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ApHg - u7 vocab
| Term | Definition |
|---|---|
| agglomeration | concentration of industries and firms |
| assembly line | product is assembled sequentially |
| backwash effects | negative economic effect due to growth of other regions |
| barter | goods or services for goods or services |
| commodity dependence | reliance on commodities |
| comparative advantage | producing goods with lowest opportunity cost relative to other producers |
| dependency model | underdevelopment due to economic hardships |
| ecotourism | visiting natural areas as a tourist |
| export processing zones | favorable to encourage export-oriented manufacturing and foreign investments |
| fordism | mass production of consumption-high wages for workers |
| formal sector | economy operate within legal framework |
| free trade zones | areas within a country where goods can be imported without trade barriers |
| gross domestic product | value of all goods and services produced within a country over time |
| gross national income | income earned by country residents, minus income earned by foreign residents |
| gross national product | value a country's residents produce |
| growth poles | areas that serve as focal points for $$$ |
| human development index | country's development measured off life expectancy, education, and income indicators |
| industrial belt | region with concentrated industrial activity |
| informal sector | economy outside formal regulations |
| just-in-time delivery | production to minimize inventory costs by delivering parts to the production line |
| literacy rate | % of people who can read/write at a specific age or grade level |
| maquiladoras | manufacturing plants in mexico, import raw materials duty-free |
| neoliberalism | free market principles, deregulation, privatization, limited gov intervention |
| offshoring | relocating business to another country |
| outsourcing | contracts business to external service providers |
| primary sector | economic sector about extracting raw materials from natural environment |
| post-fordist | production methods of flexible production |
| quaternary sector | economic sector about knowledge |
| rust belt | region with decline, abandoned factories |
| substitution principle | replacing human labor with machinery |
| sustainable development | meets needs of the present without compromising ability of future to meet their needs |
| technopoles | area with high technology |
| tertiary sector | economy sector, retail, healthcare, education, finance |
| trade | exchange of goods/services between countries |
| trading bloc | groups of countries form agreements to promote trade, such as reducing tariffs and trade barriers |
Created by:
siyer