Studied by 12 peopleUN Sustainable Development Goals (SDGs)
17 goals, examples: no poverty, zero hunger, good health and well being, quality education
Just-in-time delivery
Shipment of parts and materials to arrive at a factory moments before they are needed
economies of scale
the property whereby long-run average total cost falls as the quantity of output increases
Multiplier Effect
the additional shifts in aggregate demand that result when expansionary fiscal policy increases income and thereby increases consumer spending
Post-Fordist Production
World economic system characterized by a more flexible set of production practices in which goods are not mass produced; instead, production has been accelerated and dispersed around the globe by multinational companies that shift production, outsourcing it around the world and bringing places closer together in time and space than would have been imaginable at the beginning of the 20th century
Export-Processing Zones (EPZs)
Small areas of a country with exceptional investment and trading conditions that are created by its government to stimulate and attract foreign investors and business
Special Economic Zones (SEZs)
specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign business and investment
primary sector
portion of a country's economy employed in extracting natural resources
secondary sector
portion of a country's economy employed in processing natural resources
tertiary sector
the service sector; consists of providing services to people and businesses
quaternary sector
the knowledge-based sector that includes research and development, business consulting, financial services, education, public administration, and software development
quinary sector
highest levels of decision-making and includes the top officials the top officials in various levels of government and business
Alfred Weber/Least Cost Theory
explains the key decisions made by businesses about where to locate factories; attempts to predict the location of a manufacturing site relative to the location of the resources needed to produce the product and where the final product will be sold (market)
agglomeration
the spatial grouping of businesses in order to share costs, as when several factories share the cost of building an access road to connect with a public highway
outsourcing
contracting work out to noncompany employees or other countries
maquiladoras
a type of export processing zone (physical spaces within a country where special regulations benefit foreign-controlled business) located specifically in Mexico
Gross National Income (GNI)
the dollar value of a country's final income in a year, divided by its population; it reflects the average income of a country's citizens
Gender Inequality Index (GII)
a composite index for measurement of gender disparity, which affects a country's development
Walt W. Rostow/Stages of Economic Development
postulates that economic growth occurs in five basic stages, of varying length
Immanuel Wallerstein/World Systems Theory (Core-Periphery Model)
a dependency model that postulates that countries do not exist in isolation but are apart of an intertwined world system in which all countries are dependent on each other; three types of countries, core, semi-periphery, and periphery
Commodity Dependency
Heavy reliance on export of primary commodities
ecotourism
tourism that attempts to protect local ecosystems and to educate visitors about them
free trade zones (FTZs)
tax-free area where goods can be landed and 'value added', through handling and manufacturing, and re-exported without the intervention of customs
growth poles
the concentration of high-value economic development attracts even more economic development; example - Silicon Valley
deindustrialization
process by which companies move industrial jobs to other regions with cheaper labor, leaving the newly deindustralized region to switch to a service economy and to work through a period of high unemployment
indicators of development
sectoral structure of the economy, literacy rates, birth and death rates, access to healthcare, infant mortality rates, gender equality, gross national income, etc.
comparative advantage
a situation in which a country, individual, company, or region can produce a good at a lower opportunity cost than a competitor
complementarity
the degree to which one place can supply something that another place demands
microlending
The practice of loaning small amounts of money to help people in less developed countries start small businesses.
Dependency Theory
a model of economic and social development that explains global inequality in terms of the historical exploitation of poor nations by rich ones
Microloans
Small-business loans often used to buy equipment or operate a business
Gross National Product (GNP)
The total value of all goods and services produced by a country's economy in a given year. It includes all goods and services produced by corporations and individuals of a country, whether or not they are located within the country.
Gross Domestic Product (GDP)
The total output of all economic activity in the nation, including goods and services.
Break-of-bulk point
A location along a transport route where goods must be transferred from one carrier to another. In a port, the cargoes of oceangoing ships are unloaded and put on trains, trucks, or perhaps smaller riverboats for inland distribution.
Bulk-gaining industry
An industry in which the final product weighs more or comprises a greater volume than the inputs.
Bulk-reducing industry
An industry in which the final product weighs less or comprises a lower volume than the inputs.
cottage industry
Manufacturing based in homes rather than in a factory, commonly found before the Industrial Revolution.
Dual economy
Arises when there are two different and opposing sets of circumstances that exist simultaneously, often found in economically less developed countries. For example: Higher class living with lower class.
Economic Sectors
primary (taking raw materials from earth - agriculture, mining), secondary (manufacturing - textile or auto industries), tertiary (providing goods or services)
Gender Development Index
A measure, published by the UN, of the economic equality of men and women
Fordism
the manufacturing economy and system derived from assembly-line mass production and the mass consumption of standardized goods. Named after Henry Ford.
Formal sector of the economy
The legal economy that is taxed and monitored by a government and is included in a government's Gross National Product
international division of labor
the specialization, by countries, in particular products for export.
labor-market participation
The supply of available workers in relation to available work.
Neoliberalism
A strategy for economic development that calls for free markets, balanced budgets, privatization, free trade, and minimal government intervention in the economy.
postindustrial economy
a productive system based on service work and high technology
raw materials
the basic material from which a product is made.
women's empowerment
The increased autonomy of women to make choices and shape their lives
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