Untitled Flashcards Set

1. Agglomeration- Concentration of industries and firms in a particular geographic area, including cost savings, knowledge spillovers, and access to specialized labor.

2. Assembly Line-A manufacturing process in which a product is assembled sequentially as it moves along a conveyor belt or production line.

3. Backwash Effects-Negative economic effects are experienced by regions or industries because of the growth or development of other regions or industries.

4. Barter- The exchange of goods or services directly for other goods or services without using money.

5. Commodity Dependence-The reliance of a country or region on the export of commodities for economic growth and revenue

6. Comparative Advantage-  theory says regions should specialize in producing goods or services with the lowest opportunity cost relative to other producers.

7. Dependency Model- theory explains the underdevelopment of certain regions due to historical economic relationships that exploit and marginalize them.

8. Ecotourism- Tourism that focuses on visiting natural areas and promoting conservation, environmental education, and sustainable development.

9. Export Processing Zones (EPZ)-Designated areas within a country where favorable conditions encourage export-oriented manufacturing and foreign investment.

10. Fordism-A system of mass production and consumption characterized by standardized products, assembly-line manufacturing, and relatively high wages for workers

11. Formal Sector-The part of the economy that operates within the legal framework, including registered businesses, wage employment, and government-regulated activities  

12. Free Trade zones-Areas within a country where goods can be imported, stored, and processed without being subject to customs duties or other trade barriers.

13. Gross Domestic Product (GDP)-The total value of all goods and services produced within a country's borders over a specific period.

14. Gross National Income (GNI)-The total income earned by a country's residents, including domestic and foreign sources, minus any income earned by foreign residents 

15. Gross National Product (GNP)-The total value of all goods and services a country's residents produce, including income earned abroad.

16. Growth poles (Growth centers)- Regions or urban areas that serve as focal points for economic development and investment, often leading to the expansion of surrounding areas.

17. Human Development Index (HDI) -is a country's development measure based on life expectancy, education, and income indicators.

18. Industrial Belt- A region with concentrated industrial activity, often marked by interconnected cities and towns.

19. Informal Sector- The part of the economy operating outside formal regulations, including unregistered businesses, self-employment, and casual labor.

20. Just-in-time delivery- production that aims to minimize inventory costs by delivering parts or materials to the production line exactly when needed.

21. Literacy Rate- The percentage of people within a population who can read and write at a specified age or grade level.

22. Maquiladoras- Manufacturing plants, primarily located in Mexico, that import raw materials duty-free for assembly or processing and export the finished products.

23. Neoliberalism-  advocates for free-market principles, deregulation, privatization, and limited government intervention in the economy.

24. Offshoring- Relocating business activities or processes to another country, often to take advantage of lower labor costs or regulatory environments.

25. Outsourcing- contracting out business functions or processes to external service providers, often in other countries, to reduce costs or access specialized expertise.

26. Primary Sector- The economy sector is concerned with extracting raw materials from the natural environment, such as agriculture, mining, and fishing.

27. Post-Fordist-production methods characterized by flexible production, just-in-time manufacturing, and increased reliance on information technology.

28. Quaternary Sector- The economy sector focuses on knowledge-based activities, including research and development, information technology, and professional services.

29. Rust Belt- Region is characterized by the decline of traditional manufacturing industries, often marked by abandoned factories and economic distress.

30. Substitution Principle-The practice of replacing human labor with technology or machinery to increase efficiency and reduce costs in production processes.

31. Sustainable Development-meets the needs of the present without compromising the ability of future generations to meet their own needs, integrating economic, social, and environmental goals.

32. Technopoles-Regions or urban areas characterized by a concentration of high-technology industries, research institutions, and skilled labor.

33. Tertiary Sector- The economy sector provides retail, healthcare, education, and finance services.

34. Trade-International agreements and regulations often facilitate the exchange of goods and services between countries or regions.

Trading Bloc- Groups of countries form agreements to promote trade and economic cooperation, often by reducing tariffs and trade barriers.