Ap hug vocab chapter 18

industry

All the businesses that make one kind of product or provide one kind of service.

Raw materials

Unprocessed natural products used in production.

Cottage industries

A business or manufacturing activity carried on in a person's home.

Industrial Revolution

A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s.

Industrial belt

An area with lots of industrial companies, around the edge of a city.

deindustrialize

Shifting away from manufacturing as the main source of economic production.

Rust belts

An area where there was previously a lot of industry but where most factories are now closed.

Multiplier effect

The potential of a job to produce additional jobs.

Least cost theory

States that optimum location of a manufacturing firm is explained in terms of cost minimization.

Agglomeration economies

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.

Locational triangle

A diagram showing where the factory is in relation to the market and resources needed to produce the item.

Bulk-reducing industries

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

Bulk-gaining industries

Industries whose products weigh more after assembly than they did previously in their constituent parts.

Labor-oriented industry

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

Break of bulk

Transfer of cargo from one type of carrier to another.

containerization

The transporting of goods in standard-sized shipping containers.

intermodal

The use of multiple modes of transportation.

Front offices

Very expensive space of a company where the executives work; high profile location.

Back offices

Less expensive spaces for doing the company work.

Gross National Product (GNP)

The total value of all the goods and services produced by a nation in a single year.

Gross National Income (GNI)

The income of a nation calculated based on goods and services produced, plus income earned by citizens and corporations headquartered in that country.

Gross Domestic Product (GDP)

A measurement of the total goods and services produced within a country.

remittances

Transfers of money/goods by foreign workers to their home countries.

Purchasing power parity (PPP)

The amount of money needed in one country to purchase the same goods and services in another country.

Formal sector

The portion of the economy monitored by government, so people follow regulations and pay taxes.

Informal sector

The portion of an economy largely outside government control in which employees work without contracts or benefits.

Gini Coefficient

A measure of income inequality within a population, ranging from zero for complete equality, to one if one person has all the income.

Life expectancy

A figure indicating how long, on average, a person may be expected to live.

Literacy rate

The percentage of a country's people who can read and write.

Gender gap

Differences in the privileges afforded to males and females in a society.

Gender Inequality Index (GII)

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

Human Development Index (HDI)

Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy.

Glass ceiling

A metaphor alluding to the invisible barriers that prevent minorities and women from being promoted to top corporate positions.

Non-governmental organizations (NGOs)

International non-profit agencies that are active in humanitarian, educational, health care, public policy, and other areas to affect change according to their objectives.

Microcredit (microfinance)

Programs that provide small loans to start or expand a business to entrepreneurs who would not normally qualify for credit from traditional sources.