UNIT 6 MASTER Vocab Doc

Sourced from quizlet from vilt-uhh

Cottage Industry

home-based manufacturing

Industrial Revolution

A series of improvements in industrial technology that transformed the process of manufacturing goods.

Situation Factors

Location factors related to the transportation of materials into and from a factory.

Site Factors

Result from the unique characteristics of a location

Bulk-reducing industry

industry in which the final product weighs less or comprises a lower volume than the inputs

single market manufacturers

specialized manufacturers with only one or two customers

break-of-bulk point

a place where goods are transferred from a mode of transport to another

Labor intensive industry

An industry for which labor costs make up a high percentage of total expenses.

GNI (Gross National Income)

total amount of money earned by a nation's people

GDP (Gross Domestic Product)

the total market value of all final goods and services produced per year in an economy

Primary Sector

fewer in developed countries, more in developing

Tertiary Sector

More developed countries, fewer developing

Productivity

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

GII (Gender Inequality Index)

A measure of the extent of each country's gender inequality

Wallerstein's World Systems Theory

sees the world economy as a flexible core, periphery and semi-periphary

Core

Developed Countries

semi-periphery

Those newly industrialized countries with median standards of living, such as Chile, Brazil, India, China, and Indonesia

Periphery

least developed countries

World Bank

A specialized agency of the United Nations that makes loans to countries for economic development, trade promotion, and debt consolidation. Its formal name is the International Bank for Reconstruction and Development.

IMF (International Monetary Fund)

organization which gives loans to poor countries

Self-Sufficieny

Country sustained by itself (materials, funding)

International Trade

the exchange of goods and services among nations

Rostow's Stages of Development

A model of economic development that describes a country's progression which occurs in five stages transforming them from least-developed to most-developed countries.

Four Asian Dragons

**South Korea, Singapore, Taiwan, and Hong Kong**, promoted development by concentrating on producing a handful of manufactured goods (int. trade)

Emerging Dragons

China, Brazil

right-to-work laws

A state law forbidding requirements that workers must join a union to hold their jobs.

Outsourcing

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

Vertical Integration

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

Maquiladora

Factories built by US companies in Mexico near the US border to take advantage of much lower labor costs in Mexico.

BRIC

acronym that refers to the collective economies of **Brazil, Russia, India, and China**

Fordist production

Form of mass production in which each worker is assigned one specific task to perform repeatedly.

Post-Fordist Production

Adoption by companies of flexible work rules, such as the allocation of workers to teams that perform a variety of tasks.

Just-In-Time Delivery

reliably getting products there just before the customer needs them