UNIT 7 - CH 20 Flashcards
Comparative advantage
The ability of a country to produce a good at a lower cost than another country can
Complementary
When two regions through exchange of commodities can specifically satisfy each others demands
Deindustrialization
The cumulative and sustained decline in the contribution of manufacturing to a national economy
Ecotourism
A form of tourism, based on the enjoyment of scenic areas or natural wonders, that aims to provide an experience of nature or culture in an environmentally sustainable way
European Union (EU)
(Syn common market) an economic association established in 1957 by a number of Western European countries to promote free trade mooing its members
Export processing zone (EPZ)
Industrial parks for foreign companies to conduct export-orientated manufacturing
Export processing zones (EPZs)
Zones established by many countries in the periphery and semi-periphery where they offer favorable tax, regulatory, and trade arrangements to attract foreign trade and investment
Fordism
Form of mass production in which each worker is assigned one specific task to perform repeatedly
Free trade agreement
An agreement between member countries to remove duties and trade barriers on products traded among them
Free trade zone (FTZ)
A tariff-free zone located within or near a port city
Growth poles/centers
Because of economic stimulus with the technopoles they can also be called this- attracts even more economic development
International division of labor
The process where assembling procedures for a product are spread out through different parts of the world
International Monetary Fund (IMF)
An international organization that acts as a lender of last resort, providing loans to troubled nations, and also works to promote trade brought financial cooperation
Just-in-time delivery
Shipment of parts and materials to arrive at a factory moments before they are needed
Mercosur
An organization that promotes trade and economic cooperation among the southern and eastern countries of South America
Multinational corporation
An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management
Multiplier effect
Expansion of economic activity caused by the growth or introduction of another economic activity
NAFTA (North American Free Trade Agreement)
The free-trade area launched in 1994 involving the United States, Canada, and Mexico
Neoliberalism
A strategy for economic development that calls for free markets, balanced budgets, privatization, free trade, and minimal government intervention in the economy
Outsourcing
The practice of contracting with an organization to perform some or all business functions in a country other than the country in which the product or service will be sold
Organization of Petroleum Exporting Countries (OPEC)
An economic organization consisting primarily of Arab nations that controls the price of oil and the amount of oil its members produce and sell to other nations
Post-Fordism
Increased automation on the assembly line requires workers who are not replaced to perform many jobs
South African Development Community (SADC)
Formed in 1979 to foster economic cooperation and integration among the 16 member states
Special Economic Zones (SEZs)
Specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign business and investment
