Mr Levy's Terms fro Unit 10&11

Weber analysis of industry location

The optimum location of a firm is determined by transport cost, labour cost and advantages of agglomeration.

Environmental laws

A collective term encompassing aspects of law that focus on protecting the natural environment, human health, and natural resources.

Labor availability and cost

The accessibility and affordability of a workforce

Access to markets

A nation or company's ability to trade goods and services, both domestically and internationally, and is influenced by factors like location, trade barriers, and infrastructure. 

Bulk gaining

Industries that gain weight or volume during production 

Bulk reducing

Industries that lose weight or volume during production

The Wallerstein Model

Categorizes countries into core, semi-periphery, and periphery based on their economic and political power.

The Wallerstein Model

Categorizes countries into core, semi-periphery, and periphery based on their economic and political power.

Rostow’s model of development - all stages

Traditional society, preconditions to take-off, take-off, drive to maturity, and age of high mass consumption

What are the flaws of Rostow’s model of development?

It does not account for the interdependence of some countries.

Free trade 

Policies that allow the free flow of goods and services between countries, with minimal or no government intervention in the form of tariffs, quotas, or other trade barriers.

Tariffs

Taxes or duties imposed on imported goods, typically charged as a percentage of the product's value. 

Break of bulk

Goods transported in individual units (like crates, bags, boxes, drums, or barrels) rather than in containers. 

Alternative energies

Solar, wind, geothermal, hydropower, bioenergy.

Fossil Fuels

Non-renewable energy sources, including coal, oil, and natural gas, formed from the remains of ancient organisms and used for energy production.

Growth Poles

Specific locations within a country or region that are identified as having the potential for significant economic growth and development. 

Agglomerations

The clustering of similar industries or businesses in a specific area, leading to benefits like shared resources, lower costs, and increased efficiency.

Where industry have shifted in America / globally

Globally, the industry has shifted away from China and is moving toward India, South Asia, Mexico, and North America. (They have moved toward the south in America)

Advantages of outsourcing for core and developing nations

Core nations potentially gaining cost savings and access to specialized skills, while developing nations can see job creation, economic growth, and technology transfer

Disadvantages of outsourcing for core and developing nations

Core nations facing job losses and economic downturns, while developing nations may experience exploitation and uneven development

Spatial disaggregation of production

The process of breaking down a production process into separate locations, often across different geographical regions, to optimize efficiency, costs, and labor resources

Comparative advantage

The ability of a country, individual, or business to produce a good or service at a lower opportunity cost than another. 

Vertical integration

Manufacturing company will attempt to merge with another company that possesses forward or backward links in the supply or production process

Just in time delivery

A strategy where goods are received from suppliers only when they are needed in the production process, minimizing inventory and waste

Fordism

Characterized by mass production and standardized products. 

Post fordism

Emphasizes flexibility, customization, and skilled labor, reflecting a shift in economic and social organization. 

European Union

A group of 27 countries in Europe

Countries in European Union

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden

Links between development and birth rates

Fertility declines as a country becomes more developed

Deindustrialization of core countries

There has been a shift from industrial to service-based economies

How does industrialization affect urbanization?

Creating economic opportunities and job growth in urban areas, attracting people from rural areas and leading to population growth and the expansion of cities

Globalization

The increasing interconnectedness and interdependence of nations through the flow of goods, services, capital, people, and ideas across international borders, leading to both economic and cultural changes. 

SEZs (special economic zones)

An area in a country that is designed to generate positive economic growth

Maquiladoras

A factory or manufacturing plant in Mexico 

HDI (Human Development Index)

Health (Life expectancy at birth)

Knowledge (Mean years of schooling and expected years of schooling)

Standard of living (gross N)

GII (Gender Inequality Index)

Reproductive Health (maternal mortality ratio and adolescent fertility rate

Empowerment (proportion of parliamentary seats held by women and the attainment of secondary and higher education)

Labor Market Participation (labor force participation rate of women) 

GDP (gross Domestic Product)

The value of all goods and services produced within a country.

GNI (Gross National Income)

The income received from abroad minus income paid to foreigners.

Microloans

Typically ranging from $100 to $25,000, provided to entrepreneurs and small business owners, often in developing countries, who lack access to traditional banking services. 

How the internet is reshaping industry?

Creates global reach, Facilitates real-time communication, promotes digital marketing, and enables new business models. It also presents new  challenges like cybersecurity threats and the need for constant innovation. 

Overall: it has changed how consumers gather information, buy products, and interact with retailers !!

Hotelling

Explains how firms choose locations to minimize competition, often leading to a clustering of businesses in a market area, even if they offer similar products

Labor-Intensive

Industries that rely heavily on human labor are particularly sensitive to labor costs. 

Capital-Intensive

Industries that rely more on machinery and technology may be less affected by labor costs.