unit 7 aphug vocab quiz

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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

Conglomerate 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.

Comparative advantage

the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers

Complementary advantage/good

is a good whose use is related to the use of an associated or paired good.Outsourcing.

Commodity chains

is a process used by firms to gather resources, transform them into goods or commodities, andfinally, distribute them to consumers

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 activities

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 environmentally sustainable way

Footloose firms

Manufacturing activities in which the cost of transporting both raw materials and finished product is not important for determining the location of 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 of 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 possible 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 specially 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 sale of high technology products; the networking and synergistic advantages of concentrating in these areas (with good universities and infrastructure) facilitate modern technological innovation (e.g., Silicon Valley, Boston).

Brownfield

abandoned industrial sites

Break-of-Bulk Point

the procedure of transferring cargo from one mode of transportation to another

Bulk-Reducing Industry

An industry in which the final product weighs less or raw material loses bulk during processing

Formal Sector

the portion of the economy that is monitored by government, so people in it follow regulations and pay taxes

Cottage Industry

Small home-based businesses that made good

Fordist/fordism

A manufacturing system based on mass production and assembly line techniques, emphasizing standardization and efficiency.

Labor-Intensive Industry

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

Informal Sector

the portion of the economy that is not monitored by government

Maquiladora

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

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.

Post Fordist Production

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

Front Office

designed to impress clients

Right-to-work State

A U.S. state that has passed a law preventing a union and company from negotiating a contract that requires workers to join a union as a condition of employment.

Outsourcing

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

Site Factors

Location factors related to the costs of factors of production inside the plant, such as land, labor, and capital.

Situation Factors

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

Textile

A fabric made by weaving, used in making clothing

Back Offices

Less expensive spaces for doing the company work that still allow for communication and productivity.

Bulk-Gaining Industry

An industry in which the final product weighs more or comprises a greater volume than the inputs.