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APHG Economy

APHG Unit 5 Economy Barrons & Rubenstein

WordsDefinitions
Spatially fixed costs An input cost in manufacturing that remains constant wherever production is located.
Spatially variable costs An input cost in manufacturing that changes signif-icantly from place to place in its total amount and in its relative share of total costs.
Specialty goods Goods that are not mass-produced but rather assembled indi¬vidually or in small quantities.
Sustainable development The idea that people living today should be able to meet their needs without prohibiting the ability of future generations to do the same.
Tertiary economic activities Activities that provide the market exchange of goods and that bring together consumers and providers of services such as retail, transportation, government, personal, and professional services.
Transnational corporation A firm that conducts business in at least two sep¬arate countries; also known as multinational corporations.
World cities A group of cities that form an interconnected, internationally dominant system of global control of finance and commerce.
World-systems theory systems theory that explains the emergence of a core, periphery, and semi-periphery in terms of economic and political connections...
Periphery Countries that usually have low levels of economic productivity, low per capita incomes, and generally low standards of living. The world eco¬nomic periphery includes Africa (except for South Africa), parts of South America, and Asia.
Primary economic activities Economic activities in which natural resources are made available for use or further processing, including mining, agricul¬ture, forestry, and fishing.
Productivity A measure of the goods and services produced within a partic¬ular country.
Purchasing Power Parity A monetary measurement of development that takes into account what money buys in different countries.
Quaternary economic activities activities Economic activities concerned with research, information gathering, and administration.
Quinary economic activities The most advanced form of quaternary activi¬ties consisting of high-level decision making for large corporations or high¬level scientific research.
Regionalization The process by which specific regions acquire characteris¬tics that differentiate them from others within the same country. In economic geography, regionalization involves the development of dominant economic activities in particular regions.
Rostow's stages of development A model of economic development that describes a country's progression which occurs in five stages transforming them from least-developed to most-developed countries.
Rust Belt The manufacturing region in the United States that is currently debilitated because many manufacturing firms have relocated to countries offering cheaper labor and relaxed environmental regulations.
Secondary economic activities Economic activities concerned with the pro¬cessing of raw materials such as manufacturing, construction, and power generation.
Semi-periphery (such as Chile, Brazil, India, China and Indonesia) newly industrialized countries with median standards of living. Semi-peripheral countries offer their citizens relatively diverse economic opportunities but also have extreme gaps between rich and poor.
Service-based economies Highly developed economies that focus on research and development, marketing, tourism, sales, and telecommunications.
Slow world The developing world that does not experience the benefits of high-speed telecommunications and transportation technology
Human Development Index Measure (The HDI evaluates human welfare based on three parameters: life expectancy, education, and income. ) used by the UN that calcu¬lates development not in terms of money or productivity but in terms of human welfare.
Industrial Revolution The rapid economic and social changes in manufac¬turing that resulted after the introduction of the factory system to the textile industry in England at the end of the 18th century.
Industrialization(At the highest levels of development, national economies are geared mainly toward the delivery of services and exchange of information. ) Process of industrial development in which countries evolve economically, from producing basic, primary goods to using modern factories for mass-producing goods.
Industrialized countries (including Britain, France, the United States, Russia, Germany, and Japan) Countries that were all at the forefront of industrial production and innovation through the middle of the 20th century.
Least-cost theory theory A concept developed by Alfred Weber to describe the optimal location of a manufacturing establishment in relation to the costs of transport and labor, and the relative advantages of agglomeration or deglomeration.
Least-developed countries Those countries including countries in Africa, except for South Africa, and parts of South America and Asia, that usually have low levels of economic productivity, low per capita incomes, and gener¬ally low standards of living.
Manufacturing region A region in which manufacturing activities have clus-tered together.
Maquiladoras Those U.S. firms that have factories just outside the United States/Mexican border in areas that have been specially designated by the Mexican government. In such areas, factories cheaply assemble goods for export back into the United States.
Net National Product A measure of all goods and services produced by a country in a year, including production from its investments abroad, minus the loss or degradation of natural resource capital as a result of productivity.
Offshore financial center Areas that have been specially designed to pro-mote business transactions, and thus have become centers for banking and finance.
Core National or global regions where economic power, in terms of wealth, innovation, and advanced technology, is concentrated.
Core-periphery model A model of the spatial structure of development in which underdeveloped countries are defined by their dependence on a devel¬oped core region.
Deglomeration Deindustrialization
Development The process of economic growth, expansion, or realization of regional resource potential.
E-commerce Web-based economic activities.
Economic backwaters Regions that fail to gain from national economic development.
Export-processing zone Areas where governments create favorable invest¬ment and trading conditions to attract export-oriented industries.
Fast world Areas of the world, usually the economic core, that experience greater levels of connection due to high-speed telecommunications and trans¬portation technologies.
Footloose firms Manufacturing activities in which cost of transporting both raw materials and finished product is not important for determining the loca¬tion of the firm.
Fordism Fordism System of standardized mass production attributed to Henry Ford.
Foreign investment Overseas business investments made by private companies.
Gender equity equity A measure of the opportunities given to woman compared to men within a given country.
Globalization The idea that the world is becoming increasingly intercon¬nected on a global scale such that smaller scales of political and economic life are becoming obsolete.
Gross Domestic Product The total value of goods and services produced within the borders of a country during a specific time period, usually one year.
Gross National Product The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year.
Development A process of improvement in the material conditions of people through diffusion of knowledge and technology.
Gender Empowerment measure (GEM) compares the abil¬ity of women and men to participate in economic and political decision making.
Gender-Related Development Index (GDI) compares the level of development of women with that of both sexes.
Human Development Index (HDI) Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy.
Gross domestic product (GDP) The value of the total output of goods and services produced in a country in a given time period (normally one year).
Less developed country (LDC) Also known as a developing country, a country that is at a relatively early stage in the process of economic development.
Literacy rate The percentage of a country's people who can read and write.
More developed country (MDC) Also known as a relatively developed country or a developed country, a country that has progressed relatively far along a continuum of development.
Primary sector The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry.
Productivity The value of a particular product compared to the amount of labor needed to make it.
Secondary sector The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.
Structural adjustment program Economic policies imposed on less developed countries by international agencies to create conditions encouraging international trade.
Value added The gross value of the product minus the costs of raw materials and energy.
Created by: Chenchen