Primary activity
economic activities that involve extracting raw materials from the earth or harvesting them
Secondary activity
economic activities that involve the processing of raw materials into finished products
Tertiary activity
services that involve the sale or exchange of goods and raw materials, or the provision of services to people
World systems theory
divides countries of the world into three groups based on political power, social standing, and economic and technological development
Break of bulk
location where goods are transferred from one mode of transportation to another, facilitating the movement of cargo in trade
Dependency theory
an economic and social theory that suggests that the development of some countries is contingent upon the exploitation and underdevelopment of others, particularly in the context of a global capitalist economy
Neocolonialism
the practice of using economic, political, and cultural pressures to control or influence countries, especially those that were formerly colonized, without direct military or political intervention
Fordist
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
Global division of labor
transfer of some types of jobs, especially those requiring low-paid, less skilled workers, from more developed to less developed countries
Maquiladora
are export-processing cities that exist throughout Northern Mexico
Special economic zone
a designated area within a country where the business and trade laws are different from the rest of the nation
Formal economy
refers to the organized, regulated, and structured economic activity that is recognized and supported by the government of a country.
Informal economy
refers to economic activities that are not regulated or recognized by the government
Islands of development
a geographical area within a less developed country where a high level of economic development exists, often concentrated around a major city or region
Just in time delivery
a supply chain management strategy in which materials and goods are delivered to the production process or to the end customer just in time for them to be used, rather than being delivered in advance or being stockpiled
Export processing zones
areas found in many regions of the developing world. They provide incentives for foreign companies to conduct their business in developing regions. They provide benefits to the developing world in the form of foreign investments and improved employment opportunities.
Quaternary
the segment of the economy focused on knowledge-based activities involving services such as research and development, financial planning, education, and information technology.
Structuralist theory
a perspective that explains global economic disparities as a result of historically established power relations within the world system
Wallerstein
a socio-economic framework that analyzes the global economy as a complex system divided into core, semi-peripheral, and peripheral nations. Emphasizes how political power and territoriality shape global trade and economic relationships, with core nations dominating resources and wealth, while peripheral nations often face exploitation and dependency.
Liberal model
theories of economic development that suggest all countries can progress through similar stages of growth, often with an emphasis on capitalism and free-market principles.
Rostow
a linear theory that outlines five stages through which countries progress as they develop economically. It emphasizes the transition from traditional agricultural societies to advanced industrial economies, suggesting that all countries can follow a similar path to modernization and growth.
Agglomeration
clustering of people, businesses, and activities in a particular area, creating a concentration that often leads to increased efficiency and collaboration.
Comparative advantage
the ability of a country, firm, or individual to produce a good or service at a lower opportunity cost than other producers.
Deindustrilization
the process of reducing or eliminating industrial activity in a region, often leading to a decline in manufacturing jobs and economic shifts toward service-based economies.
Ecotourism
A form of sustainable tourism that focuses on experiencing natural environments, promoting conservation and benefiting local communities.
Research triangle
a region in North Carolina defined by the cities of Raleigh, Durham, and Chapel Hill. a region that transformed from a primarily agricultural area to a booming center for research, education, and technology. This showcases how regions can shift economically and socially over time with investment in human capital and technology.
Silicon Valley
a renowned region in Northern California, known as a global center for technology innovation and entrepreneurship. It is home to many of the world's largest high-tech corporations and thousands of startup companies, making it a significant area for economic development and urbanization.
Technopole
specialized areas or regions that focus on the development and promotion of high-tech industries and advanced technology. These hubs bring together universities, research institutions, and businesses to foster innovation and technological advancement, creating a collaborative environment that enhances industrial growth and competitiveness.
Footloose
industries that are not strongly tied to specific locations based on natural resources, transportation, or markets. These industries have high spatial flexibility, meaning they can be located anywhere without significant impacts on production costs.
Weber
a model developed by German economist Alfred Weber in 1909 that explains the location of industries based on minimizing costs and maximizing profits. The theory highlights the importance of transportation costs, labor costs, and agglomeration effects in determining where businesses choose to locate their operations. By focusing on these factors, the theory helps to understand how industries optimize their locations to remain competitive.