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AP HUG Vocab
Unit 6
| Term | Definition |
|---|---|
| Agglomeration | the spatial grouping of people or activities for mutual benefit |
| Break-of-Bulk Point | a location where transfer is possible from one mode of transportation to another |
| Colonialism | the policy or practice of acquiring full or partial political control over another country |
| Commodity | a raw material or primary agricultural product that can be bought and sold |
| Commodity Chain | process used by firms to gather resources, transform them into goods or commodities, and distribute them to consumers |
| Commodity Dependence | when commodities constitute the predominant share of its exports |
| Comparative Advantage | the ability of an individual or group to carry out a particular economic activity more efficiently than another activity |
| Complementarity | a demand for a product in a place and a supply of the same product in another place |
| Dependency Theory | resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former |
| Economies of Scale | cost advantages reaped by companies when production becomes efficient; the cost advantages that enterprises obtain due to their scale of operation |
| Ecotourism | a form of tourism involving visiting fragile, pristine, and relatively undisturbed natural areas |
| Entrepot | a port, city, or other center to which goods are brought for import and export, and for collection and distribution |
| Export Processing Zones | areas within developing countries that offer incentives and a barrier-free environment to promote economic growth |
| Footloose Industry | a general term for an industry that can be placed and located at any location without effect from factors such as resources or transport |
| Formal Economy | all economic activities operating within the official legal framework |
| Free Trade Zones | an area where goods may be landed, stored, handled, manufactured and re-exported under specific customs and regulation |
| Gender Inequality Index | measures the human development costs of gender inequality |
| Gross Domestic Product | the total value of goods produced and services provided in a country during one year |
| Gross National Income | the total domestic and foreign output claimed by residents of a country |
| Gross National Product | an estimate of total value of all the final products and services turned out in a given period by the means of production owned by a country's residents |
| Growth Pole | the concentration of highly innovative and technically advanced industries that stimulate economic development in linked businesses and industries |
| Human Development Index | a summary measure of average achievement in key dimensions of human development |
| Imperialism | policy or ideology of extending a country's rule over foreign nations, often by military force or gaining control |
| Industrial Revolution | the transition to new manufacturing processes in europe and the united states |
| Informal Economy | the part of any economy that is neither taxed nor monitored by any form of government |
| International Division of Labor | a geographic reorganization of production, which finds its origins in the formation of the “world market for labor and industrial sites” |
| Just-In-Time Delivery | a methodology aimed at reducing times within the production system as well as response times from suppliers and to customers |
| Least Cost Theory | model developed which the location of manufacturing establishments is determined by the minimization of labor, transportation, and agglomeration |
| Mass Consumption | the purchase of standardized products or services by large numbers of customers |
| Maquiladoras | a company that allows factories to be largely duty free and tariff-free |
| Mercosur | the southern common market (mercosur for its spanish initials) is a regional integration process |
| Microlending | a form of financing that provides small amounts of money to typically very poor fledgling entrepreneurs to encourage self-sufficiency and to end poverty |
| Microloan | small loans that are issued by individuals rather than banks or credit unions |
| Multiplier Effect | the proportional amount of increase in final income that results from an injection of spending |
| Neoliberal Economic Policies | refers to market-oriented reform policies |
| Newly Industrialized Countries | developing economies that have advanced towards industrialization |
| Organization of Petroleum Exporting Countries | objective is to co-ordinate and unify petroleum policies among member countries, to secure fair and stable prices |
| Outsourcing | production abroad parts or products for domestic use or sale |
| Post-Fordism | the idea that modern industrial production has moved away from mass production in huge factories |
| Primary | extracts or harvests products from the earth such as raw materials and basic food |
| Quaternary | consists of intellectual activities often associated with technological innovation |
| Quinary | includes the highest levels of decision-making in a society or economy |
| Secondary | produces finished goods from the raw materials extracted by the primary economy |
| Service Sector | provides services, rather than producing material commodities |
| Special Economic Zones | an area in which the business and trade laws are different from the rest of the country |
| Sustainable Development | the organizing principle for meeting human development goals while simultaneously sustaining the ability of natural systems to provide the natural resources and ecosystem services based upon which the economy and society depend |
| Tariff | a tax on imports or exports between sovereign states |
| Tertiary | this sector sells the goods produced by the secondary sector and provides commercial services |
| Wallerstein's World System Theory | an approach to world history and social change that suggests there is a world economic system in which some countries benefit while others are exploited |
| World Trade Organization | an intergovernmental organization that is concerned with the regulation of international trade between nations |
Created by:
stu.dreyes06