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Ind/Econ Dev Concept

APHG Unit 7 Vocabulary and Concepts

QuestionAnswer
agglomeration effects The cost advantages (external economies) for an individual company gained by locating near similar functional industries or companies.
backwash effect The negative impact to the peripheral region sometimes caused by increased flows of labor and capital into a nearby high-growth region.
commodity chain A chain of activities from the manufacturing to the distribution of a product.
creative destruction The reinvestment of funds in new, profitable ventures and regions that were once used to fund ventures and regions that are now not as profitable.
deindustrialization The reduction in industrial activity that occurs when decreased profits and declining business cause a reduction in industrial employment.
dependency theory A theory of economic development proposed by Andre Gunder Frank based on the periphery's dependence on the core.
developmentalism The idea that every country and region will eventually make economic progress toward a high level of mass consumption if they only compete to the best of their ability within the world economy.
exclusive economic zone (EEZ) An expanse of water up to 200 nautical miles off a country's coast that is designated for that country's natural resource exploration and exploitation.
export-processing zones (EPZs) Smalls areas of a country with exceptional investment and trading conditions that are created by its government to stimulate and attract foreign investors and business.
fixed cost The cost of land, plant, and machinery that is not variable.
footloose firms Firms that produce something that requires minimal transport costs.
Fordism The process (named after Henry Ford) of using assembly-line techniques and scientific management in manufacturing.
gross domestic product (GDP) The approximate value of all final goods and services produced in a country per year
gross national product (GNP) The gross domestic product (GDP) plus the value of income from abroad such as earnings from a U.S. company based abroad.
import substitution The production of goods and services internally by the periphery country that were once supplied by the core.
least-cost theory A theory, developed by Alfred Weber, that states that three main expenses - labor, transportation, and agglomeration - must be minimized when locating an industry
localization economies The cost savings for individual industries as a result of grouping together in a certain location.
locational interdependence theory A theory developed by Harold Hotelling that suggest that competitors
maquiladora A foreign-owned assembly company located in the United States-Mexico border region in order to take advantage of cheaper labor
Millennium Development Goals The United Nations mandate of eight development goals designed to eliminate poverty by the year 2015.
neo-Fordism The evolution of mass production into a more responsive system geared to the nuances of mass consumption by using flexible production systems that allow production processes to shift quickly between various products.
offshoring The practice of contracting with a third-party service provider in another country to take over or supervise part of the business operations.
outsourcing The production of goods and parts abroad for sale in one's own country.
quaternary economic activities Economic activities that deal with information and knowledge processing.
quinary economic activities The economic activities that deal with the highest level of decision-making in both the government and private sectors of the economy.
Rostow's model of economic development A model of development for countries based on stages of economic growth and modernization. Also called modernization theory.
secondary economic activities Economic activities that involve the processing of raw materials into finished goods by manufacturing.
spread effects Benefits to the peripheral region that accrue because of economic development in the nearby core region.
sustainable development The concept that is possible to balance economic growth without jeopardizing the environment and equitable human access.
tertiary economic activities Economic activities that provide services
world-systems theory The theory, developed by Immanuel Wallerstein, that there is only one world system in which all nation-states historically compete for capital and labor.
Created by: rkrauseemhs
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