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Module 9
| Term | Definition |
|---|---|
| Assembly line | A system of mass production in which the product being assembled passes from one worker to another, with each worker performing one specific task repeatedly |
| Alfred Weber | German economist, geographer, and sociologist who formulated a theory of industrial location in 1909; Weber's theory sought the optimal location for a manufacturing plant by considering the costs of transportation, labor, land, and resources |
| Agglomeration | Clustering of industries together in a large urban hub to share resources, decrease costs of production, and create economies of scale. |
| Agglomerate | To cluster together to take advantage of a pool of shared customers or resources |
| Autonomy | The condition of being independent, self-governing, and responsible for all decisions and their outcomes |
| Air pollution | The process of putting harmful materials, such as chemicals, particulate matter, or biological materials, into the atmosphere |
| BRIC countries | Four world countries considered the likeliest rising industrial powers: Brazil, Russia, India, and China |
| Brand identification | The variety of life in a particular habitat or region |
| Comparative advantage | A situation that allows a country to produce a certain good more easily and thus gain more profit through its manufacture and export |
| Commodity | A raw material or agricultural product that can be bought or sold |
| Centralization | System of locating a manufacturing facility in a place that offers relatively quick and inexpensive shipping to a large number of markets |
| Core | Highly developed countries that control much of the globe's wealth |
| Commodity chain | A series of steps required to gather resources, change them into goods, and distribute them to consumers |
| Consumerism | The tendency to purchase goods and services and the resulting impact on a nation or society |
| Collateral | A security or guarantee, usually a piece of property, that is pledged for the repayment of a loan if one cannot raise enough money to repay the loan |
| Deindustrialization | The process of shifting from a manufacturing-based economy to a service-based economy |
| Distance decay | Idea related to friction of distance that states that the effects of a given activity have less of an impact as distance from the source of that activity increases |
| Deglomeration | Movement of industries away from a large urban hub to escape problems caused by density, such as congestion and competition |
| Decentralization | System of locating numerous spread-out manufacturing facilities to serve local or regional areas. |
| Dependency theory | A theory that states economic growth in richer countries does not necessarily help, and often actually hinders, economic development in poorer, dependent countries |
| Developing country | A country that has low levels of GDP and per capita income; a developing country is one that lacks infrastructure and industrialization and has a population of citizens with a lower standard of living and little access to goods and services |
| Developed country | A country that is high levels of GDP and per capita income; a developed country is one that has established infrastructure industry and has a population of citizens with a high standard of living and access to goods and services |
| Development gap | The expanding economic disparity between the world's developed and developing countries |
| Extractive industries | Industries that involve removing nonrenewable natural resources from Earth's crust |
| Exurb | A district outside a city and usually beyond the suburbs |
| Economic growth | An increase in market productivity and risein the total income of a country |
| Eutrophication | Dense growth of plant life caused by excessive nutrients that cause the death of animal life from lack of oxygen in the water |
| Fordism | Process designed by Henry Ford to centralize industrial production and employ unskilled workers who performed repetitive tasks |
| Friction of distance | The additional time, cost, and effort required to interact with people or businesses over greater distances, as opposed to those that are nearby |
| Footloose industries | Industries that can be placed at any location without taking transportation, production, or other locational costs into account |
| Gathering industries | Industries that involve harvesting renewable natural resources from Earth |
| Globalization | The process of economic and cultural integration involving different and distant populations |
| Gross domestic product (GDP) | The market value of all the goods and services produced in a country over a certain period of time, usually a year |
| Gross domestic product per capita | The GDP divided by the number of people living in a country. |
| Gross national income (GNI) | The market value of goods and services produced in a country plus the value of exports minus imports |
| Gross national income per capita | The GNI divided by the number of people in the country |
| Gross national income purchasing power parity (GNI PPP) | A number determined by converting GNI to international dollars using purchasing power parity ratios |
| Growth pole theory | The belief that by investing heavily in capital-intensive or highly innovative and technically advanced industries and concentrating in large urban centers or regional capitals, business, industry, and economic development will be stimulated in the surrou |
| Green Revolution | A period of agricultural change beginning in the 20th century that saw farmers engage in more economic activities, rely on more food processing, and use more powerful machinery |
| Glass ceiling | An unofficial barrier to advancement in a profession, especially among women and minorities |
| Hotelling's law | Theory that holds that businesses will move to a central point and then stay there to prevent a competitor from developing a locational advantage |
| Horizontal integration | A business organization that sells a type of product or service in numerous markets |
| Hyperinflation | An economic condition in which prices increase rapidly at the same time the value of money is greatly reduced |
| Human Development Index (HDI) | A measure of each country's level of development that combines the three dimensions of development—health, education, and living standards—using four indicators (life expectancy, mean and expected years of schooling, and GNI per capita) |
| Industrial Revolution | Period of significant change in how products were manufactured that had enormous influence on all aspects of modern life |
| Industrialization | Process of employing mechanized manufacturing methods, often in large factories |
| Input | Resources used to manufacture goods |
| Immanuel Wallerstein | American social scientist and world systems analyst who proposed a theory that helps explain world development in spatial terms |
| Import substitution industrialization (ISI) | A strategy in which the government encourages the replacement of some agricultural or industrial imports with locally produced products to expand the national economy and improve self-reliance |
| International Monetary Fund (IMF) | An international organization that promotes international trade and monetary cooperation, and stabilization of monetary rates |
| Infant industry | An industry that is in its early stages and unable to compete with established companies in a global market |
| Location theory | Geographic theory that uses total costs (fixed costs and variable costs) to explain where different economic activities are located or should be located, and why |
| Least-cost theory | Addition or extension of the Weberian model that suggests the optimal location for an industry is the location at which the costs of transportation, labor, land, and resources are most favorable |
| Locational interdependence | Theory that states that businesses determine their locations in relation to the locations of their competitors |
| Liberal development theorists | Economic geographers who believe that all countries can achieve high levels of economic development |
| Metallurgy | The process of extracting metals from their ores and using it to create artifacts, such as tools and toys |
| Multinational corporation | A business enterprise that manages production or delivers services in more than one country |
| Maquiladoras | Factories built by U.S. companies in Mexico along the border between the two countries in an attempt to take advantage of the lower labor costs in Mexico |
| Microloans | Very small loans granted to individuals with no collateral, especially in developing countries |
| Natural resources | Materials or substances such as minerals, forests, water, and fertile land that exist in nature and are exploited for economic gain |
| Narco-trafficking | The illegal trade of drugs and other controlled substances |
| NationalizationA | To transfer ownership of a private business to government ownership |
| NAFTA | An economic alliance composed of the United States, Canada, and Mexico that aims to encourage free trade throughout North America |
| Net rent | The cost of depletion of a resource |
| National Sustainable Development Strategy (NSDS) | A plan to help countries generate a workable plan for sustainable development that achieves economic, environmental, and social objectives |
| Outsourcing | The process of shifting manufacturing jobs from traditional industrial hubs in Europe and North America to lower-cost global regions |
| Output | Finished manufactured goods |
| Opportunitycost | The value of something that is given up by choosing one alternative over another |
| Offshoring | The relocation of a business activity to a country other than the one in which the company is located |
| Per capita income | The total national income divided by the number of people in the country |
| Periphery | Poorly developed countries with low-cost unskilled or low-skilled labor and natural resources used by core countries |
| Poverty line | The estimated level of personal income below which people are defined as poor; the figure is based on the amount of money estimated necessary for people to buy life's necessities, such as food, clothing, and shelter |
| Privatization | To transfer ownership of a government business to private ownership |
| Particulate matter | A complex mixture of extremely small particles of dust, metals, soil, and liquid droplets of acids, or organic chemicals |
| Pink ghetto | Industries that are dominated by women such as child care, nursing, and secretarial and administrative work |
| Retail location theory | Geographical theory that attempts to explain the locations of retail businesses by considering factors such as potential consumer revenues and business costs |
| Rostow's modernization model | Five-stage economic development model proposed by Walt Whitman Rostow that argues for the development of countries along consistent lines to high levels of development; also called the ladder of development or the takeoff model |
| Red Crescent | A humanitarian organization, linked with the Red Cross as part of the International Federation of Red Cross and Red Crescent Societies (IFRC). The name and symbol of the Red Crescent are used in predominantly Islamic countries, while the name and symbol o |
| Spatially fixed costs | Costs that do not change no matter where an industry is located |
| Service location theory | Geographical theory that attempts to explain the locations of service-based companies such as customer service call centers, financial consulting firms, or corporate headquarters |
| Structural theorists | Economic geographers who believe that underdeveloped countries are locked into a state of low development through an unequal global economic structure |
| Semi-periphery | Developing countries that serve as a buffer between core and periphery |
| Subsidiary business | A business that is owned as a part of a larger corporation |
| Sustainable development | Development that meets the needs of the present without compromising the ability of future generations to meet their own needs |
| Total costs | Costs that are relatively constant; they may change over time, but do not change in proportion to output, such as rent, insurance, and utilities |
| Technopole | A region with a high concentration of high-tech industries |
| Transnational corporation | A business enterprise that manages production or delivers services in more than one country |
| Time space compression | The idea that with increased technology the absolute and relative distance between two places is shrinking because it takes less time to physically travel or electronically send information between them |
| The Group of Twenty (G-20) | Finance Ministers and Central Bank Governors from 19 countries and the European Union formed to bring together industrialized and developing economies to discuss key issues affecting the global economy |
| Tragedy of the Commons | A dilemma that occurs when many individuals acting separately and in their own self interest ultimately deplete a shared resource even when it is clear that it is not in anyone interest to do so |
| Toxic waste or hazardous material | Poisonous substances |
| Variable costs | Costs that may change with each unit of output produced, depending on location, such as transportation costs, energy costs, and the cost of raw materials |
| Vertical integration | Ownership by the same company of a number of companies that exist along points in a manufacturing process |
| Weight-losing industry | Industry that uses bulky, heavy materials to produce a smaller, lighter finished product; typically located near locations of inputs |
| Weight-gaining industry | Industry that combines inputs to create an output that is larger or heavier than its component parts |
| Walt Whitman Rostow | American economist who served as political adviser to presidents Kennedy and Johnson; Rostow proposed the modernization model to help explain the stages of a country's development from the primary economic sector to the quaternary and quinary sectors |
| World-systems theory | Theory developed by Wallerstein that examines the interconnected global economic system and divides it among highly developed core countries, poorly developed periphery countries, and buffering semi-periphery countries |
| World Bank (WB) | An international bank set up to make loans and distribute economic aid among member countries. |
| World Trade Organization | An international organization that promotes trade and economic development by reducing tariffs and other trade restrictions |
| Economic development |
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alyssa_ritt
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