APHG VOCAB UNIT 7

Agglomeration

The clustering of businesses or industries in a particular area to benefit from shared services, labor, or infrastructure.

Break-of-bulk point

A location where goods are transferred from one mode of transportation to another, such as ports or rail terminals.

Brownfields

Abandoned or underused industrial and commercial sites that may have environmental contamination.

Colonialism

The policy of acquiring and maintaining colonies, often for economic exploitation and cultural or political dominance.

Commodity Theory

The idea that goods become more valuable when they are perceived as scarce or exclusive.

Comparative advantage

The ability of a country, region, or business to produce goods or services at a lower opportunity cost than competitors.

Complementary advantage

When two regions satisfy each other's needs through trade, benefiting both economies.

Core countries

Wealthy, industrialized nations that dominate global trade, finance, and technology (e.g., U.S., Germany, Japan).

Debt crisis

A situation where a country cannot repay its external debt, leading to economic instability and reliance on international financial institutions.

Dependency theory

A model suggesting that global economic disparities are maintained by the dependence of less developed countries on wealthier nations.

Economies of scale

Cost advantages gained as production increases, lowering per-unit costs.

Ecotourism

Environmentally responsible tourism that aims to conserve natural areas and benefit local communities

EU (European Union)

a political and economic union of European countries promoting trade, economic stability, and regional integration

Export-processing zones

Areas in developing countries where governments offer incentives for foreign companies to set up manufacturing and export-oriented businesses.

Fertility rates

The average number of children a woman is expected to have in her lifetime.

Footloose

Industries that can locate anywhere due to minimal location constraints, such as software development or financial services.

Fordism

A system of mass production pioneered by Henry Ford, characterized by assembly lines and standardized products.

Formal economy

The regulated sector of the economy that includes taxed and legally recognized businesses.

Fossil fuels

Nonrenewable energy sources such as coal, oil, and natural gas, formed from ancient organic matter.

Free trade agreements

Agreements between countries that reduce or eliminate tariffs and trade barriers to encourage economic exchange.

Gender empowerment

The process of increasing women's participation and decision-making in economic, political, and social life

Gender Inequality Index (GII)

A measure of gender disparities in health, education, and labor force participation.

Gross Domestic Product (GDP)

The total value of goods and services produced within a country in a given year.

Gross National Income (GNI)

The total domestic and foreign output claimed by residents of a country, including net income from abroad

Gross National Product (GNP)

The total economic output of a country, including goods and services produced by its citizens domestically and abroad

Growth poles

Economic development centers that stimulate growth in surrounding areas.

High technology industries

Sectors focused on cutting-edge innovation, such as information technology, biotechnology, and aerospace.

Human Development Index (HDI)

A measure of human progress based on life expectancy, education, and per capita income.

Imperialism

The practice of extending a nation's influence over others through diplomacy, military force, or economic dominance.

Income distribution

The way national income is divided among different social groups and individuals.

Industrialization

The process of transitioning from an agricultural-based economy to one dominated by manufacturing and industry.

Infant mortality rates

The number of deaths of infants under one year old per 1,000 live births in a given year.

Informal economy

The unregulated sector of the economy, including street vendors and unregistered businesses.

International division of labor

The specialization of different countries in various economic activities based on comparative advantage.

International Monetary Fund (IMF)

A global organization providing financial assistance and policy advice to countries facing economic crises.

Just-in-time delivery

A production strategy where materials are received only as needed, reducing inventory costs.

Labor-market participation

The percentage of the working-age population engaged in the labor force.

Least cost theory (Alfred Weber)

A theory that explains industrial location based on minimizing costs related to transportation, labor, and agglomeration.

Literacy rates

The percentage of a population that can read and write at a functional level.

Manufacturing

The large-scale production of goods using labor, machines, and raw materials.

Maquiladores

Factories in Mexico, typically near the U.S. border, that assemble imported materials for export.

Markets

Places where buyers and sellers interact to exchange goods and services.

Mercosur

A South American trade bloc promoting economic integration among member countries.

Microloans

Small-scale financial loans given to entrepreneurs, typically in developing countries, to promote business growth.

Multiplier effects

Economic growth that results from an initial investment, stimulating additional economic activity.

Neoliberal policies

Market-oriented policies that emphasize free trade, privatization, and deregulation.

OPEC

Organization of Petroleum Exporting Countries, a group that coordinates oil production and prices.

Offshoring

The relocation of business operations to another country for lower costs.

Outsourcing

Contracting work to external companies, often in lower-cost regions.

Periphery countries

Less developed nations with lower economic activity and weaker infrastructure.

Post-Fordist methods of production

Flexible, specialized production strategies that replace mass production techniques.

Primary sector

The part of the economy that extracts natural resources, such as farming, fishing, and mining.

Public transportation projects

Infrastructure developments aimed at improving urban mobility and reducing traffic congestion.

Quaternary sector

The knowledge-based sector, including IT, research, and finance.

Quinary sector

The highest-level economic activities, such as government leadership and corporate decision-making.

Renewable energy

Energy sources that can be replenished, such as solar, wind, and hydroelectric power.

Reproductive health

Health services related to pregnancy, childbirth, and contraception.

Rostow’s Stages of Economic Growth

A five-stage model describing how economies progress from traditional to high-mass consumption.

Rust Belt

A U.S. region characterized by industrial decline and economic downturn.

Secondary sector

The part of the economy involved in manufacturing and construction.

Semi-periphery countries

Nations between core and periphery, with mixed levels of development.

Service sector

The tertiary sector focused on providing services rather than goods.

Small-scale finance

Financial services for small businesses and entrepreneurs.

Special economic zones

Areas where business and trade laws differ from the rest of the country to attract investment.

Tariffs

- Taxes on imported goods to protect domestic industries.

Tertiary sector

The part of the economy focused on services like retail, healthcare, and education.

UN’s Sustainable Development Goals

A set of global objectives aimed at reducing poverty and promoting sustainability.

World Trade Organization (WTO)

A global organization that regulates international trade