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Cottage Industry
Manufacturing done in homes, not in factories
Webber’s least cost theory
transportation cost, labor cost, and agglomeration benefits decide where companies would locate manufacturing plants.
bulk reducing industry
raw material is heavier to transport than the refined/finished product
agglomeration economies
many businesses in proximity share the cost of utilites
labor dependent industries
industries that need people with specific skills
locational interdependence
where a factory is located depends on where other factors are
just in time delivery
inputted resources needed at an assembly manufacturing plant arrive right when they’re needed
front office
very expensive place where business higher ups can be nearby and interact with other bussinesses
back office
low profile place where the rest of workers are at
offshoring
companies move their business places overseas
outsourcing
hiring other companies to do your work/labor
Human development index (HDI)
measures level of development for a country through a standard of living, life expectancy, education
gross national income (GNI)
money from the output of goods/services in a country includes money that leaves and enters a country