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Asian Tigers
the high-growth economies of Hong Kong, Singapore, South Korea, and Taiwan. All four economies have been fueled by exports and rapid industrialization, and have achieved high levels of economic growth since the 1960s.
Austerity
Reducing government spending, often in an effort to reduce budget deficits or debt.
Backwash effect
occurs when other regions suffer a drain of resources and talent due to agglomeration in another region.
Basic industry
An industry of disproportionate economic importance and on whose existence other industries and employment sectors depend
Command economy
the central government dictates the level of production of goods and controls their distribution and prices.
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
complementarity
A measure of how well one country’s export profile matches another country’s import profile
Economic base
A community's collection of basic businesses.
Economic imperialism
the domination of newly independent countries by foreign business interests that causes colonial-style colonies to continue, such a monoculture.
Economic enterprise zone (or SEZ)
A designated area in which businesses receive tax breaks and other incentives to encourage economic development and investment. (AI generated, so may not be completely accurate)
Ecotourism
Travel to natural areas of ecological value in support of conservation efforts and socially just economic development
Export processing zones (EPZs)
Industrial zone with special incentives to attract foreign investment to places where imported materials undergo processing or assembly before being re-exported
Fordist production (Fordism)
The economic and social arrangement based on the mass production of standardized goods, high labor union membership rates, stable and full-time manufacturing employment, and high factory wages that enable mass consumption
Foreign direct investment (FDI)
(p. 372) Investment made by a foreign company in the economy of another country.
Greenhouse effect
The global warming trend caused by rising levels of carbon dioxide (CO2)
Growth poles (growth centers)
Geographically pinpointed center of economic activity organized around a designated industry, commonly in the high-tech sector
Intermodal connections
places where 2 or more modes of transportation meet (including air, road, rail, barge, and ship.)
International Monetary Fund (IMF)
International organization that seeks to foster global monetary cooperation, achieve financial stability, facilitate international trade, and promote sustainable economic growth
Investment capital
Wealthy technology pioneers wanted to start to develop technologies and more innovations which helped to lead to the rise of some industrial regions.
Just-in-time delivery
Shipment of parts and materials to arrive at a factory moments before they are needed.
Maquiladoras
A factory built by a U.S. company in Mexico near the U.S. border, to take advantage of the much lower labor costs in Mexico.
Neoliberalism
A range of pro-market and anti-government positions on the economy, such as reducing government ownership and regulation and promoting privatization and market-based solutions
New international division of labor
The spatial shift of manufacturing from developed countries to developing countries, including the global scaling of labor markets and industrial sites
Newly industrialized countries (NICs)
typically have rapidly growing economies. Places where consumer incomes and buying power are increasing because of economic expansion. This refers to a category of developing economies that are experiencing the fastest rates of growth in the global economy.
Non-basic industry
A business that sells products primarily to consumers in the same settlement.
Outsourcing
The transfer of part of a firm’s internal operations to a third party
post-Fordist
The shifts from manufacturing centers to spatially dispersed production sites, from standardized mass production to specialized batch production, and from a permanent workforce to temporary and contract workers
Postindustrial economy
a period of growth within an industrialized economy or nation in which the relative importance of manufacturing reduces and that of services, information, and research grows
Potential reserve
The amount of a resource in deposits not yet identified but thought to exist.
Proven reserve
The amount of a resource remaining in discovered deposit
Productivity
The value of a particular product compared to the amount of labor needed to make it.
Special economic zones (SEZS)
Specific area within a country’s borders where business and trade laws are different from those in the rest of the country
Structural adjustment program
Economic policies imposed on less developed countries by international agencies to create conditions that encourage international trade.
Substitution principle
In industry, the tendency to substitute one factor of production for another in order to achieve optimum plant location.
Supply chain
a system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer. Supply chain activities transform natural resources, raw materials and components into a finished product that is delivered to the end customer.
Sustainable Development Goals
Seventeen goals adopted by the U.N. in 2015 to reduce disparities between developed and developing countries by 2030.
Tariffs
Tax on imported goods and services
Technopoles
an area planned for high technology (usually by government through incentives, near universities where R&D occurs) where agglomeration built on a synergy among technological companies occurs.
Trade deficit
a country is importing more goods and services than it is exporting; a trade surplus means the opposite
Trade surplus
the amount by which the value of a country's exports exceeds the cost of its imports.
Trading blocs
A group of neighboring countries that promote trade with each other and erect barriers to limit trade with other blocs.
Vertical integration
An approach typical of traditional mass production in which a company controls all phases of a highly complex production process.
World Bank
An international financial organization that provides funding and expertise to promote sustainable economic growth in developing countries
World Trade Organization (WTO)
An international organization that regulates trade among 184 member states, providing a framework for negotiating trade agreements and resolving trade disputes
