Unit 7

Acid rain

Acid rain

Occurs when sulfur oxidizes and nitrogen oxidizes, emitted from brining fossil fuels, enter the atmosphere. In the atmosphere, they combine with oxygen and water to form sulfuric acid and nitric acid. These acidic compounds then return to earth’s surface through rain, Snow, or fog. A consequence of acid deposition, acid rain can harm ecosystems by affecting soil, water bodies, and plant life.

Agglomeration

Refers to the process of clustering or coming together. In an urban or economic context, it often describes the concentration of industries or activities in a specific area.

Break-of-bulk

A location where goods are transferred from one type of carrier to another, facilitating the change from one mode. Of transportation to another. ports are common break-of-bulk points where goods transition from ships to trucks or trains for further distribution

Bulk-reducing industries

An industry in which the final product weighs lessor comprises a lower volume than the inputs

Bulk-gaining industries

An industry where the final product weighs more comprises more volume than the inputs

Capitalist world economy

Conglomerate corporations

A massive corporation operating a collection of smaller companies that provide specific services in it’s production process,these companies often diversify into various economic activities through mergers and acquisitions.

Deglomeration

The process where industrial or other activities disperse from established agglomerations or clusters, this deconcentration often occurs in response to factors like growing congestion, competition, and. Regulatory challenges.

Deindustrialization

The sustained and cumulative decline in the contribution of manufacturing to a national economy. It involves a shift away from manufacturing activities, often accompanied by an increase in service industries, impacting the economic structure.

Dependency theory

A perspective in development studies emphasizing structural inequalities in international relations, it argues that political and economic relations between MDCs and LDCs constrain the latter’s ability to modernize and achieve sustainable development, revealing unequal power dynamics in global economic systems

Economic development

The sustained improvement in the standard of living, well-being, and economic conditions of a population, it involves increases in income, employment, and access to goods and services

Export-oriented industrialization

Footloose industry

Manufacturing activities for which the cost of transporting materials or products is not crucial in determining the location of production. Footloose industries are not constrained by locational factors and can freely choose their production location.

Friction of distance

Suggests that distance inhibits interaction between places due to the time, effort, and cost involved.

Fossil fuels

Hydrocarbons derived from the remains of ancient plants and animals, they are non-renewable energy sources and major contributors to global energy production.

Global warming

suggests that the Earth’s surface temperature is rising due to the enhanced greenhouse effect caused by human activities. It attributes the increase in global temperatures to the higher concentration of greenhouse gases, such as carbon dioxide, in the Earth’s atmosphere

GDP per capita

refers to the average amount per person, often used in economic and demographic contexts to analyze and compare values on an individual basis. 

Greenhouse effect

a natural process where the Earth’s atmosphere traps and retains heat, allowing the planet to maintain a temperature suitable for life. However, human activities, such as burning fossil fuels, have enhanced the natural greenhouse effect, leading to an increase in global temperatures, commonly referred to as global warming. The increasing frequency and intensity of heatwaves worldwide is a manifestation of this effect.

Industrialization

the process of economic development characterized by the growth of industrial sectors, including manufacturing and technology, typically at the expense of traditional agrarian-based economies. 

Industrial Revolution

a period of significant economic, technological, and social change that began in England in the late 18th century. It involved the transition from agrarian and manual labor-based economies to industrial and machine-based production. 

Infrastructure

the basic structure of services, installations, and facilities needed to support economic development, including industrial and agricultural activities. This includes transportation and communication networks, as well as utilities such as water and power.

International division of labor

refers to the transfer of certain types of jobs, especially those requiring low-paid, less-skilled workers, from more developed to less developed countries. This shift is often driven by economic globalization, where companies seek cost advantages by outsourcing certain functions to countries with lower labor costs. 

Labor intensive industries

refers to industries where physical labor costs make up a significant portion of total expenses. 

Location theory

seeks to explain the spatial patterns of economic activities. 

Less developed country

LDCs are economically poorer nations often characterized by fragile or corrupt economic and political systems

Modernization model

More developed country

nations with advanced industrialization, high living standards, and well-developed infrastructure and technology. They are often characterized by diversified economies and high levels of human development

NAFTA

North American free trade agreement- a trade agreement between Canada, the United States, and Mexico that encourages free trade among these North American countries. It aims to reduce trade barriers and promote economic cooperation, fostering the exchange of goods and services. 

New international division of labor

a system where the manufacturing process is divided among several countries. Different components of a product are produced in different countries, and then these pieces are assembled in yet another country. This division of labor is often driven by globalization and aims to optimize production efficiency and reduce costs.

Newly industrializing country

a nation that has recently transitioned from an agrarian economy to one primarily based on manufacturing and global trade. NICs have a higher standard of living than less developed countries but are not yet as economically advanced as more developed countries.

Pacific rim

including China and Japan, comprises the core of the Asian economic engine, with the four Asian Tigers playing a significant role in this dynamic economic region. This region is known for its economic growth, technological innovation, and trade connections along the Pacific Ocean.

Post-industrial societies

An economic phase marked by a shift from manufacturing and industry to a focus on services, technology, and information. A postindustrial economy places a greater emphasis on knowledge-based activities and innovation

Primary industry

A sector of the economy involved in the extraction and production of raw materials, often synonymous with the primary sector. 

Rostow’s stages

a theory outlining the developmental stages through which a country's economy evolves. The model posits that societies progress in predictable stages, each characterized by increasing complexity and sophistication. This concept encapsulates the idea that economic development occurs in distinct stages, moving from traditional societies to advanced, modern economies. Rostow's theory identifies key phases, such as the preconditions for takeoff, the takeoff itself, and subsequent stages leading to a mature, high-level economy.

Secondary industry

refers to the sector of the economy that engages in the processing of raw materials and the manufacturing of goods. It plays a crucial role in adding value to raw materials.

Single market manufacturers

Site factors

location-related considerations that affect the cost of factors of production within a facility, including elements like land, labor, and capital. These factors play a crucial role in determining the economic feasibility and efficiency of establishing a facility in a particular location.

Special economic zone

designated regions within a country that offer special economic policies and regulatory measures to attract foreign businesses and investments. These zones are characterized by specific incentives, including tax breaks, reduced environmental regulations, and other favorable conditions aimed at encouraging economic activities. SEZs are designed to promote economic growth, industrialization, and international trade by creating an environment conducive to foreign investment and business operations. These zones often play a crucial role in facilitating global economic integration and fostering innovation and development. 

Sustainable development

a holistic approach that seeks to balance human development with the capacity of the environment to support that development over the long term. It involves meeting the needs of the present without compromising the ability of future generations to meet their own needs. Sustainable development encompasses economic, social, and environmental dimensions, aiming for a harmonious coexistence between human activities and the natural world

Transnational corporations

a company engaged in research, manufacturing, and the sale of products across multiple countries. TNCs extend their operations beyond the borders of their headquarters or the home country of their shareholders.

Value added productivity

the economic measure of a product's value after subtracting the costs associated with raw materials and the energy expended in its production. It signifies the additional worth or enhancement that a company brings to a product through various stages of production. Calculated by deducting the costs of inputs such as raw materials and energy from the final value of the product, the concept of value-added is crucial in assessing the economic efficiency and profitability of manufacturing processes.

Emanuel wallerstein

a sociologist and economic historian known for developing the World-System Theory. His work focused on analyzing the interconnectedness of countries in shaping global economic structures and disparities. Wallerstein's theory includes core, periphery, and semi-periphery countries, each playing distinct roles in the global economic system.

Trading blocs

a group of countries that form an economic alliance, typically through the reduction or elimination of trade barriers among member nations. Trading blocs aim to promote economic cooperation and enhance the competitiveness of member countries in the global market.