Unit 7 Quiz 2 AP HuG

Anthropocentric Human Centered; in sustainable development, this refers to ideas that focus solely on the needs of people without considering the creatures with whom we share the planet or the ecosystems upon which we depend.

Agglomeration Grouping together of many firms from the same industry in a single area for collective or cooperative use of infrastructure and sharing of labor resources

Brick-and-mortar business Traditional businesses with actual stores in which trade or retail sales occur; it does not exist solely on the Internet

Conglomerate corporation A firm that is comprised of many smaller firms that serve different functions

Commodity Theory deals with the psychological effects of scarcity. According to the theory, scarcity enhances the value (or desirability) of anything that can be possessed, is useful to its possessor, and is transferable from one person to another.

Comparative advantage the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers.

Complementary advantage/good is a good whose use is related to the use of an associated or paired good. Outsourcing.

Commodity chains is a process used by firms to gather resources, transform them into goods or commodities, and finally, distribute them to consumers.

Deindustrialization Loss of industrial activity in a region.

Deglomeration the dispersal of an industry that formerly existed in an established agglomeration.

E-commerce Web (Internet) based economic activities

Ecotourism a form of tourism based on the enjoyment of scenic areas or natural wonders that aims to provide an experience of nature or culture in an environmentally sustainable way.

Footloose firms Manufacturing activities in which the cost of transporting both raw materials and finished product is not important for determining the location of the firm.

Growth poles economic development, or growth, is not uniform over an entire region, but instead takes place around a specific pole.

Industrial Revolution The rapid economic and social changes in manufacturing that resulted after the introduction of the factory system to the textile industry in England at the end of the 1700s.

Industrialization the process of industrial development in which countries evolve economically from producing basic, primary goods to using modern factories for mass-producing goods. At the highest levels of development, national economies are geared mainly toward the delivery of services and the exchange of information.

Just in-time delivery Method of inventory management made possible by efficient transportation and communication system, whereby companies keep on hand just what they need for near-term production, planning that what they need for longer-term production will arrive when needed.

Least-cost Theory A concept developed by Alfred Weber to describe the optimal location of a manufacturing establishment in relation to the costs of transport and labor and the relative advantages of agglomeration or deglomeration

Offshore financial center Areas that have been specially designed to promote business transactions and thus have become centers for banking and finance.

Post-Industrial Economy An economy that de-emphasizes industry, preferring services instead.

Sustainable development the idea that people living today should be able to meet their needs without prohibiting the ability of future generations to do the same

High Technology Industries (Technopole) areas devoted to research, development, and sale of high technology products; the networking and synergistic advantages of concentrating in these areas (with good universities and infrastructure) facilitate modern technological innovation (e.g., Silicon Valley, Boston).

Brownfield sites of abandoned factories-deteriorating buildings surrounded by weeds, marked by broken or boarded-up windows, and rusting metal.

Cottage Industry small home-based businesses that made goods

Maquiladora The name for Special manufacturing zones in Mexico

Right-to-work State a US state that has passed legislation prohibiting employers from requiring employees to join a labor union as a condition of employment

Break-of-Bulk Point *the procedure of transferring cargo from one mode of transportation to another.

Fordist/fordism the system of mass production that utilizes the assembly line

New International Division of Labor a changed system of employment in the various economic sectors throughout the world created by globalization

Site Factors the physical characteristics of a place itself, including its landforms, climate, vegetation, water availability, soil quality, and natural resources, which directly influence human settlement and activity at that specific location

Bulk-Gaining Industry An industry in which the final product weighs more or comprises a greater volume than the inputs. Factories are usually located close to the market Industrial Revolution a changed system of employment in the various economic sectors throughout the world

Outsourcing contracting work to noncompany employees or other companies.

Situation Factors the characteristics of a place's surrounding area, particularly in relation to transportation routes, accessibility to other settlements, and the availability of resources, which significantly impact its development and economic viability

Bulk-Reducing Industry An industry in which the final product weighs less than the inputs.

Labor-Intensive Industry an industry where a large portion of the production cost is attributed to the cost of human labor, meaning it requires a significant number of workers to operate

Post Fordist Production a shift from standardized mass production to more flexible, adaptable production methods.

Textiles woven or knitted fabrics made from natural or synthetic fibers

Formal Sector the portion of the economy that is monitored by government, so people in it follow regulations and pay taxes.

Informal Sector the portion of the economy that is not monitored by government.

Front Office To signal its prominence and wealth, a corporation might want to locate its main office for its top executives on the expensive upper floors of a skyscraper in a large city.

Back Offices when the company decides to locate the rest of its employees in less expensive office spaces

Manufacturing Region A region in which manufacturing activities have clustered together