Untitled

Locational Criteria

Criteria and factors that influence where people and businesses settle.

Spillover effect

Unintended consequences of economic activities, typically affecting dependent states.

Hinterland

Area surrounding a major city that they rely on for resources and services.

Connectivity

The way different people, places, and ideas connect and interact.

First Mover Advantage

Competitive advantage gained by being the first to introduce a product or service to a market.

Fordist

System of mass production using non-specialized assembly lines and fair wages.

Vertical integration

Business strategy where a company owns multiple stages of production or distribution in the same industry.

Technopole

Agglomeration of technological businesses or a specialized area for technological advancement and innovation.

Location theory

Explains that the best location for an industry minimizes costs, mainly transportation and labor costs.

Agglomeration

Clustering of businesses and industries in a particular area to increase efficiency and decrease costs.

Flexible production

Production system emphasizing adaptability and customization to meet market demands.

Product life cycle

Stages a product goes through after its introduction, including introduction, growth, and decline.

Global division of labor

Geographic allocation of different economic activities and tasks across the world.

Spatial fix

Movement of production from one site to another based on advantages of the new site.

Commodity Chain

Linked system of processes that transforms raw materials to final products for sale in the market.

Outsourcing

A company reaching out to external parties to complete tasks or services previously done in-house.

Intermodal connections

Locations where two or more modes of transportation meet.

Deindustrialization

Decline or removal of industrial activity and manufacturing in a region, leading to a service-based economy.

Break-of-Bulk Point

Location where goods are transferred from one form of transportation to another.

Rust Belt/Sun Belt

Regions that experienced deindustrialization; Sun Belt recovered due to service industries.

High-technology corridor

Area near major transportation dedicated to the development and sale of high-technology products.

Growth Pole

Area with the potential for significant economic growth.