AP Human Geography Unit 7B

Asian Tigers

the high-growth economies of Hong Kong, Singapore, South Korea, and Taiwan. All four economies have been fueled by exports and rapid industrialization, and have achieved high levels of economic growth since the 1960s.

Austerity

 Reducing government spending, often in an effort to reduce budget deficits or debt.

Backwash effect

occurs when other regions suffer a drain of resources and talent due to agglomeration in another region.

Basic industry

An industry of disproportionate economic importance and on whose existence other industries and employment sectors depend

command economy

the central government dictates the level of production of goods and controls their distribution and prices.

commodity dependence

Occurs when commodities account for more than 60 percent of the value of a country’s total exports

comparative advantage

 A country’s ability to produce one product much more efficiently than it can produce other products within its economy

complementarity

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

Economic base

A community's collection of basic businesses.

economic imperialism

the domination of newly independent countries by foreign business interests that causes colonial-style colonies to continue, such a monoculture.

Economic enterprise zone (or SEZ)

is an area in which the business and trade laws are different from the rest of the country

Ecotourism

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

export processing zones (EPZs)

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

Fordist production (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

foreign direct investment (FDI)

Investment made by a foreign company in the economy of another country.

Greenhouse effect

The global warming trend caused by rising levels of carbon dioxide (CO2)

growth poles (growth centers)

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

Intermodal connections

 places where 2 or more modes of transportation meet (including air, road, rail, barge, and ship.

International Monetary Fund (IMF)

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

Investment capital

Wealthy technology pioneers wanted to start to develop technologies and more innovations which helped to lead to the rise of some industrial regions.

just-in-time delivery

Shipment of parts and materials to arrive at a factory moments before they are needed.

maquiladoras

A factory built by a U.S. company in Mexico near the U.S. border, to take advantage of the much lower labor costs in Mexico.

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

newly industrialized countries (NICs)

 typically have rapidly growing economies. Places where consumer incomes and buying power are increasing because of economic expansion. This refers to a category of developing economies that are experiencing the fastest rates of growth in the global economy.

Non-basic industry

 A business that sells products primarily to consumers  in the same settlement.

outsourcing

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

post-Fordist

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

postindustrial economy

a period of growth within an industrialized economy or nation in which the relative importance of manufacturing reduces and that of services, information, and research grow

Potential reserve

The amount of a resource in deposits not yet identified but thought to exist.

Productivity

The value of a particular product compared to the amount of labor needed to make it.

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

Structural adjustment program

 Economic policies imposed on less developed countries by international agencies to create conditions that encourage international trade.

Substitution principle

In industry, the tendency to substitute one factor of production for another in order to achieve optimum plant location.

supply chain

a system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer. Supply chain activities transform natural resources, raw materials and components into a finished product that is delivered to the end customer.

Sustainable Development Goals

Seventeen goals adopted by the U.N. in 2015 to reduce disparities between developed and developing countries by 2030.

tariffs

Tax on imported goods and services

technopoles

an area planned for high technology (usually by government through incentives, near universities where R&D occurs) where agglomeration built on a synergy among technological companies occurs.

trade deficit

a country is importing more goods and services than it is exporting; a trade surplus means the opposite

trade surplus

 the amount by which the value of a country's exports exceeds the cost of its imports.

trading blocs

Vertical integration

An approach typical of traditional mass production in which a company controls all phases of a highly complex production process

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