7.4-7.8 Vocab AP human

Comparative Advantage

The ability of a country or region to produce a good or service at a lower opportunity cost than others.

Complementarity

When two regions each have goods or services the other needs, promoting trade between them.

Deindustrialization

The decline of industrial activity in a region, often leading to economic and employment shifts toward services.

Ecotourism

Sustainable travel to natural areas that conserves the environment and supports local communities.

Special Economic Zones (SEZs)

Specific areas within a country where business and trade laws differ from the rest of the country to attract foreign investment

Export Processing Zones (EPZs)

Areas set up to promote exports by offering tax incentives and less regulation for manufacturing goods for export.

Fordism

A system of mass production tied to mass consumption, characterized by assembly line work and standardized products.

Free Trade Zones (FTZs)

Areas where goods can be imported, stored, or manufactured without facing customs duties until they enter the main economy.

Growth Poles

Urban centers or regions that drive economic development in surrounding areas through concentrated investment.

Multiplier Effects

The economic boost that results when an initial investment or spending causes a ripple of increased economic activity.

Neoliberalism

An economic philosophy favoring free-market capitalism, deregulation, and reduction in government spending.

Offshore Outsourcing

Hiring foreign firms to perform business tasks, often to reduce costs.

Post-Fordism

A modern industrial production style emphasizing flexibility, customization, and decentralized decision-making instead of standardized mass production.