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APHUG Unit 7 VOCAB
| Term | Definition |
|---|---|
| Agglomeration | Concentration of industries and firms in a particular geographic area, |
| including cost savings, knowledge spillovers, and access to specialized labor. | |
| 2. Assembly Line | A manufacturing process in which a product is assembled |
| sequentially as it moves along a conveyor belt or production line. | |
| 3. Backwash Effects | Negative economic effects are experienced by regions or |
| industries because of the growth or development of other regions or industries. | |
| 4. Barter | The exchange of goods or services directly for other goods or services |
| without using money. | |
| 5. Commodity Dependence | The reliance of a country or region on the export of |
| commodities for economic growth and revenue | |
| 6. Comparative Advantage | theory says regions should specialize in producing goods |
| or services with the lowest opportunity cost relative to other producers. | |
| 7. Dependency Model | theory explains the underdevelopment of certain regions due to |
| historical economic relationships that exploit and marginalize them. | |
| 8. Ecotourism | Tourism that focuses on visiting natural areas and promoting |
| conservation, environmental education, and sustainable development. | |
| 9. Export Processing Zones (EPZ) | Designated areas within a country where favorable |
| conditions encourage export | oriented manufacturing and foreign investment. |
| 10. Fordism | A system of mass production and consumption characterized by |
| standardized products, assembly | line manufacturing, and relatively high wages for |
| workers | |
| 11. Formal Sector | The part of the economy that operates within the legal framework, |
| including registered businesses, wage employment, and government | regulated activities |
| 12. 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. | |
| 13. Gross Domestic Product (GDP) | The total value of all goods and services produced |
| within a country's borders over a specific period. | |
| 14. 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 | |
| 15. Gross National Product (GNP) | The total value of all goods and services a country's |
| residents produce, including income earned abroad. | |
| 16. 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. | |
| 17. Human Development Index (HDI) | is a country's development measure based on |
| life expectancy, education, and income indicators. | |
| 18. Industrial Belt | A region with concentrated industrial activity, often marked by |
| interconnected cities and towns. | |
| 19. Informal Sector | The part of the economy operating outside formal regulations, |
| including unregistered businesses, self | employment, and casual labor. |
| 20. Just | in |
| delivering parts or materials to the production line exactly when needed. | |
| 21. Literacy Rate | The percentage of people within a population who can read and write |
| at a specified age or grade level. | |
| 22. Maquiladoras | Manufacturing plants, primarily located in Mexico, that import raw |
| materials duty | free for assembly or processing and export the finished products. |
| 23. Neoliberalism | advocates for free |
| limited government intervention in the economy. | |
| 24. Offshoring | Relocating business activities or processes to another country, often to |
| take advantage of lower labor costs or regulatory environments. | |
| 25. Outsourcing | contracting out business functions or processes to external service |
| providers, often in other countries, to reduce costs or access specialized expertise. | |
| 26. Primary Sector | The economy sector is concerned with extracting raw materials |
| from the natural environment, such as agriculture, mining, and fishing. | |
| 27. Post | Fordist |
| manufacturing, and increased reliance on information technology. | |
| 28. Quaternary Sector | The economy sector focuses on knowledge |
| including research and development, information technology, and professional | |
| services. | |
| 29. Rust Belt | Region is characterized by the decline of traditional manufacturing |
| industries, often marked by abandoned factories and economic distress. | |
| 30. Substitution Principle | The practice of replacing human labor with technology or |
| machinery to increase efficiency and reduce costs in production processes. | |
| 31. 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. | |
| 32. Technopoles | Regions or urban areas characterized by a concentration of high |
| technology industries, research institutions, and skilled labor. | |
| 33. Tertiary Sector | The economy sector provides retail, healthcare, education, and |
| finance services. | |
| 34. Trade | International agreements and regulations often facilitate the exchange of goods |
| and services between countries or regions. | |
| 35. Trading Bloc | Groups of countries form agreements to promote trade and economic |
| cooperation, often by reducing tariffs and trade barriers. |
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