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Unit 7

TermDefinition
Factors of Production Land,Labor,Capital, Entrepreneurship
Commodities Something or someone that is useful or valued
Market Area Geographic zone containing the people who are likely to purchase a firm's goods or services.
Transnational Corporation Research, factories, and market found in multiple countries
Sustainability A method of harvesting or using a resource so that it is not depleted.
Bulk-Gaining The finished product weighs more than the raw materials (bottling and automobiles)
Bulk-Reducing Items The raw materials weigh more than the finished product (copper and potato chips)
Economic Interdependence Condition in which people or groups rely on each other, rather than relying on themselves
NAFTA Allows for free trade between Canada, United States, and Mexico
Hub and Spoke System Distribution pattern in which all distributors move out from the center
Land Natural Resources
Labor Workers
Capital Money used for investments
Entrepreneurship New ideas and innovations
Created by: HCSWorldGeo