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hgap unit 7
| Term | Definition |
|---|---|
| Industry | The production of goods or the provision of services for the satisfaction of human wants. |
| Raw materials | The basic materials from which a product is made. |
| Market | A place where goods or services are bought and sold. |
| Cottage industry | Small-scale industry carried on at home by family members using their own equipment. |
| Industrial revolution | A period of rapid industrial development characterized by the introduction of machinery and the mass production of goods. |
| Industrial belt | A region with a high concentration of industrial activity. |
| Deindustrialize | The decline in industrial activity in a region or country. |
| Rust belt | A region in the northeastern United States characterized by declining industry and urban decay. |
| Primary sector | The sector of the economy that extracts raw materials from the earth. |
| Secondary sector | The sector of the economy that processes raw materials into finished goods. |
| Tertiary sector | The sector of the economy that provides services rather than producing goods. |
| Quaternary sector | The sector of the economy that involves intellectual activities such as research and development. |
| Quinary sector | The sector of the economy that involves high-level decision making and management. |
| Multiplier effect | The phenomenon whereby an initial change in spending leads to a chain reaction of further changes in spending. |
| Least cost theory | A theory that explains the location of industries based on minimizing transportation and production costs. |
| Agglomeration economy | The benefits that firms gain by locating near each other in clusters or agglomerations. |
| Locational triangle | A conceptual model used to explain the location of industry based on three factors |
| Bulk reducing industries | Industries that produce goods that are smaller in volume and weight after processing. |
| Bulk gaining industries | Industries that produce goods that are larger in volume and weight after processing. |
| Labor-oriented industries | Industries that rely heavily on labor rather than capital for production. |
| Break of bulk | The location where goods are transferred from one mode of transportation to another. |
| Containerization | The process of transporting goods in standardized containers. |
| Intermodal | Relating to or involving two or more different modes of transportation. |
| Footloose | Industries that are not tied to a specific location and can easily relocate. |
| Front offices | The parts of a business that interact directly with customers. |
| Back offices | The parts of a business that handle administrative and support functions. |
| Gross national product | The total value of goods and services produced by a country's residents, regardless of where they are located. |
| Gross national income | The total income earned by a country's residents, including income from abroad. |
| Gross domestic product | The total value of goods and services produced within a country's borders in a given period of time. |
| Remittances | Money sent by migrants to their home country. |
| Per capita | Per person. |
| Purchasing power parity | A measure of the relative value of currencies based on the cost of a basket of goods and services. |
| Formal sector | The part of the economy that is regulated and taxed by the government. |
| Informal sector | The part of the economy that operates outside of government regulation and taxation. |
| Gini coefficient | A measure of income inequality within a population. |
| Life expectancy | The average number of years a person is expected to live. |
| Literacy rate | The percentage of people in a population who can read and write. |
| Gender gap | The difference in opportunities, status, and attitudes between men and women. |
| Gender inequality index | A measure of gender disparities in a country's health, education, and income. |
| Human development index | A composite index that measures a country's level of development based on health, education, and income indicators. |
| Nongovernmental organizations | Organizations that are not part of the government and work on humanitarian or social issues. |
| Microcredit | Small loans given to individuals, typically in developing countries, to help them start or expand a small business. |
| Stages of Economic Growth model | A theory that explains the process of economic development in stages, typically including traditional society, preconditions for takeoff, takeoff, drive to maturity, and age of high mass consumption. |
| World Systems Theory (Core-Periphery model) | A theory that divides the world into core, semi-peripheral, and peripheral regions, with the core benefiting from the exploitation of the periphery. |
| Dependency model | A theory that suggests that underdeveloped countries are dependent on developed countries for economic growth and development, often due to historical colonial relationships. |
| Non-governmental organization (NGO) | An organization that operates independently from government control and typically works on humanitarian, environmental, or social issues. |
| Commodities | Raw materials or primary agricultural products that can be bought and sold, such as coffee, oil, or wheat. |
| Commodity dependence | A situation where a country's economy heavily relies on the export of one or a few primary commodities. |
| Trade | The exchange of goods and services between countries or regions. |
| Barter | The exchange of goods or services for other goods or services without the use of money. |
| Comparative advantage | The ability of a country or region to produce goods or services at a lower opportunity cost than other countries or regions. |
| Complementarity | The degree to which two regions can satisfy each other's demands through trade by specializing in the production of different goods or services. |
| Free trade | The exchange of goods and services between countries without tariffs, quotas, or other restrictions. |
| Neoliberalism | A political and economic ideology that advocates for free-market capitalism, deregulation, and reduced government intervention in the economy. |
| Trading blocs | Groups of countries that form agreements to promote trade and economic cooperation among themselves, often by reducing trade barriers within the bloc. |
| Mercosur | The Southern Common Market, a trading bloc in South America that aims to promote economic integration among its member countries. |
| World Trade Organization (WTO) | An international organization that regulates international trade and resolves disputes between member countries. |
| International Monetary Fund (IMF) | An international financial institution that provides loans and financial assistance to countries experiencing economic difficulties. |
| Outsourcing | The practice of contracting work to an external third-party provider, often in another country, to reduce costs or access specialized skills. |
| Offshoring | The relocation of business activities or services to a foreign country, typically to take advantage of lower labor costs. |
| Reshoring | The reversal of offshoring, where businesses bring back previously outsourced activities or services to their home country. |
| New international division of labor | The global distribution of labor, where different stages of production are located in different countries to take advantage of comparative advantages and cost efficiencies. |
| Basic economic activity | Economic activities that produce goods or services primarily for local consumption. |
| Non-basic economic activity | Economic activities that produce goods or services primarily for export or outside the local economy. |
| Transnational corporations (TNCs) | Companies that operate in multiple countries and may have production facilities, offices, and subsidiaries around the world. |
| Multinational corporations (MNCs) | Companies that operate in multiple countries but may not have the same level of integration across borders as TNCs. |
| Export processing zones (EPZs) | Special economic zones where companies are given tax incentives and other benefits to encourage export-oriented production. |
| Special economic zones (SEZs) | Designated areas within a country that have special economic regulations and incentives to attract foreign investment and promote economic development. |
| Maquiladoras | Manufacturing plants, typically located in Mexico, that operate under preferential tariff arrangements, often assembling goods for export to the United States. |
| Free-trade zones (FTZs) | Areas within a country where goods can be imported, stored, and re-exported without being subject to customs duties. |
| Postindustrial economy | An economy characterized by a shift away from manufacturing and towards services, information technology, and knowledge-based industries. |
| Assembly line | A production process where a product is assembled sequentially along a line of workers, each performing a specific task. |
| Fordism | A system of mass production pioneered by Henry Ford, characterized by standardized products, assembly line production, and high wages for workers. |
| Substitution principle | The practice of replacing labor with capital or technology to increase efficiency and reduce costs. |
| Post-Fordist | A system of production characterized by flexible production methods, decentralized decision-making, and just-in-time delivery. |
| Just-in-time delivery | A production strategy where materials and components are delivered to the production line exactly when they are needed, minimizing inventory costs. |
| Locational interdependence | The idea that the location of one firm is influenced by the locations of other firms in the same industry. |
| Agglomeration economies | The benefits that firms gain from locating near each other in clusters or agglomerations. |
| Technopoles | Centers of high-technology manufacturing and information-based industry. |
| Growth poles (growth centers) | Regions or cities that serve as centers of economic growth and development, attracting investment and stimulating development in surrounding areas. |
| Spin-off benefits (spread effects) | Positive economic effects that result from the growth of an industry or activity, such as increased employment and investment in related sectors. |
| Backwash effects | Negative economic effects that result from the growth of an industry or activity, such as resource depletion and environmental degradation. |
| Brownfields | Abandoned or underutilized industrial or commercial sites that may be contaminated with hazardous substances. |
| Corporate parks (business parks) | Planned developments containing a cluster of office buildings, research facilities, and other amenities designed to attract businesses. |
| Sustainability | Meeting the needs of the present without compromising the ability of future generations to meet their own needs. |
| Sustainable development | Development that meets the needs of the present without compromising the ability of future generations to meet their own needs. |
| Ecological footprint | The amount of land and resources required to sustainably support a particular lifestyle or level of consumption. |
| Ecotourism | Tourism that promotes the conservation of natural environments and the well-being of local communities. |
| Sustainable Development Goals | A set of 17 global goals adopted by the United Nations to address poverty, inequality, environmental degradation, and other development challenges by 2030. |
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