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Unit 7 Vocab
| Term | Definition |
|---|---|
| Agglomeration | The centralization of features of an industry for the mutual benefit of the industry as a whole |
| Break-of-Bulk Point | A location where transfer is possible from one mode of transportation to another |
| Comparative Advantage | An economic principle where an entity can produce a good or service at a lower opportunity cost, meaning that they sacrifice less of other goods, than competitors |
| Complementarity | A trade relationship where two regions or countries benefit by exchanging goods, services, or resources that one has in a surplus and the other needs |
| Core Countries | Highly developed, industrialized nations that dominate the global economy through high skill production, advanced technology, and high wealth levels |
| Ecotourism | A form of sustainable, low-impact tourism focusing on responsible travel to natural areas, aiming to conserve the environment and improve local well-being. |
| Free Trade Agreements | Treaties between countries to eliminate tariffs, quotas, and preferences on goods and services to increase trade, economic integration and efficiency |
| Growth Pole | Specific areas or cities targeted for, or experiencing, intense economic development and industrial concentration, acting as engines for regional growth |
| Informal Economy | Unregulated, untaxed, and unprotected economies, such as street vending or unregistered labor, which are not included in a country's GNI |
| Least Cost Theory | Industrial locations are chosen to minimize costs, maximizing profit |
| Outsourcing | A decision by a corporation to turn over much of the responsibility for production to independent suppliers |
| Periphery Countries | Less developed nations with low HDI scores, weak infrastructure, and economies primarily based on raw material exports and labor-intensive manufacturing |
| Primary Sector | The portion of the economy concerned with the direct extraction of materials from earth, generally through agriculture |
| Quaternary Sector | The "knowledge based" part of the economy, focusing on intellectual services, information processing, and technology |
| Secondary Sector | The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials |
| Semi-Periphery Countries | Industrializing nations positioned between core and periphery Countries in the global economy |
| Tertiary Sector | The portion of the economy concerned with transportation, communications, and utilities. Sometimes extended to the provision of all goods and services to people in the exchange of payment |
| Deindustrialization | The reduction of industrial activity in a region, often driven by globalization, automation, and outsourcing lower cost areas |
| Free Trade Zone | Designated, often tax-free regions near major ports or borders where goods can be landed, manufactured, or re-exported without paying traditional custom duties |
| Maquiladoras | Foreign-owned manufacturing plants, primarily U.S. owned, located in Mexico that duty-free import raw materials to assemble, process, or manufacture goods for export |
| Rostow's Theory | A linear, five-stage modernization model proposed by W.W. Rostow in the 1960's, outlining, how countries develop from traditional agriculture economies to high-mass consumption societies |
Created by:
Stella.Brehm