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APHUG7
| Term | Definition |
|---|---|
| Agglomeration | Concentration of industries and firms in a particular geographic area, including cost savings, knowledge spillovers, and access to specialized labor. |
| Assembly Line | A manufacturing process in which a product is assembled sequentially as it moves along a conveyor belt or production line. |
| Backwash Effects | Negative economic effects are experienced by regions or industries because of the growth or development of other regions or industries. |
| Barter | The exchange of goods or services directly for other goods or services without using money. |
| Commodity Dependence | The reliance of a country or region on the export of commodities for economic growth and revenue |
| Comparative Advantage | theory says regions should specialize in producing goods or services with the lowest opportunity cost relative to other producers. |
| Dependency Model | theory explains the underdevelopment of certain regions due to historical economic relationships that exploit and marginalize them. |
| Ecotourism | Tourism that focuses on visiting natural areas and promoting conservation, environmental education, and sustainable development. |
| Export Processing Zones (EPZ | Designated areas within a country where favorable conditions encourage export-oriented manufacturing and foreign investment. |
| Fordism | A system of mass production and consumption characterized by standardized products, assembly-line manufacturing, and relatively high wages for workers |
| Formal Sector | The part of the economy that operates within the legal framework, including registered businesses, wage employment, and government-regulated activities |
| Free Trade zones | Areas within a country where goods can be imported, stored, and processed without being subject to customs duties or other trade barriers. |
| Gross Domestic Product (GDP) | The total value of all goods and services produced within a country's borders over a specific period. |
| Gross National Income (GNI) | The total income earned by a country's residents, including domestic and foreign sources, minus any income earned by foreign residents |
| Gross National Product (GNP) | The total value of all goods and services a country's residents produce, including income earned abroad. |
| Growth poles (Growth centers) | Regions or urban areas that serve as focal points for economic development and investment, often leading to the expansion of surrounding areas. |
| Human Development Index (HDI) | is a country's development measure based on life expectancy, education, and income indicators. |
| Industrial Belt | A region with concentrated industrial activity, often marked by interconnected cities and towns. |
| Informal Sector | The part of the economy operating outside formal regulations, including unregistered businesses, self-employment, and casual labor. |
| Just-in-time delivery | production that aims to minimize inventory costs by delivering parts or materials to the production line exactly when needed. |
| Literacy Rate | The percentage of people within a population who can read and write at a specified age or grade level. |
| Maquiladoras | Manufacturing plants, primarily located in Mexico, that import raw materials duty-free for assembly or processing and export the finished products. |
| Neoliberalism | advocates for free-market principles, deregulation, privatization, and limited government intervention in the economy. |
| Offshoring | Relocating business activities or processes to another country, often to take advantage of lower labor costs or regulatory environments. |
| Outsourcing | contracting out business functions or processes to external service providers, often in other countries, to reduce costs or access specialized expertise. |
| Primary Sector | The economy sector is concerned with extracting raw materials from the natural environment, such as agriculture, mining, and fishing. |
| Post-Fordist | production methods characterized by flexible production, just-in-time manufacturing, and increased reliance on information technology. |
| Quaternary Sector | The economy sector focuses on knowledge-based activities, including research and development, information technology, and professional services. |
| Rust Belt | Region is characterized by the decline of traditional manufacturing industries, often marked by abandoned factories and economic distress. |
| Substitution Principle | The practice of replacing human labor with technology or machinery to increase efficiency and reduce costs in production processes. |
| Sustainable Development | meets the needs of the present without compromising the ability of future generations to meet their own needs, integrating economic, social, and environmental goals. |
| Technopoles | Regions or urban areas characterized by a concentration of high-technology industries, research institutions, and skilled labor. |
| Tertiary Sector | The economy sector provides retail, healthcare, education, and finance services. |
| Trade | International agreements and regulations often facilitate the exchange of goods and services between countries or regions. |
| Trading Bloc | Groups of countries form agreements to promote trade and economic cooperation, often by reducing tariffs and trade barriers. |
Created by:
studysmarter55