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industrialization

the development of industries in a country or region on a wide scale

colonialism

one country physically exerts complete control over another country

imperialism

formal or informal economic and political domination of one country over the other

break-of-bulk point

a location where cargo transported in bulk must be broken into smaller units so the cargo may be moved further and generally distributed over a larger space

least cost theory

attempts to describe and predict the location of manufacturing industries based on three factors: transportation costs, labor cost, and the benefit of agglomeration

gross domestic product

the total value of goods and services produced within the borders of a country during a specific time period, usually one year

gross national product

the total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year

gross national income

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

formal (economy)

the legal economy that is taxed and monitored by a government and is included in a government's Gross National Product

informal (economic activity)

Economic activity that is neither taxed nor monitored by a government; and is not included in that government’s Gross National Product

fertility rate

the average number of children born to each woman in a given region during the course of her lifetime

infant mortality rate

the total number of deaths in a year among infants under one year old for every 1,000 live births in a society

microloan

small loans provided to individuals or small businesses, can be a useful tool for promoting economic development and improving standards of living, particularly for women

commodity dependence

economic over-reliance on commodities but also over-reliance on trade with wealthier nations that have a high demand for raw materials

Complementarity

the actual or potential relationship between two places, usually referring to economic interactions

comparative advantage

the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers

free trade

allow for goods from foreign countries to be imported without a tariff, that is, without being taxed for the sake of being foreign goods

tariff

a limit imposed on the quantity of a country's exports or imports, often used to restrict imported goods

outsourcing

a decision by a corporation to turn over much of the responsibility for production to independent suppliers

special economic zone

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

export processing zone

a customs area where one is allowed to import plant, machinery, equipment and material for the manufacture of export goods under security, without payment of duty

multiplier effects

the expansion of an area's economic base as a result of the basic and non-basic industries located there

economies of scale

the reduction in the per unit cost of production as the volume of production increases

just-in-time delivery

method of inventory management made possible by efficient transportation and communication systems, whereby companies keep on hand just what they need for near-term production, planning that what they need for longer-term production will arrive when needed

growth pole

simultaneous, coordinated investments in many sectors to support self-sustaining industrialization in a country