UNIT 7 Industrial & Economic Development Flashcards
Agglomeration
densification, accumulation and concentration
Break-of-Bulk Point
the name given to an economic center, like a dockyard, where a manufactured product is assembled and then separated into various shipments ready to be transported to a wide range of markets
Bulk-Reducing Industry
An industry in which the final product has less space than the raw materials
Bulk-Gaining Industry
An industry in which the final product has more space than the raw materials
Dual Economies
the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand
Gross Domestic Product (GDP)
the total value of all goods and services produced in a country in a given period
Industrial Revolution
the process of change from an agrarian and handicraft economy to one dominated by industry and machine manufacturing
Least-Cost Theory
the location of a processing plant will in an area that ensures. the lowest cost of moving raw materials to the processing plant and moving the finished
Primary Sector
all those activities the end purpose of which consists in exploiting natural resources
Quaternary Sector
the industry based on human knowledge which involves technology, information, financial planning, research, and development
Quinary Sector
The branch of a country’s economy where high-level decisions are made by top-level executives in government, industry, education, etc
Raw Materials
the input goods or inventory that a company needs to manufacture its products
Secondary Sector
an economic sector in the three-sector theory that describes the role of manufacturing
Tertiary Sector
covers a wide range of activities from commerce to administration, transport, financial and real estate activities, business and personal services, education, health and social work
Commodity Dependence
when more than 60 per cent of its total merchandise exports are composed of commodities
Dependency Theory
the idea that resources flow from a “periphery” of poor and exploited states to a “core” of wealthy states, enriching the latter at the expense of the former
Formal Sector
obs that the government regulates and offers benefits such as social security, health insurance, and retirement plans
Gender Development Index (GDI)
measures differences in male and female achievements in three basic dimensions of human development: health, education and command over economic resources
Gender Inequality Index (GII)
a composite measure, reflecting inequality in achievements between women and men in three dimensions: reproductive health, empowerment and the labor market
Gross National Income (GNI)
the total income earned by a country’s people and businesses, even if it was earned outside the country
Gross National Product (GNP)
the total value of all finished goods and services produced by a country’s citizens in a given financial year, irrespective of their location
Human Development Index (HDI)
a summary composite measure of a country’s average achievements in three basic aspects of human development: health, education and economy
Informal Sector
the part of any economy that is neither taxed nor monitored by any form of government
Labor-Market Participation (LMP)
a set of instruments through which governments assist individuals facing difficulties in the labor market, especially but not exclusively unemployed people
Microloan
provides very small loans to start-up, newly established, or growing small business concerns and certain not-for-profit childcare centers
Export Processing Zone (EPZ)
industrial estates that are fenced in for producing manufactured goods for export
Fordism
an industrial engineering and manufacturing system that serves as the basis of modern social and labor-economic systems that support industrialized, standardized mass production and mass consumption
Free Trade Zone (FTZ)
secure areas under US customs and border protection supervision that are generally considered outside CBP territory upon activation
Just-in-Time Delivery
the process of creating goods in a ready state or completing their production so that a minimal inventory can satisfy demand and delivery can take place with immediate effect in order that consumers receive what they want precisely when they want
Multiplier Effect
the effect on national income and product of an exogenous increase in demand
Neoliberalism
the reduction of state interventions in economic and social activities and the deregulation of labor and financial markets, as well as of commerce and investments
Offshore Outsourcing
when an organization recruits a third party supplier to conduct operations from an outside country
Post-Fordism
the idea that modern industrial production has moved away from mass production in huge factories, as pioneered by Henry Ford, towards specialized markets based on small flexible manufacturing units (more customized)
Special Economic Zone (SEZ)
an area in a country that is designed to generate positive economic growth
