Unit 7 / Development & Industry / Modules 57-59

agglomeration economies

Occur where firms cluster spatially in order to take advantage of geographic concentrations of skilled labor and industry suppliers, specialized infrastructure, and ease of face-to-face contact with industry participants

carbon neutrality

Achieving zero CO2 releases through a combination of emissions reduction and carbon removal

climate change

A long-term shift in global or regional climate patterns

comparative advantage (using the definition for absolute advantage)

A nation's ability to produce a good or service more efficiently than another nation

complementarity

A measure of how well one country's export profile matches another country's import profile

debt crisis

Occurs when a government's debts exceed its tax revenues to the point that it cannot meet its loan payments

deindustrialization

The decline, and sometimes complete disappearance, of employment in the manufacturing sector in the core's industrial centers

ecotourism

Travel to natural areas of ecological value in support of conservation efforts and socially just economic development

environmental pollution

The contamination of the physical (air, water, earth) and biological components of the environment to the point that normal functions are negatively affected

export processing zone (EPZ)

Industrial zone with special incentives to attract foreign investment to places where imported materials undergo processing or assembly before being re-exported

financial market

Marketplace where financial instruments are traded; stock markets, bond markets, and foreign exchange markets are all financial markets

Fordism

The economic and social arrangement based on the mass production of standardized goods, high labor union membership rates, stable and full-time manufacturing employment, and high factory wages that enable mass consumption

free-trade agreement

A treaty between two or more countries that reduces tariffs and promotes foreign investment

free-trade zone (FTZ)

Specially designated duty-free area that provides warehousing, storage, and distribution facilities for goods intended for trade or reexport

growth pole

Geographically pinpointed center of economic activity organized around a designated industry, commonly in the high-tech sector

high tech industry (high-technology industry)

An industry that develops and uses the most advanced technologies available and has the highest levels of research and development

International Monetary Fund (IMF)

International organization that seeks to foster global monetary cooperation, achieve financial stability, facilitate international trade, and promote sustainable economic growth

just-in-time manufacturing (JIT)

The production of small batches of goods as needed by customer demand

mercantilism

A theory of trade stating that each country strives to export more than it imports in order to accumulate wealth

Mercosur

Spanish acronym for the Southern Common Market, a South American customs union that includes Argentina, Brazil, Paraguay, and Uruguay as its full members

multiplier effects

The creation of new business and jobs in other industries as the result of investment in a different industry

neoliberalism

A range of pro-market and anti-government positions on the economy, such as reducing government ownership and regulation and promoting privatization and market-based solutions

new international division of labor

The spatial shift of manufacturing from developed countries to developing countries, including the global scaling of labor markets and industrial sites

offshoring

The relocation of manufacturing and support services from one country to another

outsourcing

The transfer of part of a firm's internal operations to a third party

Organization of the Petroleum Exporting Countries (OPEC)

An intergovernmental organization created to coordinate and unify petroleum policies among member countries

post-Fordism

The shifts from manufacturing centers to spatially dispersed production sites, from standardized mass production to specialized batch production, and from a permanent workforce to temporary and contract workers

protectionism

Trade rules that restrict imports in order to protect domestic industries

resource depletion

The consumption of natural resources faster than they can be replenished

special economic zones (SEZs)

Specific area within a country's borders where business and trade laws are different from those in the rest of the country

sustainable development

Development that meets present consumption needs without compromising the ability of future generations to meet their consumption needs

Sustainable Development Goals (SDGs)

Adopted in 2015, a collection of 17 UN standards aimed at improving the planet and the quality of human life around the world by the year 2030

tariff

Tax on imported goods and services

technopole

A center of high-tech manufacturing and information-based quaternary industry

trade embargo

An official ban on trade with a specific country or of a specific good

transnational corporation (TNC) - also known as multinational corporation (MNC)

A firm with the power to coordinate and control operations in more than one country, even if it does not own those operations

World Bank

An international financial organization that provides funding and expertise to promote sustainable economic growth in developing countries

World Trade Organization (WTO)

An international organization that regulates trade among 184 member states, providing a framework for negotiating trade agreements and resolving trade disputes