Unit 7 Vocabulary Flashcards
The tendency of enterprises in the same industry to cluster in the same area.
Agglomeration
Location where it is more economical to break raw materials into smaller units before shipping them further.
Break of bulk
Industry in which raw materials cost more to transport than the finished goods.
Bulk-reducing industry
Industry in which the finished goods cost more to transport than the raw materials.
Bulk-gaining industry
Preindustrial form of manufacture in which members of families spread throughout rural areas worked in their homes to make goods.
Cottage Industry
Economies with two distinct distributions of economic activity across the economic sectors.
Dual economies
Any economic activity using machinery on a large scale to process raw materials into products.
Industry
Collections of industries engaged in similar economic activities based on the creation of raw materials, the production of goods, the provision of services, or other activities.
Economic sectors
The total value of goods and services domestically produced within a given country in a year.
GDP
A collection of manufacturing facilities in particular area that is typically found in suburbs and located close to highways to facilitate movement of raw materials.
Industrial Park
The radical change in manufacturing methods that began in Great Britain in the mid 18th century and was marked by the shift from small-scale, hand-production to power driven mass production.
Industrial Revolution
The process in which the interaction of social and economic factors causes the development of industries on a wide scale.
Industrialization
Industrial location theory proposed by Alfred Weber suggesting that businesses locate their families in a particular location because that location minimizes the cost of production.
Least-cost theory
An economic pattern marked by predominant tertiary sector employment with a good share of quaternary and quinary jobs.
Post-industrial economy
Economic sector associated with removing or harvesting products from the Earth. The production of raw material.
Primary sector
Economic sector that is a subset of the tertiary sector that involves or requires the handling of information and technology.
Quaternary sector
Economic sector that is a subset of the quaternary sector involving individuals at the highest level.
Quinary sector
Wood or other plant products, animal products, or other substances used to make intermediate or finished goods.
Raw materials
Economic sector associated with the production of goods from raw materials; including manufacturing, processing, and construction.
Secondary sector
Economic sector that includes a host of activities that involve the transport, storage, marketing, and selling of goods + services; also called the service sector.
Tertiary sector
A measure that calculates gender disparity based on health, knowledge, and standard of living.
Gender development index (GDI)
A measure that calculates inequality based on reproductive health, empowerment, and labor market participation.
Gender Inequality index
The total value of goods domestically produced by a country within a year.
GDP
The total value of goods and services globally produced by a country within a year, divided by the population.
Gross National Income (GNI)
The processes involved in the improvement of people’s freedom, rights, capabilities, choices, and material conditions.
Human development.
A measure of overall development incorporating life expectancy at birth, access to education measured in expected and mean years of schooling, and standard of living measured by GNI per capita.
Human Development Index (HDI)
The total value of goods produced both domestically and internationally by a country in a year.
Gross National Product
Any part of a country’s economy that is outside of government monitoring or regulation; also called the informal economy.
Informal sector
The rate that measure’s an economy’s active labor force, calculated u taking the sum of all employed workers divided by the working age.
Labor-market participation
A very small, short-term loan with low interest intended to help people in need.
Microloan
A model that suggests that all countries can be categorized from traditional to modern and that to become modern, countries must pass through distinct stages of economic growth in succession.
Stages of Economic Growth
Women’s options and access to participate fully in the social and economic spheres of society.
Women empowerment
The relative cost advantage a country/organization has to produce certain goods or services for trade.
Comparative advantage
The mutual trade relationship between places based on raw material supply and finished product demand.
Complementarity
The process by which a country or area reduces industrial activity, particularly in heavy industry and manufacturing.
Deindustrialization.
A form of tourism based on enjoyment of natural areas that minimizes environmental impact.
Ecotourism
An area within a country that is subject to more favorable regulations to encourage foreign investment and the manufacturing of goods for export.
Export Processing Zone (EPZ)
A highly organized and specialized system for industrial production that focuses on efficiency and productivity on mass production; named after Henry Ford.
Fordism
A relatively large geographical area within a country in which businesses pay few to no tariffs on goods to encourage or facilitate its role in international trade.
Free Trade Zone (FTZ)
A place of economic activity clustered around one or more high-growth industries that stimulate economic gain by capitalizing on some special asset.
Growth Pole
A pattern of production and labor in which different countries are engaged in distinct aspects of production.
International division of labor
A system in which goods are delivered as needed so that companies keep an inventory of only what is needed for near-term production.
Just-in-time delivery
The economic effect in which a change creates a larger change, such as when a new manufacturing plant grows the economy by giving rise to more jobs and services.
Multiplier effect
Beliefs that favor free market capitalism in which trade has no constraints from the government.
Neo-liberalism
The condition when one or more aspects of production moves to an organization in another country.
Offshore outsourcing
A system focused on small sale batch production for a specialized market and flexibility
Post-Fordism
