Economic Geography Concepts

A collection of vocabulary flashcards covering key concepts in economic geography.

Agglomeration

The spatial grouping of businesses in order to share costs.

Ancillary Activities

Economic activities that surround and support large-scale industries.

Back Offices

Cheaper office spaces typically reserved for non-executive employees and linked to the front office via technology.

Backwash Effects

Possible downsides of technopoles.

Break-of-Bulk Point

A place where cargo is shifted from one form of transport to another.

Brownfield Sites

Sites of abandoned factories; properties potentially hazardous due to pollutants.

Bulk-Gaining Industry

Industries where the final product is heavier than the raw inputs.

Bulk-Reducing Industry

Industries where the raw materials are heavier than the final product.

Business Park

The congregation of office buildings on a landscape.

Comparative Advantage

The idea that a country should specialize in products it can produce efficiently.

Complementarity

Trade where both parties have goods or services that the other wants.

Core Countries

Economically advantaged countries in Wallerstein’s model that focus on high-skill production.

Cottage Industry

Production of goods and services based in homes, typically labor-intensive.

Dependency Theory

Theory stating core countries depend on periphery for labor and resources.

Development

A process that affects people's lives through economic and social improvements.

Economy of Scale

Cost advantages that companies achieve due to increased production.

Ecotourism

Responsible travel to natural areas that conserves the environment.

Export Processing Zones

Special regulations spaces that benefit foreign-controlled businesses.

Footloose Firm

A business that can relocate quickly and easily.

Fordism

Mass production method based on assembly lines where workers perform a single task.

Foreign Direct Investment

Investments made by a foreign company in another country's economy.

Front Offices

Offices for the executive branch of workers, often highly visible.

Gross Domestic Product (GDP)

The value of all finished goods and services produced within a country's borders.

Gender Inequality Index

An index measuring gender disparity in health, empowerment, and labor participation.

Gini Coefficient

Measurement of income distribution within a population, ranging from 0 to 1.

Globalization

The spread of businesses, products, people, and ideas worldwide.

Great Divergence

Period when Western Europe and North America experienced rapid economic growth.

Gross National Income (GNI)

Measure of value produced within a country plus income from investments abroad.

Gross National Product (GNP)

Total value produced by citizens and corporations of a country in a year.

Horizontal Integration

When a corporation merges with another producing similar goods.

Human Development Index

Measure of development combining economic and social indicators.

Industrial Revolution

Technological changes that increased manufacturing productivity.

Interdependence

Dependence of two or more entities on each other.

Just-in-Time Delivery

Inventory management system where materials arrive as needed.

Locational Interdependence

Business location decisions based on competitors' locations.

MERCOSUR

A regional trading bloc in South America promoting economic integration.

Multiplier Effect

When a change in spending leads to a larger change in economic output.

Newly Industrialized Country

A country ranked between developing and developed economically.

New International Division of Labor

Specialization in labor based on income levels across countries.

Offshoring

Relocating manufacturing or back offices to lower operating costs.

OPEC

Intergovernmental organization managing oil production and pricing.

Outsourcing

Contracting work to external workers or companies.

Periphery Countries

Least-developed countries providing raw materials to core countries.

Post-Fordism

Production systems where machines replace human workers for speed and variety.

Post-Industrial Economy

An economy significantly less reliant on manufacturing jobs.

Primary Sector

Sector focused on extracting natural resources.

Quaternary Sector

Knowledge-based sector including research and consulting services.

Quinary Sector

Top decision-making level in government and business.

Rostow’s Stages of Economic Growth

A model outlining economic development as a linear progression.

Rust Belt

U.S. region affected by deindustrialization, around the Great Lakes.

Secondary Sector

Sector concerned with processing natural resources into goods.

Semi-Periphery Countries

Middle-income countries providing goods and services to the core.

Special Economic Zones

Areas with different business and trade laws than the rest of the country.

Sustainable Development

Development meeting current needs without compromising future generations.

Technopole

A hub for information-based industry and high-tech manufacturing.

Tertiary Sector

Sector providing information and services.

Trading Bloc

Groups of countries that agree to common trade regulations.

Transnational Corporations

Companies operating in multiple countries.

UN Sustainable Development Goals

17 goals proposed by the UN for sustainable development by 2030.

Vertical Integration

When a corporation merges with another involved in different production steps.

Weber’s Least Cost Theory

Theory predicting manufacturing location based on material and market locations.

Wallerstein’s World System Theory

Model suggesting countries are part of an interdependent global system.

World Trade Organization

International body regulating global trade for fair competition.