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Agglomeration

Localized economy with clustered industries benefiting from proximity.

Alfred Weber's Least Cost Theory

Theory stating firms locate where agglomeration reduces costs.

Break-of-bulk point

Economic center where products are assembled for distribution.

Capitalism

Economic system with private ownership and production decisions.

Colonialism (in regards to economics)

Economic exploitation of colonies for the benefit of the colonizer.

Commodity Theory

Value of possessions increases with scarcity.

Command Economy

Economy where government centrally controls production and prices.

Complementary advantage

Economic benefit from regions specializing in different goods.

Comparative advantage

Economy's ability to produce goods at lower cost than trading partners.

Competitive advantage

Factors enabling a company to produce goods more effectively than rivals.

Core countries

Countries controlling and benefiting from the global market.

Debt crisis

Inability of a government to repay its debt.

Dependency Theory

Idea that resources flow from poor states to wealthy ones, enriching the latter

Economies of Scale

Cost advantages from large-scale operations, like Costco and Walmart

Ecotourism

Responsible travel to natural areas, conserving environment and benefiting locals

Free Trade Port

Area where businesses operate tax-free, like Hong Kong

Export-Processing Zones

Special economic zones promoting exports and economic growth

Formal Economy

Untaxed, unmonitored economy sector by the government

Free Market (Laissez-faire)

Economic system with minimal government intervention

Free Trade Agreements

International agreements for free trade between cooperating states

Gender Empowerment

Empowering individuals of any gender for equality

Gender Inequality Index (GII)

Measure of gender disparities in health, empowerment, and labor markets

Gross Domestic Product (GDP)

Monetary value of goods and services produced within a country

Gross National Income (GNI) per capita

Total income in an economy per person in a specific time period

Gross National Product (GNP)

Monetary value of goods and services produced by a country, regardless of location

Growth Poles

Areas or sectors driving economic development in a region

Human Development Index (HDI)

Measure of life expectancy, education, and standard of living

British Expansion into India

Country extending power over another for economic gains

Imperialism

Dominance of one country over others for economic gain

Income distribution

Allocation of a nation's GDP among its populace

Industrialization

Establishment of industries on a large scale

Informal economy

Unregulated economic activities and jobs

International division of labor

Global distribution of production processes

International Monetary Fund

Financial agency promoting monetary cooperation

Just-in-time delivery

Efficient inventory management approach

Labor-market participation

Ratio of labor force to working-age population

Literacy rates

Percentage of literate adults in a population

Manufacturing

Converting raw materials into finished goods

Microloans

Small loans aiding small businesses

Neoliberal policies

Market-oriented reforms like deregulation

Outsourcing

Obtaining services externally instead of in-house

Opportunity cost

The loss of potential gain from choosing one option

Periphery countries

Underdeveloped nations in the global economy

Public transportation & infrastructure projects

Government-led development of transport systems

Renewable energy

Energy from natural sources replenished rapidly

Rostow's Stages of Economic Growth

Model outlining stages of economic development

Tariffs

Tax on imports or exports, like USA-China trade tax

Taxes

Compulsory payments to the government on income or goods

Semi-periphery countries

Moderately developed nations in the global economy

Socialism

Belief in communal ownership of production

Supply and demand

Balance between product availability and consumer desire

Sustainable development

Balancing current needs without compromising future generations

World Trade Organization (WTO)

Ensures smooth global trade and aids developing nations

global financial crisis

The economic crashes that happened internationally due to the globalization of the world's economy. Problems in some countries (Europe and the United States), caused financial problems in countries that trade with them.

high technology industries

Companies that support the growth and development of sophisticated technologies. It is a very new industry that has rapidly transformed many cities and countries.

markets

places where buyers and sellers meet to exchange goods or services

MERCOSUR

a regional trade bloc in South America that promotes economic integration among its member states, which include Argentina, Brazil, Paraguay, and Uruguay. It aims to create a common market among its member states and to encourage trade with other countries.

multiplier effects

A small input changing to make a larger output also change

OPEC

Organization of the Petroleum Exporting Countries is a group that works to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets

special economic zones

designated areas within a country that have special economic regulations that are more favorable than the regulations that apply in the rest of the country

tertiary sector

anything that has to do with the sale or exchange of goods or services - retail

Wallerstein's World System Theory

rich core capitalist societies succeed by exploiting poorer peripheral ones; the United States (core nation) benefits unequally from economic and political exchanges with Brazil (semi-peripheral nation) and Kenya (peripheral nation)

welfare

a range of government programs designed for individuals and families who do not make enough money to have a decent standard of living; Medicaid, disability income

African City Model

Model with 3 CBDs: traditional, European, and open market, seen in sub-Saharan Africa cities like Mombasa, Kenya

Bid-rent Theory

Real estate price changes with distance from CBD, exemplified by price decrease as distance increases

Blockbusting

Agents convince white owners to sell cheap due to fear of demographic change, as seen in Englewood, Chicago

Boomburbs

Suburban cities with rapid growth, population over 100,000, like Irving, Texas

Brownfields

Potentially contaminated properties by hazardous substances, like defunct gas stations

Concentric Zone Model

City model with rings of varying development around CBD, outer ring often suburban housing

Census

Data collection on population and housing, conducted every 10 years in the U.S.

Central Place Theory

Region with one large central city surrounded by smaller towns and cities, e.g., Paris in France

City Government

Local government managing city affairs, such as police stations

City Infrastructure

Basic services supporting economic development, like police and fire stations

Climate Change

Long-term shift in weather patterns due to human activities like burning fossil fuels

County Government

Political subdivision delivering services mandated by state and federal governments, e.g., Collin County government

Decentralization

Population and industry movement from urban centers to outlying districts, e.g., businesses moving from Dallas to Plano

Disamenity Zones

Poorest city areas lacking basic services, extreme conditions, often controlled by gangs

Ecological Footprint

Impact on the environment expressed by land needed to sustain resource use, Earth's biocapacity is about 1.7 global hectares

Edge Cities

Urban areas with large suburban residential and business zones surrounding them, like Tysons, VA

Energy Use

Amount of energy consumed annually by a nation, e.g., U.S. in 2021 consumed 98 quadrillion Btu

Exurbs

Communities beyond city suburbs, e.g., Magnolia, TX

Farmland Protection Policies

Regulations discouraging conversion of farmland to non-agricultural uses, protecting prime farmland

Field Study

Research method studying geographic phenomena by observing interactions in various locations

Food Desert

Areas lacking access to healthy food options, like some parts of NYC

Galactic City Model

City model with growth independent of CBD, traditionally linked to central city, e.g., Detroit, Michigan

Gentrification

Renewal leading to displacement due to increased house prices, attracting higher-income residents

Geographic Fragmentation of Governments

Dispersion of government agencies across state, county, city, and neighborhood levels, potentially standardized by population

Gravity Model

Interaction between places based on populations and distance, e.g., NYC and LA.

Greenbelts

Protected land to curb development, preserve open space, and sustainable land use, like the Golden Horseshoe in Southern Ontario

Latin American City Model

Model blending Latin American culture and globalization, e.g., Bogota, Colombia

Multiple-nuclei Model

City model with multiple centers for economic or residential activities, e.g., Los Angeles

Housing Density

Number of residential units per acre, e.g., 107,320 houses

Housing Discrimination

Illegal practice denying property purchase based on race, ethnicity, etc., e.g., pressuring to sell to minorities

Sector Model

City growth model based on economic and physical sectors, e.g., Chicago

Infilling

Increasing urban population density by developing on underused land, e.g., Stapleton Airport transformed into central park in Denver, CO

Land Use

Utilization of land in a specific area, e.g., trade center

Infrastructure Projects

Initiatives to build public infrastructure, e.g., public transportation

Megacities

Urban areas with over 10 million inhabitants, e.g., Tokyo

Metacities

Urban areas with over 20 million inhabitants, e.g., NYC

Mixed Land Use Development

Areas with buildings serving diverse purposes, e.g., Paris with lower floors for groceries and upper floors for residents