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Chapter 18/19
| Question | Answer |
|---|---|
| Industrial Revolution | A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s in Great Britain. |
| Fordism | System of standardized mass production attributed to Henry Ford. -Assembly line -Unskilled work |
| 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. |
| Secondary Sector | The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials. |
| Tertiary Sector | The part of the economy that involves services rather than goods |
| Quaternary Sector | Knowledge-based part of the economy which typically includes services such as information generation and sharing, information technology, consultation, education, research and development, etc. |
| Quinary Sector | The highest levels of decision making in a society or economy. E.G. top executives or officials in government, science, universities, nonprofit, healthcare, culture, and the media. |
| multiplier effect | the potential of a job to produce additional jobs v/versa |
| agglomeration economies | The savings to an individual enterprise derived from locational association with a cluster of other similar economic activities, such as other factories or retail stores -benefits of Enterprises from locating near a cluster of similar enterprises |
| Least Cost Theory | Model developed by Alfred Weber according to which the location of manufacturing establishments is determined by the minimization of three critical expenses: labor, transportation, and agglomeration. |
| Bulk-reducing industry | An industry in which the final product weighs less or comprises a lower volume than the inputs. -Locates near the materials |
| Bulk-gaining industry | An industry in which the final product weighs more or comprises a greater volume than the inputs. -located near market or people |
| Just-in-time delivery | Shipment of parts and materials to arrive at a factory moments before they are needed |
| Footloose industry | Industry not bound by locational constraints and able to choose to locate wherever it wants. |
| front office | expensive office buildings of top executives. |
| Offshoring | Moving operations from the country where a company is headquartered to a country where pay rates are lower. |
| Outsourcing | A decision by a corporation to turn over much of the responsibility for production to independent suppliers. -Company hires a 3rd party corporation to carry out specific function to focus on their core competencies |
| barter | Exchange goods without involving money. |
| comparative advantage | The ability of a country to produce a good at a lower cost than another country can. |
| trading bloc | A group of neighboring countries that promote trade with each other and erect barriers to limit trade with other blocs -Agreement among a group of countries that will not pay tariffs if they trade within their trading bloc. |
| newly industrialized country (NIC) | a country that has begun transitioning from primarily agricultural to primarily manufacturing and industrial activity |
| Transnational Corporation | A company that conducts research, operates factories, and sells products in many countries, not just where its headquarters or shareholders are located. -Produces and sells goods all around countries with cheap labor |
| export processing zones (EPZs) | zones established by many countries in the periphery and semi-periphery where they offer favorable tax breaks, and trade arrangements to attract foreign trade and investment |
| Maquiladora | Factories built by US companies in Mexico near the US border to take advantage of much lower labor costs in Mexico. |
| postindustrial society | a society in which the economic emphasis is on providing services and information rather than manufacturing. -Primary/Secondary to Tertiary/Quaternary - |
| Deindustrialization | Loss of industrial activity in a region. -Creates brownfields and rust belts. |
| Rust Belt | The northern industrial states of the United States, including Ohio, Michigan, and Pennsylvania, in which heavy industry was once the dominant economic activity. |
| Corporate Parks/Business Parks | Groupings of office buildings |
| Technopole | Centers or nodes of high-technology research and activity around which a high-technology corridor is sometimes established. -Quaternary Industry |
| back office | cheaper office space and warehouses. |
| BRICS | five major emerging national economies: Brazil, Russia, India, China and South Africa |
| labor union | An organization of workers that tries to improve working conditions, wages, and benefits for its members |
| brain gain | large-scale immigration by talented people |
| brain drain | Large-scale emigration of talented people. |
| Globalization | The process by which businesses or other organizations develop international influence or start operating on an international scale. |
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