AP HUG Vocab Unit 7.3-7.8

Agglomeration

a localized economy in which a large number of companies or industries cluster together to genefit from cost reductions

Break of bulk point

Where a good that is manufactured becomes assembled and transported

Brick and mortar

traditional business with actual stores where trade/retail occurs

Bulk gaining

an industry in which the final product weights more than the input

bulk reducing

an industry in which the output weights less than input

christaller’s Central place theory

a market center for the exchange of goods and services by people attracted from the surrounding area, because of maximal accessibility. Central places compete with each other to serve as markets for goods/services

commodity dependance

economy relies on the export of primary commodities ( 60% or more) for earnings and economic growtth

comparative advantage

the ability to produce something at a lower cost than others

complementarity

a country has a good or service that another country desires

complementary advantage

two regions satisfy each other’s needs through trade

dependency theory

richer countries rely on periphery/semi-periphery and wouldn’t be rich without their resources

economies of scale

the savings in cost with the increasing level of production like buying cotton fields for cotton revenue

ecotourism

sustainable tourism

export processing zone

in developing regions, with an incentive for ifis for business

fordism

form of mass production with workers assisting repetitive tasks

formal economy

the legal economy that’s regulated by the government

free trade agreements

two or more countries agree on certain obligations that affect trade in order to protect the businesses and investors of the country/countries

free trade zones

goods can me imported without tariffs

foot loose industry

industry that can be able to be anywhere or located wherever it wants

gravity model

the potential use of a service at a particular location is related to the number of people and how much those people have to travel in order to interact with the srvice

growth poles

area of country where specific industries bring employees and cause economic growth with the industry as well as the housing market and local economy

informal economy

economic activities not regulated by government

just in time delivery

parts delivered as the product is being made

least cost theory

predicting the location of manufacturing industries based on transportation, labor, and agglomeration

maquiladora

american complies conduct manufacturing

multiplier effect

the expansion of an area’s economic base as a result of basic/non-basic industries located there

outsourcing

some responsibility in an corporation is given to outside companies and/or their employees

post-fordism

flexible production practices with different goods around the world that meets market demands with the time-space compression theory

post industrial economy

low primary and secondary employment but high tertiary employment

range

maximum distance people are willing to go for a product/service

special economic zones

trax and investment incentives implemented to attract foreign business

threshold

minimum number of people for a service

UN SDGS

un’s global goals