Untitled Flashcards Set

Agglomeration

Concentration of industries and firms in a particular geographic area, including cost savings, knowledge spillovers, and access to specialized labor.

Assembly Line

A manufacturing process in which a product is assembled sequentially as it moves along a conveyor belt or production line.

Backwash Effects

Negative economic effects experienced by regions or industries due to the growth or development of other regions or industries.

Barter

The exchange of goods or services directly for other goods or services without using money.

Commodity Dependence

The reliance of a country or region on the export of commodities for economic growth and revenue.

Comparative Advantage

Theory stating that regions should specialize in producing goods or services with the lowest opportunity cost relative to other producers.

Dependency Model

Theory explaining the underdevelopment of certain regions due to historical economic relationships that exploit and marginalize them.

Ecotourism

Tourism focused on visiting natural areas and promoting conservation, environmental education, and sustainable development.

Export Processing Zones (EPZ)

Designated areas within a country that encourage export-oriented manufacturing and foreign investment through favorable conditions.

Fordism

A system of mass production characterized by standardized products, assembly-line manufacturing, and relatively high wages for workers.

Formal Sector

The part of the economy that operates within the legal framework, including registered businesses, wage employment, and government-regulated activities.

Free Trade Zones

Areas within a country where goods can be imported, stored, and processed without customs duties or trade barriers.

Gross Domestic Product (GDP)

The total value of all goods and services produced within a country's borders over a specific period.

Gross National Income (GNI)

The total income earned by a country's residents, including domestic and foreign sources, minus income earned by foreign residents.

Gross National Product (GNP)

The total value of all goods and services a country's residents produce, including income earned abroad.

Growth Poles (Growth Centers)

Regions or urban areas that serve as focal points for economic development and investment, expanding surrounding areas.

Human Development Index (HDI)

A measure of a country's development based on life expectancy, education, and income indicators.

Industrial Belt

A region with concentrated industrial activity, marked by interconnected cities and towns.

Informal Sector

The part of the economy operating outside formal regulations, including unregistered businesses, self-employment, and casual labor.

Just-in-Time Delivery

Production aiming to minimize inventory costs by delivering parts or materials to the production line exactly when needed.

Literacy Rate

The percentage of people within a population who can read and write at a specified age or grade level.

Maquiladoras

Manufacturing plants, primarily in Mexico, that import raw materials duty-free for assembly/processing and export finished products.

Neoliberalism

Advocates for free-market principles, deregulation, privatization, and limited government intervention in the economy.

Offshoring

Relocating business activities or processes to another country to take advantage of lower labor costs or regulatory environments.

Outsourcing

Contracting out business functions to external service providers, often in other countries, to reduce costs or access expertise.

Primary Sector

The economy sector concerned with extracting raw materials from the natural environment, such as agriculture and mining.

Post-Fordist

Production methods characterized by flexible production, just-in-time manufacturing, and increased reliance on information technology.

Quaternary Sector

The economy sector focused on knowledge-based activities, including research and development and professional services.

Rust Belt

Region characterized by the decline of traditional manufacturing industries, marked by abandoned factories and economic distress.

Substitution Principle

The practice of replacing human labor with technology or machinery to increase efficiency and reduce production costs.

Sustainable Development

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

Technopoles

Regions characterized by a concentration of high-technology industries, research institutions, and skilled labor.

Tertiary Sector

The economy sector that provides retail, healthcare, education, and finance services.

Trade

International agreements and regulations facilitating the exchange of goods and services between countries or regions.

Trading Bloc

Groups of countries that form agreements to promote trade and economic cooperation, often by reducing tariffs and trade barriers.