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Ch. 11 Industry

APHUG Vocabulary Words

TermDefinition
Maquiladora Factories built by U.S. companies in Mexico near the U.S. border, to take advantage of much lower labor costs in Mexico.
Industrial Revolution A series of improvements in industrial technology that transformed the process of manufacturing goods.
Cottage Industry Manufacturing based in homes rather than in a factory, commonly found prior to the Industrial Revolution.
Situation Factors Location factors related to the transportation of materials into and from a factory.
Inputs Materials, energy, machinery, and supporting services sold from companies and individuals to manufacturers.
Bulk-Reducing Industry An industry in which the final product weighs less or comprises a lower volume than the inputs.
Bulk-Gaining Industry An industry in which the final product weighs more or comprises a greater volume than the inputs.
Break-of-Bulk Point A location where transfer is possible from one mode of transportation to another.
Site Factors Location factors related to the costs of factors of production inside the plant, such as land, labor, and capital.
Labor-Intensive Industry An industry for which labor costs comprises high percentage of total expenses.
Textiles A fabric made by weaving, used in making clothing.
Capital Items of extensive value, or that being applied to the amount of wealth a person controls. Goods may be acquired with money or financial capital. Capital also generally refers to financial wealth, especially that used to start or maintain a business.
Right-To-Work Laws Law requiring a factory to maintain an "open shop" and prohibits a "closed shop"
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 Turning over much of production responsibilities to independent suppliers. (Commonly found in transnational corporations allocating production in low-wage countries).
Fordist Production Form of mass production in which each worker is assigned one specific task to perform repeatedly.
Post-Fordist Production Adoption by companies of flexible work rules, such as the allocation of workers to teams that perform a variety of tasks.
Agglomeration Grouping together of many firms from the same industry in a single area for collective or cooperative use of infrastructure and sharing of labor resources.
Deindustrialization Loss of industrial activity in a region.
Economies of Scale The cost advantages that a business obtains due to expansion.
Ecotourism A form of tourism, based on the enjoyment of scenic areas or natural wonders, that aims to provide an experience of nature or culture in an environmentally sustainable way.
Infrastructure The basic physical and organizational structures and facilities.
Footloose Industry Company with no allegiance or ties to a country or a location that, therefore, can move its primary locations at will.
Alfred Weber's Least Cost Theory Theory suggesting companies building industrial plants need to consider the source of raw materials and the market for the product. The weight of the raw materials and the finished product should determine the location of the production facility.
Just-In-Time Delivery A production strategy that strives to improve a business return on investment by reducing in-process inventory and associated carrying costs.
Bid Rent Theory Geographical economic theory that refers to how the price and demand on real estate changes as the distance towards the Central Business District (CBD) increases.
Commodity Chain Series of links connecting the many places of production and distribution and resulting in a commodity that is then exchanged on the world market.
EntrepĂ´t A trading center, or simply a trading warehouse where merchandise can be imported and exported without paying for import duties, often at a profit.
Open Shop: Right-To-Work Laws Union and company may not negotiate a contract that requires workers to join a union as a condition of employment.
Closed Shop: Right-To-Work Laws Company and a union agree that everyone must join the union to work in the factory.
Created by: davidcourteau
 

 



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