When a large number of companies cluster together to benefit from cost reductions and increased efficiency as a result of their proximity.

Economic activities that surround and support large-scale industries.

The negative effects on one region that result from economic growth within another region.

A property that has the potential to be a hazardous waste or contaminant

A type of industry in which the final product weighs more than the inputs.

A type of industry in which the final product weighs less than the inputs.

Trade when both parties have goods or services that the other wants.

The type of industry in which the production of goods and services is based in homes, not factories.

Resources flow from a periphery of poor and less developed states to a core of wealthy states, enriching the latter at the expense of the former.

The condition created when the savings in cost per unit increase due to increasing the level of production.

export processing zone

Areas found in many regions of the developing world that provide incentives for foreign companies to conduct their business there.

An industry that can be located anywhere, without consideration for the factors of production.

A measure of the distribution of income across a population.

The spread of businesses, products, people and ideas around the world.

Providing small loans to people and businesses in developing countries.

A decision by a corporation to turn over responsibility of production to independent suppliers.

Modern industry that has moved away from mass production towards specialized markets based on small flexible manufacturing units.

The economic sector concerned with the extraction of natural resources.

The economic sector that includes medicine, law, education, investment and tech.

The economic sector that includes business executives and government officials.

The economic sector that turns raw materials into finished products.

A hub for information-based industry and high-tech manufacturing.

The economic sector concerned with the sale and transportation of finished goods.

vertical intergrations

When a single entity controls the entire process of production, from raw materials to distribution.

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Unit 7 vocab

Term	Definition
agglomeration	When a large number of companies cluster together to benefit from cost reductions and increased efficiency as a result of their proximity.
ancillary activites	Economic activities that surround and support large-scale industries.
backwash effect	The negative effects on one region that result from economic growth within another region.
brownfield	A property that has the potential to be a hazardous waste or contaminant
bulk gaining	A type of industry in which the final product weighs more than the inputs.
bulk reducing	A type of industry in which the final product weighs less than the inputs.
complementarity	Trade when both parties have goods or services that the other wants.
cottage	The type of industry in which the production of goods and services is based in homes, not factories.
dependency theory	Resources flow from a periphery of poor and less developed states to a core of wealthy states, enriching the latter at the expense of the former.
economy of scale	The condition created when the savings in cost per unit increase due to increasing the level of production.
export processing zone	Areas found in many regions of the developing world that provide incentives for foreign companies to conduct their business there.
footloose firm	An industry that can be located anywhere, without consideration for the factors of production.
gini coefficient	A measure of the distribution of income across a population.
globalization	The spread of businesses, products, people and ideas around the world.
microfinance	Providing small loans to people and businesses in developing countries.
outsourcing	A decision by a corporation to turn over responsibility of production to independent suppliers.
post-fordism	Modern industry that has moved away from mass production towards specialized markets based on small flexible manufacturing units.
primary	The economic sector concerned with the extraction of natural resources.
quaternary	The economic sector that includes medicine, law, education, investment and tech.
quinary	The economic sector that includes business executives and government officials.
secondary	The economic sector that turns raw materials into finished products.
technopole	A hub for information-based industry and high-tech manufacturing.
tertiary	The economic sector concerned with the sale and transportation of finished goods.
vertical intergrations	When a single entity controls the entire process of production, from raw materials to distribution.

Created by: user-1973959

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