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Unit 7 Vocab Part 3
7.7, 7.8
| Question | Answer |
|---|---|
| Deindustrialization | Post-industrial economies (like the US) no longer employ large numbers in factories. These economies have shifted to services and information processing. |
| Interdependence | When countries are dependent on one another in some way. Mutual interdependence at a global level increases as countries increasingly depend on one another for economic survival. |
| Outsourcing | Contracting work out to non-company employees of other companies. Usually because the other company can make/produce/complete the work more efficiently/cheaply. |
| Offshoring | When companies move their operations - their ‘back offices’ - to countries where the costs of doing business are lower. |
| Special Economic Zones | A specific area within a country in which tax and investment incentives are implemented to attract foreign (and domestic) businesses and investment. |
| Free Trade Zones | Special zones in which all trade barriers between countries are eliminated, goods may be landed, handled, manufactured or reconfigured, and reexported without the intervention of the customs authorities. |
| Export Processing Zones (EPZ) | Industrial areas (focused on exports) where the government creates specialized policies and desirable investment and or manufacturing conditions to attract businesses. |
| International Division of Labor | A system of employment in the various economic sectors spread throughout the world. Example: MDCs focus on tertiary jobs, less developed countries focus on primary and secondary sector jobs. |
| Fordist Production | Traditional assembly line, credited to Henry Ford. |
| Post Fordist Production | A more flexible set of production practices in which the components of goods are made in different places around the globe and then brought together is needed to meet market demand. |
| Multiplier Effect | The economic effect in which a change creates a larger change, such as when a new manufacturing plant grows the economy by giving rise to more related jobs and services. Argument in support of offshoring, saying people in periphery countries will benefit. |
| Just-in-time Delivery | A system in which goods are delivered as needed so that companies keep in inventory only what is needed for near-term production. Modern computerized logistics systems facilitate this. |
| Growth Poles | A place of concentrated high-value economic development which attracts even more economic development. Each new business strengthens the pull of the ‘magnet’. |
| NGOs | Non-Governmental Organization, a voluntary group or institution with a social mission, which operates independently from the government. |
| Ecotourism | Travel to natural, often threatened, areas in ways that protect the environment and sustain the well-being of local inhabitants. Intended to support conservation efforts and observe wildlife. Meant to help countries on the periphery and semi-periphery. |
| UN’s Sustainable Development Goals | 17 goals set by the UN, intended to reduce inequalities among countries in the core, periphery, and semi-periphery and to achieve a more sustainable future for all. Address poverty, inequality, climate, environmental degradation, prosperity, and justice. |
Created by:
MelanieLeavitt
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