key terms
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| Agglomeration diseconomies | the negative economic effects of urbanization & the local concentration of industry.
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| Agglomeration effects |
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| Ancillary activities |
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| Autarky | insignificant contributions to the flows of imports & exports that constitute the geography of trade.
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| Backwash effects | the negative impacts on a region (or regions) of the economic growth of some other region.
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| Carrying capacity | the maximum number of users that can be sustained, over the long term, by a given set of natural resources.
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| Conglomerate corporations | companies that have diversified into various economic activities, usually through a process of mergers & acquisitions.
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| Creative destruction | the withdrawal of investments from activities ( and regions) that yield low rates of profit in order to reinvest in new activities (and new places).
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| Cumulative causation | a spiral buildup of advantages that occurs in specific geographic settings as a result of the development of external economies, agglomeration effects, & localization economies.
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| Debt trap | syndrome of always having to borrow in order to fund development.
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| De-industrialization | a relative decline in industrial employment in core regions.
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| Dependency | high level of reliance by a country on foreign enterprises, investments, or technology.
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| Ecological footprint | a measure of the human pressures on the natural environment from the consumption of renewable resources & the production of pollution indicating how much space a population needs compared to what is available.
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| Elasticity of demand | the degree to which levels of demand for a product or service change in response to changes in price.
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| Export-processing zones (EPZs) | small areas within which especially favorable investment and trading conditions are created by governments in order to attract export-oriented industries.
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| External economies | cost savings that result from circumstances beyond a firm’s own organization & methods of production.
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| Flexible production systems | the ability of manufacturers to shift quickly & efficiently from one level of output to another, or from one product configuration to another.
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| Fordism | principles of mass production based on assembly-line techniques, scientific management, mass consumption based on higher wages, & sophisticated advertising techniques.
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| Foreign direct investment | the total of overseas business investments made by private companies.
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| Geographical path dependence | the historical relationship between the present activities associated with a place & the past experiences of the place.
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| Gross domestic product (GDP) | an estimate of the total value of all materials, foodstuffs, goods, & services produced by a country in a particular year.
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| Gross national income (GNI) | similar to GDP, but also includes the value of income from abroad.
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| Growth poles | economic activities that are deliberately organized around one or more high-growth industries.
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| Import substitution | the process by which domestic producers provide goods or services that formerly were bought from foreign producers.
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| Inflation | the increase of printed currency that leads to higher prices & international financial differentials.
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| Infrastructure (fixed social capital) | the underlying framework of services & amenities needed to facilitate productive activity.
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| Initial advantage | the critical importance of an early start in economic development; a special case of external economies.
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| International division of labor | the specialization, by countries, in particular products for export.
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| Just-in-time production | manufacturing process where daily or hourly delivery schedules of materials allow for minimal or zero inventories.
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| Localization economies | cost savings that accrue to particular industries as a result of clustering together at a specific location.
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| Neo-Fordism | economic principles in which the logic of mass production couples with mass consumption is modified by the addition of more flexible production, distribution, & marketing systems.
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| Newly industrializing countries (NICs) | countries formerly peripheral within the world system that have acquired a significant industrial sector, usually through foreign direct investment.
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| Offshore financial centers | islands or microstates that have become a specialized node in the geography of worldwide financial flows.
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| OECD | Organization for Economic Cooperation and Development
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| Primary activities | economic activities that are concerned directly with natural resources of any kind.
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| Quaternary activities | economic activities that deal with the handling & processing of knowledge and information.
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| Secondary activities | economic activities that process, transform, fabricate, or assemble the raw materials derived from primary activities, or that reassemble, refinish, or package manufactured goods.
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| Spread effects | the positive impacts on a region (or regions) of the economic growth of some other region.
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| Strategic alliances | commercial agreements between transnational corporations, usually involving shared technologies, marketing networks, market research, or product development.
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| Sustainable development | a vision of development that seeks a balance among economic growth, environmental impacts, & social equity.
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| Terms of trade | the ratio of prices at which exports and imports are exchanged.
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| Tertiary activities | economic activities involving the sale & exchange of goods and services.
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| Trading blocs | groups of countries with formalized systems of trading agreements.
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| Transnational corporations | companies with investments and activities that span international boundaries and with subsidiary companies, factories, offices or facilities in several countries.
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| Vertical disintegration | the evolution from large, functionally integrated firms within a given industry toward networks of specialized firms, subcontractors, & suppliers.
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| World cities | cities in which a disproportionate part of the world’s most important business is conducted.
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