Unit 7 APHUG Vocab

agglomeration economies

Occur where firms cluster spatially in order to take advantage of geographic concentrations of skilled labor and industry suppliers

assembly line

A system of manufacturing in which parts and procedures are added one step at a time through a series of workstations until a finished product is assembled

break-of-bulk point

A location where cargo is transferred from one mode of transportation to another

commodity dependence

Occurs when commodities account for more than 60 percent of the value of a country's total exports

comparative advantage

A country's ability to produce one product much more efficiently than it can produce other products within its economy

Deindustrialization

The decline

Dependency Theory

The theory that the periphery is poor because it was economically dependent on the core in a disadvantageous relationship originally established under colonialism and imperialism

ecotourism

Travel to natural areas of ecological value in support of conservation efforts and socially just economic development

export processing zones (EPZ)

Industrial zone with special incentives to attract foreign investment to places where imported materials undergo processing or assembly before being re-exported

fordism

The economic and social arrangement based on the mass production of standardized goods

formal sector

The part of the economy that is officially recorded with the government

Free Trade Zone (FTZ)

Specially designated duty-free area that provides warehousing

GDP per capita

A country's GDP divided by its total population

Gender Empowerment Measure (GEM)

A measurement of gender equality that includes the proportion of seats held by women in national parliaments

Gender Inequality Index (GII)

A statistical measure of gender inequality that combines data on reproductive health

Gross Domestic Product (GDP)

The total value of all goods and services produced within a country over a specific period

Gross National Income (GNI)

The total income of a country's residents and businesses

Gross National Product (GNP)

The total value of all the goods and services made by a country's residents and businesses in a specific time period regardless of the country or location in which they were made

growth pole

Geographically pinpointed center of economic activity organized around a designated industry

Human Development Index (HDI)

A statistical measure of human achievement that combines data on life expectancy at birth

informal sector

The part of any economy that is not officially recorded

international division of labor

The situation in which the labor forces of different countries and world regions play complementary roles in an interdependent global economy

Just-in-time manufacturing (JIT)

The production of small batches of goods as needed by customer demand

Least-Cost Theory

Alfred Weber's theory that transportation costs and labor costs play a strong role in determining the location of manufacturing facilities

mercantilism

A theory of trade stating that each country strives to export more than it imports in order to accumulate wealth

microloan

A very small loan to poor people with little income or collateral intended to help them establish or expand a small business

multiplier effects

The creation of new business and jobs in other industries as the result of investment in a different industry

neoliberalism

A range of pro-market and anti-government positions on the economy

offshoring

The relocation of manufacturing and support services from one country to another

outsourcing

The transfer of part of a firm's internal operations to a third party

post-fordism

The shifts from manufacturing centers to spatially dispersed production sites

primary sector

Industries that extract natural resources from the environment

protectionism

Trade rules that restrict imports in order to protect domestic industries

purchasing power parity (PPP)

Measures how much a common "basket of goods" costs locally in the currency of each country being compared

quaternary sector

The portion of the economy dedicated to intellectual and informational services

quinary sector

The portion of the economy where the highest-level management decisions are made in the areas of business

secondary sector

Industries that process the raw materials extracted by primary industries

semi-periphery

Countries or regions whose economies have elements of both the core and the periphery

Special Economic Zone (SEZ)

Specific area within a country's borders where business and trade laws are different from those in the rest of the country

sustainable development

Development that meets present consumption needs without compromising the ability of future generations to meet their consumption needs

tertiary sector

Industries that provide services to businesses and consumers

world systems theory

Wallerstein's theory of economic development that regards world history as moving through a series of socioeconomic systems

World Trade Organization (WTO)

An international organization that regulates trade among 184 member states