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unit 7 + test
| Term | Definition |
|---|---|
| Structural Adjustment Program | Economic policies that countries must follow to receive loans from international organizations, usually requiring them to reduce government spending, privatize businesses, and open trade. |
| Post-Fordist Production | A system of production where companies use advanced technology and skilled workers to make specialized or customized products in smaller quantities, instead of mass-producing one identical product. |
| New International Division of Labor | The global pattern where different stages of production are located in different countries, often with design and management in wealthier countries and manufacturing in developing countries where labor is cheaper. |
| demand | The amount of a good or service that consumers are willing and able to buy at a certain price |
| supply | the total amount of a good or service that is available to sell. |
| Microfinance | very small loans, savings accounts, or credit given to low-income people who usually cannot access traditional banks, often to start or expand small businesses. |
| Break-of-bulk point | Breaking goods into smaller units to be transferred from one place to another with different transportation systems like a truck, boat, train, or airplane. |
| Cottage industry | people making products at home for their small business instead of opening up big factories |
| Just-in-time delivery | A system where companies receive materials or products exactly when they are needed, reducing storage costs and waste. |
| Maquiladora | A factory in northern Mexico, usually near the US border, that assembles products for export using cheap labor and imported materials. |
| Outsourcing | When a company hires another company or country to do work or produce goods instead of doing it themselves, usually to save money. |
| Neoliberalism | An economic system that supports free markets, private businesses, and less government control over the economy. |
| Foreign Direct Investment | When a company or individual from one country invests money in businesses or factories in another country, often to expand operations or take advantage of cheaper labor. (usually owns/controls the operations here) |
| Footloose Industry | A company that isn’t directly tied to any raw materials or transportation which is why they’re able to locate almost anywhere. Specifically tied to industries that produce lightweight, high value goods, with low transportation costs. |
| Growth Pole | A specific clustered urban or industrial center where economic development starts, often around a large industry or company, which then spreads economic growth and jobs to nearby areas. |
| Agglomeration | The clustering of businesses or industries in a particular area to share resources, workers, infrastructure, and suppliers, reducing costs and increasing efficiency. (closer together geographically) |
| Technopole | A government planned area made to encourage economic growth by attracting many skilled workers, high tech industries, and research buildings to stimulate innovation in a specific region. |
| High technology corridor | A region (often along highways or transportation routes) with a high concentration of tech companies, research centers, and skilled workers. It often develops naturally rather than being fully planned. |
| Development (Economic) | The process where a country or region improves its economy and people’s standard of living through more jobs, higher incomes, better infrastructure, industry, and services. |
| Ecotourism | Tourism in countries that focuses mainly on seeing the natural landscapes/areas to help protect the environment and communities that live nearby. |
| Deindustrialization | When a country or region loses factories and manufacturing jobs, often causing higher unemployment, lower incomes, and economic decline in the affected areas. |
| Backwash Effect | When economic growth in one area causes nearby areas to lose people, jobs, or resources, often because workers and businesses move toward the growing region. |
| Free Trade Zones (FTZ) | Special areas where companies can import, make, and export goods without paying usual taxes or trade restrictions, designed to attract investment and create jobs. (trade and movement of goods) |
| Special Economic Zone (SEZ) / Economic Enterprise Zone | A designated region where governments create special economic rules (like tax breaks and relaxed regulations) to attract businesses, investment, and jobs, boosting overall economic development. |
| Export Processing Zone (EPZ) | A special area where factories make goods mainly for export, often with tax breaks, relaxed regulations, and incentives for foreign companies. (manufacturing specifically for export) |
| Deglomeration | When businesses leave an area because it has become too crowded, expensive, or competitive, spreading out to other locations to reduce costs. |
| Formal economy (formal sector) | part of the economy with official businesses where jobs are actually regulated, legal, and taxed. |
| Informal economy (informal sector) | part of the economy with unregulated jobs or taxes, such as street vendors or small businesses that aren’t registered. |
| Gross Domestic Product (GDP) | The total value of all goods and services produced within a country in one year. |
| Gross National Income (GNI) | The total money earned by a country's people and businesses in a year, including income earned abroad, regardless of where it is produced. |
| Purchasing Power Parity | How much a company chooses to price their goods based on how much they think each country will buy it for. |
| microloan | a small loan given to people in poor areas to help them grow or start their own business. |
| Gross National Income (GNI) | the total amount of money made in a country by different people and businesses, including money earned from outside the country. |
| Stage 1: Traditional | Societies rely on subsistence farming with little technology or trade. Most people produce just enough to survive, and there are very few institutions or infrastructure. (Rostow’s Model) |
| Stage 2: Preconditions for Modernization | Food surpluses and early innovations allow some population growth and specialization. Infrastructure like roads and ports begins, and trade and investment slowly start. (Rostow’s Model) |
| Stage 3: Takeoff | Industrialization grows rapidly, cities expand, and manufacturing becomes a main economic activity. Investment increases, wages rise, and urbanization accelerates. (Rostow’s Model) |
| Stage 4: Drive to Maturity | The economy diversifies and grows steadily, with more specialized jobs and advanced industries. Countries rely less on imports, and multinational corporations expand globally. (Rostow’s Model) |
| Stage 5: High Mass Consumption | People enjoy higher incomes, a strong middle class, and many goods and services. The economy focuses more on consumer goods (consumerism/trends), tertiary services, and sometimes luxury products. (Rostow’s Model) |
| Commodity dependence: Poor countries often rely on 1–2 goods, making it hard to progress to the next stage. Western bias: The model assumes all countries will follow the same path as Europe or the U.S. | What are the challenges or criticisms of Rostow’s Development Model? |
| outsourcing | anytime one business hires another company to perform even part or all of a production process or service. |
| offshoring | similar to outsourcing but the other company HAS to exist in another country as part of the production process. |
| onshoring | when a product/job (doesn’t need to be finished) is sent back or returned to the host company and original country. |
| locational interdependence | Businesses in the same industry are magnetized to each other because they rely on similar customers. Industry leaders can locate anywhere, but nearby competitors benefit from customer traffic (run-off effect). |
| Hotelling’s Model | Businesses in competitive markets cluster near each other to share customers. Example: hotdog and burger carts on a beach move to the center, then compete by lowering prices or improving quality. |
| Fixed Costs | consistent expenses businesses have to pay no matter how much goods or services produced. |
| land, labor (usually most expensive), capital (resources), capital (money/funds) | What are the site factors? |
| site factor-land | cost a lot of money to pay it off/rent/build buildings. Where is that physical location and how much does it cost to run it? |
| site factor- labor | people always want more money added to their salaries. As that goes up, you're competing with other businesses for that _______ (spending added costs). |
| Capital (resources) | what are all the different elements it takes to run the business? (items, tools, things needed like desks or computers) |
| Capital (finnancial) | what it takes for a business to run itself financially (money needed or transferred amongst it) |
| Site Description | the characteristics that correspond to the physical location of a business. |
| Situation Description | a location’s position relative to other businesses, markets, and transportation networks to reduce costs. |
| Bulk Gaining (proximity to market) | an industry where the final product is bigger than the original raw material (water could be used as a main source). The finished product will cost much more to transport which is why it needs to be closer to the market. |
| Bulk Reducing (proximity to inputs to maximize profit) | an industry where the final product weight is much less/light than the starting raw material. Now that it weighs less, it’ll be cheaper to transport to the market. |
| Horizontal Integration | when one parent country buys/owns multiple companies that all operate at the same economic scale and at the same level of production to reduce competition and more profit (wipes out competitors). |
| Vertical Integration | when one holding company owns all the levels of economic scales they need to put out a finished product and increase control. |
| Losch- Zone of Profitability | The area around a business where revenue is greater than costs, so the business can make a profit. Beyond this zone, costs like transportation are too high to stay profitable. |
| Resources, consumption (demand), price customers will pay, and labor costs all affect whether a business can stay profitable in a location. | What factors affect the zone of profitability? |
| Losch- Zone of Profitability | A business sells to nearby customers for profit, but stops selling farther away because transportation costs become too high and profits disappear. |
| Policy Framework | rules and policies that countries need to follow in order to receive loans. |
| World Bank and IMF (International Monetary Fund) | Major money lenders: |
| Multinational/transnational companies (MNCs/TNCs) | huge companies that operate in many different countries. They have offices, sales, and production in more than one nation. |
| middle east (Iraq, Saudi Arabia, Iran), Russia, Central Asia, Gulf of Mexico | Oil and gas |
| United States, India, China, Australia | Coal |
| Fracking | injecting very high pressure water, sand, and other chemicals to take out oil or natural gas from underground rocks which break (fracture) and release the resources needed. |
| Weber (least cost theory) | a model that helps explain where manufacturers/businesses should locate based on transportation costs, labor costs, and agglomeration. Companies try to maximize their profit by spending the least amount they can (location plays a huge role). |
| transportation costs, labor costs, and agglomeration | what are the three factors in Webers least cost theory? |
| Self Sufficiency | when a country tries to develop themselves by producing everything their country needs on its own without outside trade. |
| Fair trade | trade that makes sure workers are getting treated and paid fairly, as well as working in safe conditions. |
| Free trade | trading across countries with little to no restrictions on barriers (no tariffs/quotas) |
| Corn belt | a region in the midwest that’s known for having large scales of corn (Indiana, Illinois, Iowa, etc.) |
| Rust belt | a region near the Northeast, or sometime Midwest that was once heavily industrialized with factories and large populations but has declined because of deindustrialization (Pennsylvania, Michigan, Ohio). |
| Sun belt | a southern region in the U.S. that is largely known for their hot climate, large population, and modern technology. (Florida, Texas, Arizona) |
| Human Development Index | A measurement (created by the UN) that shows how developed a country really is through combining their education level, life expectancy (health), and standard of living. |
| Competitive Advantage | when a company or country has better technology, skilled workers, or resources to produce goods/services faster and cheaper than its competitors (harder workers) |
| Comparative Advantage | countries that have an advantage over others based on natural resources, location, shipping/trade routes, and more (it gives up less to make it). |
| Post-industrialized city | when a city goes from manufacturing/factory work to a more service based economy with specialized and skilled based jobs. |
| dependency theory | Periphery countries stay poor because they rely on Core countries for trade, resources, and investment. Even if they try to develop, Core countries may keep them dependent and limit their growth. |
| commodity dependecy | When a underdeveloped country relies on 1–2 exports for income. Price drops in these commodities can hurt the economy, keeping less developed countries stuck in the same economic stage. |
| Gender Inequality Index (GII) | a measurement made by the EU that looks at gender inequality in countries through maternal mortality rate, labor force participation, and empowerment. |
| the Brandt Line | An imaginary line dividing the world into wealthy (North: U.S., Europe, Japan) and poorer (South: Africa, Latin America, parts of Asia) regions to show global economic development differences. |
| primary | the direct use of taking out natural resources from the Earth. Ex: farmers, fishing, mining (Levels of Economic Scale) |
| secondary | the process of transitioning natural resources or raw materials into new products (factory/industrial level). Ex: petroleum being altered into gasoline, hines company turning tomatoes into ketchup (levels of economic sale) |
| teritary | industries providing services to people/businesses rather than working with goods. Ex: research, transportation, selling of a product, retail, healthcare, education (levels of economic scale) |
| quaternary | higher education required, advanced technology, finance, research development, and workers with specialized skills. (level that makes the most money) Ex: finance, technology, research, development (levels of economic scale) |
| quinary | sector consisting of government leaders, top level decision makers, and other high level services that influence a country's development (“decision makers”). Ex: politicians, CEO’s, policy makers (levels of economic scale) |
Created by:
savannah hindman
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