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Unit 07 Mini #2
Definitions for Topics 7.1, 7.2, 7.6, 7.7
| Term | Definition |
|---|---|
| Industrialization | the process in which the interaction of social and economic factors causes the development of industries on a wide scale |
| Standards of living | refers to the level fo wealth, comfrot, mateial goods, and necessities available to a certain socioeconomic class or geographic area |
| Industrial Revolution | radical change in manufacturing methods that began in England in the mid-18th century and was marked by the shift from small-scale hand-crafted production to power-driven mass production |
| Backwash effects | possible downsides of growth poles; the loss of highly educated young people from distant communities |
| Spin-off benefits | positive effects from an economic growth pole; the additional business for a farmer when a new tech company opens nearby |
| Class structures | hierarchical organization by which a society or community is divided into classes; generally based on family of birth, wealth, income, educational attainment, occupation, and social networks |
| Raw materials | any metals, wood or other plant products, animal products, or other substances that are used to make intermediate or finished goods |
| Agglomeration | the tendency of enterprises in the same industry to cluster in the same area |
| Break-of-bulk point | location where the mode of transportation changes; it is more economical to break raw materials into smaller units before shipping them farther; ports |
| Least cost theory | industiral location theory proposed by Alfred Weber suggesting that businesses locate their facilities in a particular place because that location minimizes the costs of production |
| Bulk-gaining industry | industry in which the finished goods cost more to transport than the raw materials |
| Bulk-reducing industry | industry in which the raw materials cost more to transport than the finished goods |
| Labor market participation (LMP) | rate that measures an economy's active labor force, calculated by taking the sum of all employed workers divided by the working age population |
| Microloans | a very small short-term loan with low interest intended to help people in need |
| Deindustrialization | process by which a country or area reduces industrial activity, particularly in heavy industry and manufacturing |
| Complementary advantages/Complementarity | the mutual trade relationship that exists between two places based on the supply of raw materials and the demand for finished products or services |
| Comparative advantages | the relative cost advantage a country or organization has to produce certain goods or services for trade |
| Neoliberal policies | beliefs that favor free-market capitalism in which trade has no constraints from govvernment |
| Free trade agreements | the region specific to two or more countries that have agreed to reduce trade barriers |
| Global financial crises | a period of extreme stress in financial systems worldwide |
| Mercosur | South American trade bloc intended to expand trade, improve transportation, and reduce tariffs among members |
| Tariffs | a tax or duty to be paid on a particular import |
| Maquiladoras | a factory in Mexico run by a foreign company and exporting its products to the country of that company. |
| Economic restructuring | process of moving from one sector of the economy to another (from being a mostly primary sector economy to being a mostly secondary sector economy, for instance) |
| Manufacturing zones | area in which manufacturing is allowed to occur |
| Special economic zones (SEZ) | area within a country that is subject to different and more beneficial economic regulations than other areas; companies doing ibusiness in a SEZ receive tax incentives and are subject to lower or no tariffs |
| Trading blocs | groups of countries that agree to a common set fo trade rules |
| Free trade zones (FTZ) | large geographic areas of a country that provide tariff- and tax-free areas for warehousing, storage, manufacturing, and transport of goods; often situated near international airports, seaports, or land borders to enable quicker turnaround of ships, planes, etc. engaged in international trade |
| Export-processing zones (EPZ) | area within a country where manufacturing of exports is done without tariffs to attract multinational organizations to invest in labor-intensive assembly and manufacturing |
| Fordist production/ Fordism | a highly organized and specialized system for industrial production that focuses on efficiency and productivity in mass production; named after Henry Ford |
| Multiplier effect | the economic effect in which a change creates a larger change, such as when a new manufacturing plant grows the economy by giving rise to more related jobs and services |
| Just-in-time delivery | a system in which goods are delivered as needed so that companies keep in inventory only what is needed for near-term production |
| Growth poles | a place of economic activity clustered around one or more high-growth industries that stimulate economic gain by capitalizing on some special asset |
| Economies of scale | Occurs when the average cost of producing a good or service decreases as the output increases |
| Front office | Main offices for executives; the public face of the company; often very expensive locations in top floors of city buildings |
| Back office | Main offices for average employees; much cheaper office spaces than the front offices |
| Mass consumption | lots of things being purchased; tied to mass production that was made possible beginning in the Industrial Revolution |
| Small-scale finance | means by which a business owner obtains money to start a new small business or purchase an existing small business |
| Newly industrialized countries (NIC) | a country whose level of development is somewhere between "developed" and "developing;" often selected as industrial production/manufacturing lcoations |
| Outsourcing | contracting work out to noncompany employees or other companies; can be in or out of the same country |
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karaangelos
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