It shows the divide between the more developed regions and the less developed regions.
Break Of Bulk Points
break-of-bulk point. a location where transfer is possible from one mode of transportation to another.
BRICS/NICS
BRICs/NICs. A group of high developing countries characterized by uneven development and high economic growth.
Bulk-Gaining Industries
Bulk-Gaining Industry. An industry in which the final product weighs more or comprises a greater volume than the inputs.
Bulk-Reducing Industries
Bulk-Reducing Industry. An industry in which the final product weighs less or comprises a lower volume than the inputs.
Capital
A capital is a city where a region’s government is located. 3 - 12+ Engineering, Geography, Human Geography, U.S. History.
CFC
chlorofluorocarbons. Chlorofluorocarbons (CFCs) are nontoxic, nonflammable chemicals containing atoms of carbon, chlorine, and fluorine
Commodity Dependence
Commodity dependence: an economy that relies on the export of primary commodities for a large share of its export earnings and hence economic growth
Comparative Advantage
Comparative advantage is the ability of a firm or individual to produce goods and/or services at a lower opportunity cost than other firms or individuals.
Complementarity
Complementarity refers to the presence of a demand or deficit at one location and a supply or surplus at another without which there is no economic rationale for any movement.
Core Periphery
he core—a central region in an economy, with good communications and high population density, which conduce to its prosperity—is contrasted with the periphery—outlying regions with poor communications and sparse population (for examples, see unemployment).
Cottage Industries
Cottage industry. industry in which the production of goods and services is based in homes (not factories); specialty goods (assembled individually or in small quantities) are often produced in this manner.
Deindustrialization
Deindustrialization is a process in which the industrial activity in a country or region is removed or reduced because of a major economic or social change.
Dependency Theory
Dependency Theory: Basically, the core countries depend on the periphery for labor and raw materials while the periphery depend on the core for goods.
Developed Country
More Developed Country (MDC) also known as a relatively developed country of a developed country, a country that has progressed relatively far along a continum of development. Primary Sector.
Developing Country
Developing Country. a country in an earlier stage of development. developing implies that the country has already made some progress and expects to continue. ( LDC)
Dual Economies
Dual Economy. The existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand. Extensive Agriculture.
Economic Sectors
Economic sectors. Comprised of 4 sectors (primary, secondary, tertiary, and quaternary.)
Economics of Scale
Economies of Scale. Def: The savings in cost per unit due to increasing the level of production (think Fordism).
Ecotourism
ECOTOURISM: Definition. Tourism that doesn’t harm environment + benefits local people. Usually a small-scale activity with small number of visitors in area at a time.
Export Processing Zones
Explanation: Export-processing zones are areas found in many regions of the developing world. They provide incentives for foreign companies to conduct their business in developing regions.
Fair Trade
Fair trade is a concept used in developing countries to help create sustainability.
Fordism
Definition. Fordist Production. Mass production in which each employee is given a specific task to continuously perform.
Formal Sector
A group of people, usually employees, that includes recognized income sources for paying income taxes based on all 40-hour, regular wage jobs.
Fossil Fuels
Fossil fuels are made from decomposing plants and animals.
Free Trade Zones
Free Trade Zone (FTZ) -A duty-free and tax-exempt industrial park created to attract foreign corporations and create industrial jobs.
Gender Development Index
The Gender-related Development Index (GDI) is an index designed to measure of gender equality.
Gender Inequality Index
Gender Inequality Index. includes empowerment, labor, and reproductive health, Africa, South Asia, Central Asia, and Southwest Asia with highest GII’s.
Greenhouse Effect
The greenhouse effect is the name given to the natural process that causes the Earth to be warmer than it would be in the absence of an atmosphere.
Gross Domestic Product
Gross Domestic Product (GDP) The value of the total output of goods and services produced in a country in a given time period (normally 1 year) Human Development Index (HDI) Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy.
Gross National Income
gross national income (GNI) calculates the monetary worth of what is produced within a country plus income recieved from investments outside the country.
Gross National Product
The Gross National Product is one of the most widely used and quoted statistics in economic geography, particularly in popular parlance.
Growth Poles
Definition of Growth Pole: GROWTH POLE REFERS to the concentration of highly innovative and technically advanced industries that stimulate economic development in linked businesses and industrie
Housing Bubble
housing bubble. definition: a rapid increase in the value of houses followed by a sharp decline in their value.
Human Development
Human development is defined as the process of enlarging people’s freedoms and opportunities and improving their well-being.
Human Development Index
Definition: The Human Development Index (HDI) is a statistical tool used to measure a country’s overall achievement in its social and economic dimensions.
Industrial Parks
Industrial parks for foreign companies to conduct export-oriented manufacturing.
Industrial Revolution
Industrial Revolution: A period of rapid development of industry that started in Great Britain in the late eighteenth and nineteenth centuries.
Industrialization
Industrialization. the development of industries for the machine production of goods. Industrial Revolution
Industry
agglomeration. A process involving the clustering or concentrating of people or activities.
Informal Sector
“The informal sector refers to those workers who are self employed, or who work for those who are self employed.
Infrastructure
infrastructure. the basic structure or features of a system or organization. comparative advantage.
International Division of Labor
A group of neighboring countries that promote trade with each other and erect barriers to limit trade with other blocs.
Just In Time Delivery
Just-in-Time Delivery. Method of inventory management made possible by efficient transportation and communication systems, whereby companies keep on hand just what they need for near-term production, planning that what they need for longer-term production will arrive when needed
Labor-intensive Industry
Labor-Intensive Industry. An industry for which labor costs make up a high percentage of total expenses
Labor-Market Participation
Labor-Market Participation. A statistic that determines what percentage of an age group or gender is currently working
Least-Cost Theory
Weber’s least cost theory suggests that a production point must be located within a “triangle,” with raw materials coming from at least two sources
Literacy Rate
Literacy Rate. The percentage of a country’s people who can read and write.
Maquiladora
Definition. Maquiladora. Factories built by U.S. companies in Mexico near the U.S. border, to take advantage of much lower labor costs in Mexico. Industrial Revolution
Market Orientation
Market Orientation. Definition: the tendency of an economic activity to locate close to its market
Mass Production
Mass Production. The production or manufacture of goods in large quantities. New International Division of Labor.
Maternal Mortality Rate
Maternal mortality rate refers to the number of mothers who die in childbirth for every thousand births
Microfinance
microfinance (microloans) Provision of small loans and other financial services to individuals and small businesses in developing countries.
Microloans
microfinance (microloans) Provision of small loans and other financial services to individuals and small businesses in developing countries.
Multiplier Effects
Multiplier effect: Describes the expansion of an area’s economic base as a result of the basic and non-basic industries located there
Neocolonialism
Neocolonialism definition, the policy of a strong nation in seeking political and economic hegemony over an independent nation or extended geographical area without necessarily reducing the subordinate nation or area to the legal status of a colony.
Neoliberalism
Neoliberalism is contemporarily used to refer to market-oriented reform policies such as “eliminating price controls, deregulating capital markets, lowering trade barriers” and reducing, especially through privatization and austerity, state influence in the economy.
Offshore Outsourcing
Offshore outsourcing is the practice of hiring a vendor to do the work offshore, usually to lower costs and take advantage of the vendor’s expertise, economies of scale, and large and scalable labor pool.
Outsourcing
Outsourcing. A decision by a corporation to turn over much of the responsibility for production to independent suppliers
Ozone
The ozone layer is a thin part of the Earth’s atmosphere that absorbs almost all of the sun’s harmful ultraviolet light
Pollution
Pollution of the environment occurs when humans contaminate the air, water, or land.
Post-Fordism
post-Fordist. the world-economy now; a more flexible set of production practices in which the component of goods are made in different places around the globe and then brought together is needed to meet market demand-brings places closer together in time and space (ex: stock markets)
Post-Fordist Production
Post Fordism refers to the flexible specialization of production in small batches.
Postindustrial Economy
Post-industrial societies. Countries where most people are no longer employed in industry.
Potential Reserve
potential reserve. The amount of energy in deposits not yet identified but thought to exist.
Primary Industry
primary industry. The part of the economy that produces raw materials; examples include agriculture, fishing, mining, and forestry.
Primary Sectors
Primary: Production of raw materials or natural resource extraction
Productivity
Productivity is the value of a particular product compared to the amont of labor needed to make it
Purchasing Power Parity
Purchasing Power Parity (PPP) a measure of how many units of currency are needed in one country to buy the amount of goods and services that one unit of currency will buy in another country.
Quaternary Sector
Quaternary Sector. -The growth in technology and business leads to specialization of services.
Quinary Sector
Quinary Sector. -Activities involve facilitating complex decision making and the advancement of human capacities.
Raw Materials
Industries that produces goods or services that are consumed locally.
Renewable Energy
energy from a source that is not depleted when used, such as wind or solar power.
Rostow’s Model
Rostow’s Stages of Economic Growth include the following five stages: Traditional Society; Preconditions for Take-Off; Take-Off; Drive to Maturity; and Age of High Mass Consumption.
Secondary Industry
Secondary industries are those that take the raw materials produced by the primary sector and process them into manufactured goods and products.
Secondary Sectors
Secondary industries are those that take the raw materials produced by the primary sector and process them into manufactured goods and products.
Site Factors
Site factors: A place’s physical features related to the costs of business production, such as land, labor, and capital.
Situation Factors
Situation factors: The features of a location’s surrounding area, especially as related to the cost of transporting raw materials and finished goods.
Special Economic Zones
A special economic zone (SEZ) is an area in a country that is subject to different economic regulations than other regions within the same country
Stages of Economic Growth
Rostow’s Stages of Economic Growth include the following five stages: Traditional Society; Preconditions for Take-Off; Take-Off; Drive to Maturity; and Age of High Mass Consumption.
Sustainable Development
Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Tertiary Sectors
The tertiary sector of the economy is the service industry.
Transnational Corporation
Transnational corporation: A company that conducts research, operates factories, and sells products in many countries, not just where its headquarters or shareholders are located.
Trickle Down Effects
increased wealth for upper class means benefit for the lower class. value added.
Uneven Development
Uneven development means that development takes place at different rates in different regions.
Value added
Value Added. The gross value of the product minus the costs of raw materials and energy.
Wallerstein’s World System
Explanation: Wallerstein’s World Systems Theory postulates that the world is one interconnected collection of nations and states that, due to the initial wave of European colonialism in the late fifteenth and sixteenth centuries, is dominated by economic centers in Europe and North America.
Theory
a supposition or a system of ideas intended to explain something, especially one based on general principles independent of the thing to be explained.
Weber’s Least Cost Theory
Weber’s least cost theory suggests that a production point must be located within a “triangle,”
Women’s Empowerment
Empowerment refers to the ability of women to obtain economic and political power.
