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Chapter 11 Vocab
Term | Definition |
---|---|
industrial revolution | A series of improvements in industrial technology that transformed the process of manufacturing goods |
cottage industry | A traditional type of manufacturing in the pre-industrial revolution era, practiced on a small scale in individual households as a part-time occupation and designed to produce handmade goods for local consumption. |
situation factors | Location factors related to the transportation of materials into and from a factory. |
site factors | The physical attributes of a location- its terrain, its soil, vegetation, and water sources |
bulk reducing industry | An industry in which final product weighs less or compromises a greater value than the inputs |
bulk gaining industry | An industry in which the final product weighs more or compromises a greater volume than the inputs |
single market manufacturers | changes in literacy, mortality rates, standards of livings, access to good health care, population growth rates - usual accommonied by economic development. |
break of bulk point | A location where transfer is possible from one mode of transportation to another . |
labor intensive industry | An industry for which labor costs comprise a high percentage of total expenses. |
capital | wealth in the form of money or other assets owned by a person or organization |
textiles | a type of cloth or woven fabric |
right to work law | Laws preventing a union and a company from negotiating a contract that requires workers to join a union as a condition of employment. |
new international division of labor | Transfer of some types of jobs, especially those requiring low-paid less skilled workers, from more developed to less developed countries. |
outsourcing | The physical separation of some economic activities from the main production facility, usually for the purpose of employing cheaper labor. |
vertical integration | the combination in one company of two or more stages of production normally operated by separate companies. |
maquiladoras | Factories built by US companies in Mexico near the US border to take advantage of much lower labor costs in Mexico. |
BRICS | An acronym for the combined economies of Brazil, Russia, India, China and South Africa. speculates that by 2050 these four economies will be the most dominant |
fordist | manufacturing process broken down into differentiated components, with different groups of people performing different tasks to complete the product. |
post fordist | World economic system characterized by a more flexible set of production practices in which goods are not mass produced |
just in time delivery | An inventory strategy companies employ to increase efficiency and decrease waste by receiving goods only as they are needed in the production process |
export processing zone | Customs area where one is allowed to import plant, machinery, equipment and material for the manufacture of export goods under security, without payment of duty |