Quiz #2-Textbook Vocabulary Unit 7

Brownfield

Previously developed properties that are not currently in use and may be contaminated by hazardous substances or pollutants.

Break-of-Bulk point

A location where goods are transferred from one mode of transportation to another, facilitating the movement of cargo in trade.

Bulk-Gaining Industry

A manufacturing industry where the final product weighs more or has a greater volume than the raw material used to produce it

Bulk-Reducing Industry

A manufacturing process where the final product weighs significantly less than the raw materials used to produce it.

Formal Sector

The part of a country’s economy that is officially registered and monitored by the government, including businesses that pay taxes, follow labor laws, and operate within legal frameworks

Cottage Industry

a small-scale manufacturing operation where goods are produced primarily within homes, rather than in large factories

Fordist/Fordism

The system of mass production and consumption that emerged in the early 20th century, characterized by assembly line manufacturing, standardized products, and a focus on high wages for workers

Industrial Revolution

A period of rapid economic and technological change that began in the late 18th century and spread throughout Europe and North America.

Labor-Intensive Industry

An industry that requires a large amount of human labor to produce its goods

Informal Sector

Part of an economy that is not regulated by the government

Maquiladora

A factory in Mexico that assembles and exports goods to the United States and other countries.

New International Division of Labor

Transfer of some types of jobs, especially those requiring low-paid, less skilled workers, from more developed to less developed countries.

Outsourcing

The practice of delegating specific tasks or services to external companies or individuals, often in different countries, to reduce costs and improve efficiency.

Post Fordist Production

A economic and production model that emerged after the Fordist model, which emphasized mass production and standardized goods.

Front Office

The part of a company directly interacting with customers, like sales, marketing, and customer service, essentially representing the public face of the organization

Right-to-work state

A US state that has passed legislation prohibiting employers from requiring employees to join a labor union as a condition of employment

Site Factors

Specific characteristics of a location that influence the decisions regarding the establishment and operation of economic activities

Situation Factors

the characteristics of a place’s surrounding area, particularly in relation to transportation routes, accessibility to resources, and the proximity to other settlements, which significantly impact its development and function

Textiles

fabrics or cloth made by weaving, knitting, or otherwise fabricating fibers or yarns together

Back Offices

the administrative and support functions of a company, typically outsourced to other countries with lower labor costs

Anthropocentric

Human Centered; in sustainable development, this refers to ideas that focus solely on the needs of people without considering the creatures with whom we share the planet or the ecosystems upon which we depend

Agglomeration

Grouping together of many firms from the same industry in a single area for collective or cooperative use of infrastructure and sharing of labor resources

Brick-and-mortar business

Traditional businesses with actual stores in which trade or retail sales occur; it does not exist solely on the internet

Conglomerative corporation

A firm that is comprised of many smaller firms that serve different functions

Commodity Theory

deals with the psychological effects of scarcity/ According to the theory, scarcity enhances the value (or desirability) of anything that can be possessed, is useful to its possessor, and is transferable from one person to another.

Deindustrialization

Loss of industrial activity in a region

Deglomeration

the dispersal of an industry that formerly existed in an established agglomeration.

E-commerce

Web (Internet) based economic activites

Ecotourism

a form of tourism based on the enjoyment of scenic areas or natural wonders that aims to provide an experience of nature or culture in an enviornmentally sustainable way

Footloose firms

Manufacturing activities in which the cost of transporting both saw materials and finished product is not important for determining the location or the firm

Growth poles

economic development, or growth, is not uniform over an entire region, but instead takes place around a specific pole

Industrial revolution

The rapid economic and social changes in manufacturing that resulted after the introduction of the factory system to the textile industry in England at the end of the 1700s

Industrialization

the process of industrial development in which countries evolve economically from producing basic, primary goods to using modern factories for mass-producing goods. At the highest levels if development, national economies are geared mainly toward the delivery of services and the exchange of information

Just in-time delivery

Method of inventory management made possibly by efficient transportation and communication system, 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.

Least-cost Theory

A concept developed by Alfred Weber to describe the optimal location of a manufacturing establishment in relation to the costs of transport and labor and the relative advantages of agglomeration or deglomeration

Manufacturing region

A region in which manufacturing activities have clustered together

Offshore financial center

Areas that have been specifically designed to promote business transactions and thus have become centers for banking and finance

Post-Industrial Economy

An economy that de-emphasizes industry, preferring services instead

Sustainable development

the idea that people living today should be able to meet their needs without prohibiting the ability of future generations to do the same

High Technology industries (Technopole)

areas devoted to research, development, and the sale of high technology products; the networking and synergistic advantages of concentrating in these areas (with good industries and infrastructure) facilitate modern technological innovation (e.g Silicon Valley, Boston)

Commodity chains

Is the process used by firms to gather resources, transform them into goods or commodities and finally distribute them to consumers

competitive advantage

The ability of a firm or individual to produce a good or service at a lower opportunity cost than other producers

complementary advantage/good

A good who’s use is related to the use of an associated or paired good. Outsourcing.