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Chap. 12 Vocab

QuestionAnswer
agglomeration the process of clustering or concentrating of people/activities, which often refers to manufacturing plants and business that benefit from close proximity
break-of-bulk theory location along a transport route where goods must be transferred from one carrier together
commodification the process when something is given monetary value
commodity theory the scarcer something is, the more desirable it becomes
comparative advantage the ability to produce a good at a lower opportunity cost than another producer
ecotourism a form of tourism that aims to provide an experience of nature or culture in an environmentally sustainable way
flexible production system a system of industrial production where the components of goods are made in different places around the globe and then brought together as needed to meet consumer demand
fordist highly organized system with an assembly line production of standardized components for mass consumption
friction of distance increase in time and cost that usually comes with increasing distance
gender empowerment measure (GEM) compares the ability of men and women to participate in economic and political decision making
gender inequality index (GII) a measure of the extent of each country's gender inequality
global division of labor phenomenon where corporations and others can draw from labor markets around the world
globalization the expansion of economic, political, and cultural processes to the point that they become global in scale and impact
growth pole a point of economic growth, usually an urban location, benefiting from agglomeration economies and interacting with surrounding areas spreading wealth from the core to the periphery
International Monetary Fund (IMF) organization which gives loans to poor countries
industrial revolution social and economic changes in agriculture and manufacturing because of technological innovations in late-eighteenth-century Europe
intermodal connections places where two or more modes of transportation meet
just-in-time delivery reliably getting products there just before the customer needs them
least cost theory developed by Alfred Weber to explain why manufacturing businesses and their building locate themselves where they do
newly industrializing countries states that underwent industrialization after WWII
offshore outsourced work that is located outside of the country
outsourced to turn over to a third party in part or in total
product life cycle the introduction, growth, maturation, and decline of a product
rust belt the post-industrial region of the Northeast and Midwest referring to its once powerful industrial sector
spatial fix the movement of production from one site to another based on the cost advantages
sun belt the Southwest regions of the US where the climate is warm
technopole centers of high tech research and activity
vertical integration the combination in one company of two or more stages of production normally operated by separate companies.
World Trade Organization (WTO) organization of 100+ governments who work to promote free trade among member states
deindustrialization a share of total employment falling dramatically in more developed countries
Created by: a.bby
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