Unit 7 Notecard Flashcards
Special economic zones
An area within a country where trade laws differ and entice foreign cooperations
Ex: lower taxes, china
Free trade zones
Duty free areas for storage/distribution
Ex. Seaports international airports
Maquiladoras
Low cost factory’s in Mexico run by a foreign company and exporting its products to the country of that company
Ex. BMW
New international division of labor
Global division of labor associated with the growth of transnational cooperation and the deindustrialization of the advanced economies
Post-Fordist methods of production
Low volume technology relain manufacturing in an assembly line
Ex. Tototashi Japan
Multiplier effect
The economic effect on which a change creates a larger change
Ex. When a new manufacturing plant grows the economy by giving rise to more related jobs and services
Economies of scale
Cost reductions that occur when production rises, cost per unit goes down
Ex: Costco selling in bulk for cheaper
Agglomeration
The tendency of enterprises in the same industry to cluster together
Ex. Silicon Valley
Just-in-time delevery
A system in which goods are delivered as needed so that companies keep inventory to what is needed for short term production
Ex. The restaurant industry prepared, cooking and selling their own goods
Growth poles
A place of economic activity clustered around 1 or more high-growth industries that stimulate economic gain by capitalizing on some special asset
Ex.free economic zones
Sustainable development
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs
Ex. Green spaces, crop rotation, solar power
Ecotourism
A form of tourism based of the enjoyment of natural areas that minimize the impact to the environment
Ex. Camping, hiking, snorkling
Uns sustainable development goals
17 sustainability goals the UN set in 2015 set for 2030 creating the aim for peace and prosperity to for both the people and the planet
Ex. No poverty, zero hunger, quality education, climate action
Break-of-bulk point
Location where it is more economical to break raw materials into smaller units before shipping them
Ex. Docks where’s boats transfer to ships and vis versi
Industrial revulution
A change in the manufacturing methods that began in Greta britian in the mid-18th century that caused the market to switch from small-scale, hand-crafted, muscle-powered production to large scale, power-driven mass production
Ex. The invention of the steam engine
Gender inequality index
A measure that calculates gender disparity in the 3 basic dimensions of human development
Industrialization
The process in which the interaction of social and economic factors causes the development of industries on a wide scale
Ex. A rise in textile factories in Britain
Raw materials
Any materials that are used to make intermediate or finished goods
Ex. Wood, metals, animal products, plant products