Unit 7 Vocab Flashcards
Post fordism
The shifts from manufacturing centers to spatially dispersed production sites, from standardized mass production to specialized batch production, and from a permanent workforce to temporary and contract workers
Complementarity
A measure of how well one country’s export profile matches another country’s import profile
Footloose firm
Manufacturing activities in which the cost of transporting both raw materials and finished product is not important for determining the location of the firm
Micro finance
Provision of small loans and other financial services to individuals and small businesses in developing countries
bulk reducing
The raw material is cut off or melted off. Ex. Potato chips, jewelry
Globalization
The process by which businesses and other organizations develop international influence or start operating on an international scale
Quinary sector
The portion of the economy where the highest-level management decisions are made in the areas of business, government, education, and science
Backwash effects
Possible downsides of growth poles. Loss of highly educated young people from distant communities
Technopole (growth pole)
a center of high-tech manufacturing and information-based quaternary industry. Silicon Valley
Dependency theory
The theory that the periphery is poor because it was economically dependent on the core in a disadvantageous relationship originally established under colonialism and imperialism
Economy of scale
Cost advantage experienced by a company when it increases its level of output
Export processing zone
Industrial zone with special incentives to attract foreign investment to places where imported materials undergo processing or assembly before being re-exported
Bulk gaining
Final product is heavier than the raw materials. Ex. Automobiles, beer
Primary
Industries that extract natural resources from the environment
Ancillary activities
Economic activities that surround and support large-scale industries such as shipping and food service
Quaternary
Researching and transferring of knowledge. Ex. Education, IT, banking
Agglomeration
Occur where firms cluster spatially in order to take advantage of geographic concentrations of skilled labor and industry suppliers, specialized infrastructure, and ease of face-to-face contact with industry participants
secondary
Industries that process the raw materials extracted by primary industries, transforming them into finished, usable forms
Vertical integration
when one company controls all aspects of its production process.
Ecotourism
Travel to natural areas of ecological value in support of conservation efforts and socially just economic development
Outsourcing
The transfer of part of a firm’s internal operations to a third party
Tertiary
Industries that provide services to businesses and consumers, including all the different types of work necessary to transport and deliver goods and resources
Cottage industry
A type of industry in which the production of goods and services is based in homes, not factories
Gini coefficient
A measurement of the distribution of income within a population
