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Containerization
The use of standardized containers for transporting goods, facilitating global trade.
Cottage industries
Small-scale, home-based manufacturing businesses that produce goods using traditional methods.
Economies of scale
Cost advantages gained by an increased level of production.
Spillover effect
The impact of an economic activity in one area that affects other areas.
First mover advantage
The competitive edge gained by the first company to enter a market.
Secondary hearth
A region or area where a cultural trait or innovation spreads after its initial diffusion.
Fordist
An industrial system characterized by mass production and assembly line work.
Vertical integration
A company's strategy of owning several stages of production or distribution.
Friction of distance
The increase in time and cost that typically comes with increasing distance.
Distance decay
The principle that as distance increases, the interaction between two places decreases.
Location theory
The study of geographical location of economic activities.
Least cost theory
A theory that explains the optimal location of a manufacturing firm based on minimization of costs.
Agglomeration
The clustering of businesses in a specific area to reduce costs and share resources.
Flexible production
A production process that allows for variations in the production process to meet consumer demand.
Commodification
The process of turning goods and services into commodities to be bought and sold.
Product life cycle
The stages a product goes through from introduction to decline.
Global division of labor
The international allocation of labor for the production of goods and services.
Time-space compression
The idea that advances in transportation and communication lessen the effects of distance.
Just in time delivery
An inventory strategy to increase efficiency by receiving goods only as they are needed.
Commodity chain
The series of processes from the production to the consumption of a commodity.
Outsourcing
The practice of having certain job functions done outside a company instead of having an in-house department.
Intermodal connections
The ability to connect different modes of transportation to improve efficiency.
Deindustrialization
The decline of industrial activity in a region or economy.
Break of bulk point
A location where goods are transferred from one mode of transportation to another.
Growth pole
An area where economic growth is concentrated and leads to further growth.
Technopole
A region with a high concentration of technology-based industry.
High technology corridor
A geographical area that supports technology and innovation industries.
Rust belt
A region in the northeastern United States known for declining industries and manufacturing.
Sun belt
A region in the southern United States known for its warm climate and economic growth.
Containerization
A system of intermodal freight transport using standardized containers for efficient transfer across transportation modes.
Cottage Industries
Small-scale, decentralized manufacturing businesses often operated from home.
Economies of Scale
Cost advantages gained through increased production, leading to lower costs per unit.
Spillover Effect
An economic effect that occurs when an event in one context causes effects in another context.
First Mover Advantage
The competitive edge gained by being the first to enter a market.
Secondary Hearth
An area where a particular cultural trait develops after its origin and spreads to other areas.
Fordist
A production system characterized by mass production and consumption, named after Henry Ford.
Vertical Integration
A business strategy where a company controls multiple stages of production or supply chain.
Friction of Distance
The impact of distance on interaction, leading to a decrease in communication or transactions as distance increases.
Distance Decay
The diminishing importance and likelihood of interaction with distance.
Location Theory
A theory that analyzes the geographical location of economic activity.
Least Cost Theory
A concept in economic geography that seeks to identify the optimal location for manufacturing based on cost factors.
Agglomeration
The concentration of industries or businesses in a specific area to benefit from shared resources.
Flexible Production
A system of manufacturing that can be easily adjusted to produce different products.
Commodification
The transformation of goods, services, or ideas into commodities for sale.
Product Life Cycle
The stages a product goes through from introduction to growth, maturity, and decline.
Global Division of Labor
The international allocation of different production processes to different countries.
Time-Space Compression
The phenomenon by which the relative distance between places shrinks as technology and communication advances.
Just-in-Time Delivery
An inventory management strategy that aligns raw-material orders from suppliers directly with production schedules.
Commodity Chain
The series of processes that a product goes through from the beginning stage to finished product.
Outsourcing
The practice of obtaining goods or services from an external supplier.
Intermodal Connections
Linkages between different modes of transportation, facilitating the movement of goods.
Deindustrialization
The decline in industrial activity in a region or economy.
Break of Bulk Point
A location where cargo is transferred from one mode of transportation to another.
Growth Pole
A point where economic development, growth, or innovation is concentrated.
Techopole
A concentration of high-tech companies, often associated with research and innovation.
High Technology Corridor
A region that supports a high level of technological industry development.
Rust Belt
An area in the Northeastern United States characterized by declining industry and population.
Sun Belt
A region in the Southern United States known for its warm climate and growing economy.
Cottage Industries vs. Factory Production
Cottage industries involve small-scale, home-based production, while factory production is large-scale and centralized.
Just-in-Time vs. Traditional Inventory
Just-in-time focuses on reducing inventory costs and increasing efficiency, while traditional inventory maintains larger stock levels.
Vertical Integration vs. Outsourcing
Vertical integration consolidates supply chain control, while outsourcing transfers production to
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