Economic Geography Terms

Flashcards covering important vocabulary and concepts from economic geography, including definitions and examples.

Agglomeration

The spatial grouping of businesses in order to share costs.

Ancillary Activities

Economic activities that surround and support large-scale industries.

Back Offices

Cheaper office spaces typically reserved for non-executive employees, linked to the front office via technology.

Backwash Effects

Possible downsides of technopoles, including brain drain and loss of tax revenue.

Break-of-Bulk Point

A place where cargo is shifted from one form of transport to another.

Brownfield

Sites of abandoned factories that have the potential to be hazardous.

Bulk-Gaining Industry

Industries where the final product is heavier than the raw materials.

Bulk-Reducing Industry

Industries where the raw materials are heavier than the final product.

Business Park

A congregation of office buildings on a landscape.

Comparative Advantage

An economic concept related to free trade, suggesting that countries specialize in certain products they produce efficiently.

Complementarity

Trade when both parties have goods or services that the other wants.

Core Countries

The most economically advantaged countries focused on higher skill, capital-intensive production.

Cottage Industry

An industry based in homes, characterized by labor-intensive production.

Dependency Theory

A theory stating core countries depend on the periphery for labor and raw materials.

Development

A process of change affecting people’s lives; reflects improvements in economic and social conditions.

Economy of Scale

The cost advantages that companies experience as they increase production.

Ecotourism

Responsible travel to natural areas that conserves the environment and supports local communities.

Export Processing Zones

Special regulations within a country that benefit foreign-controlled businesses.

Footloose Firm

A business that can quickly relocate and easily adapt to new environments.

Fordism

A means of mass production based on the assembly line method.

Foreign Direct Investment

Investments made by a foreign company in the economy of another country.

Front Offices

Offices located prominently for the executive branch of workers.

Gross Domestic Product (GDP)

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

Gender Inequality Index

A composite index measuring gender disparity across various domains.

Gini Coefficient

A measurement of income distribution within a population.

Globalization

The spread of businesses, products, people, and ideas across the world.

Gross National Income

The total amount of money earned by a nation's people and businesses.

Horizontal Integration

When a corporation merges with another producing similar products.

Human Development Index

A measure combining economic and social indicators to assess development.

Industrial Revolution

A period of technological change that greatly increased manufacturing productivity.

Interdependence

The mutual reliance between two or more entities or nations.

Just-in-Time Delivery

An inventory management method that aligns production with demand.

Microfinance

Programs providing small loans to individuals for business startup.

Newly Industrialized Country

A country with economic development between developing and highly developed nations.

New International Division of Labor

A division where high income countries emphasize R&D and low income countries export raw materials.

Offshoring

Relocating business processes to another country to reduce costs.

Outsourcing

Contracting work out to non-company employees or other companies.

Periphery Countries

Least developed countries providing resources and labor to core countries.

Post-Fordism

A production system employing automation and allowing for product variation.

Post-Industrial Economy

An economy focused on services rather than manufacturing.

Primary Sector

The economic sector involved in extracting natural resources.

Quaternary Sector

The knowledge-based economic sector, including services like R&D and consulting.

Quinary Sector

The highest decision-making levels in government and business.

Rostow's Stages of Economic Growth

A model proposing a linear progression of economic development.

Rust Belt

The US region heavily affected by post-industrialization.

Secondary Sector

The economic sector concerned with processing natural resources.

Semi-Periphery Countries

Middle-income countries providing goods and services to the core.

Sustainable Development

Development that meets present needs without compromising future generations.

Sustainable Development Goals

A set of goals aimed at achieving a sustainable future by 2030.

Technopole

A hub for high-tech manufacturing and information-based industries.

Tertiary Sector

The economic sector focused on information and services.

Trading Bloc

A group of countries agreeing to common trade agreements.

Transnational Corporations

Companies operating in multiple countries.

Vertical Integration

When a corporation merges with another involved in different steps of production.

Weber's Least Cost Theory

A theory predicting manufacturing site location based on resource accessibility.

Wallerstein's World System Theory

A model showing interdependence of core, semi-periphery, and periphery countries.