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AMSCO APHUG UNIT 7
| Term | Definition |
|---|---|
| Industry | The process of using machines and large-scale processes to convert raw materials into manufactured goods. |
| Raw materials | Basic substances such as minerals and crops needed to manufacture finished goods. |
| Market | A place where products are sold. |
| Cottage industries | Small home-based businesses that made goods using intensive human labor. |
| Capital | Investment money required for large machinery and factories. |
| Industrial Revolution | A series of 18th-century technological advances that resulted in complex machinery driven by water or steam power. |
| Second Agricultural Revolution | Improvements in farm machinery and farming techniques that increased agricultural productivity and reduced farm labor needs. |
| Imperialism | A policy of extending a country's political and economic power. |
| Deindustrialize | A process of decreasing reliance on manufacturing jobs. |
| Rust belts | Regions that have large numbers of closed factories. |
| Primary sector | Economic sector focused on extracting natural resources from the earth (e.g., farming, mining, fishing, forestry). |
| Secondary sector | Economic sector focused on making products from natural resources (e.g., manufacturing, building). |
| Tertiary sector | Economic sector focused on providing information and services to people (e.g., retail, medicine, housekeeping). |
| Quaternary sector | Economic sector managing and processing information (e.g., financial analysis, software development, data science). |
| Quinary sector | Economic sector creating information and making high-level decisions (e.g., research, corporate/government executive leadership). |
| Postindustrial | An economy where most job growth shifted to the service and tertiary sectors. |
| Multiplier effect | The potential of a job to produce additional jobs in a community. |
| Least cost theory | Alfred Weber's model explaining factory location decisions based on minimizing transportation, labor, and agglomeration costs. |
| Agglomeration economies | The spatial grouping of several businesses to share costs. |
| Bulk-reducing industry | An industry where raw materials lose weight or size during processing, leading factories to locate near raw material sources. |
| Ubiquitous | Resources that are widely available (such as water). |
| Bulk-gaining industry | An industry whose product becomes bulkier during processing, causing factories to locate near markets. |
| Isotropic plain | An area where human and physical geographic features are uniform throughout. |
| Labor-oriented industry | An industry highly dependent on a workforce that locates near potential labor sources. |
| Energy-oriented industry | An industry relying heavily on substantial power inputs (e.g., aluminum processing), locating processing facilities near cheap energy sources. |
| Break of bulk | The procedure of transferring cargo from one mode of transportation to another. |
| Containerization | A system in which goods are loaded into a standardized shipping unit. |
| Intermodal | Standardized containers capable of being carried across multiple modes of transport (truck, train, ship, plane). |
| Footloose | Businesses with minimal locational requirements that can easily relocate. |
| Front offices | Expensive upper-floor skyscraper office spaces in major cities designed to signal prominence and impress clients. |
| Back offices | Less expensive office spaces where non-executive corporate employees are located. |
| World Systems Theory | Immanuel Wallerstein's model categorizing countries into core, semiperiphery, and periphery to explain global economic power and labor distribution. |
| Core countries | Highly industrialized, wealthy countries with strong government support for economic growth. |
| Semiperiphery countries | Countries developing industry that are less wealthy than core countries but more developed than periphery countries. |
| Periphery countries | Countries reliant primarily on raw material extraction and basic production rather than advanced industry. |
| Gross Domestic Product (GDP) | The dollar amount of all final goods and services produced within a country in one year. |
| Gross National Product (GNP) / Gross National Income (GNI) | The dollar amount of all goods and services produced by a country's citizens in one year, regardless of where they reside. |
| Remittances | Earnings sent back by migrant workers to family members in their home countries. |
| Per capita | Economic output or statistical measures divided by a country's total population to produce an amount per person. |
| Purchasing power parity (PPP) | A measure of what similar goods cost in different countries to adjust for currency and price differences. |
| Formal sector | The portion of the economy monitored by the government where businesses follow regulations and pay taxes. |
| Informal sector | The portion of the economy that is not monitored by government. |
| Gini coefficient | A measure of income inequality within a population ranging from 0 (total equality) to 1 (total inequality). |
| Total fertility rate | The number of babies a woman is expected to have in her lifetime. |
| Infant mortality rate | The rate at which babies die before reaching one year of age. |
| Life expectancy | The number of years a person is expected to live. |
| Literacy rate | The percentage of a population that can read and write. |
| Gender gap | Differences in privileges, opportunities, and rights afforded to males and females in a society. |
| Gender Inequality Index (GII) | UN composite measure indicating gender disparity across reproductive health, empowerment, and labor market participation. |
| Human Development Index (HDI) | A composite development metric combining GNI per capita with life expectancy and schooling measures. |
| Glass ceiling | An unstated barrier preventing women from obtaining top-level jobs in corporations, civil service, or government. |
| Non-governmental organizations (NGOs) | Non-profit international agencies operating independently of governments to support economic and social development. |
| Microcredit | Programs offering small loans (often to women) to start or expand small businesses. |
| Working class | Factory workers who inhabited distinctive urban neighborhoods near industrial centers. |
| Stages of Economic Growth model | Walt Rostow's modernization theory outlining a linear 5-stage economic development process. |
| Dependency theory | Theory asserting that global inequalities stem from historical colonialism and neocolonialism, creating core-periphery dependency. |
| Commodities | Unprocessed raw materials such as coffee, cocoa, and oil. |
| Commodity dependence | A state where raw materials comprise over 60 percent of a country's total exports. |
| Trade | The exchange of goods or services between parties where one desires what the other possesses. |
| Barter | A system of direct trade exchange without monetary transactions. |
| Comparative advantage | The ability of a country or entity to produce goods or services at a lower cost than others. |
| Complementarity | A commercial balance where two countries each possess goods, services, or income desired by the other. |
| Free trade | Policies and laws designed to reduce or eliminate trade barriers between nations. |
| Neoliberal policies | Reforms promoting free markets, reduced government regulation, and reduced taxation. |
| Trading blocs | Groups of nations that establish common trade rules and agreements. |
| World Trade Organization (WTO) | Global organization created in 1995 to monitor international trade rules and settle trade disputes. |
| International Monetary Fund (IMF) | Global institution created in 1945 offering financial assistance and promoting monetary stability. |
| Outsourcing | Contracting work to external companies or non-employees to lower operational costs. |
| Offshoring | Shifting back-office services or manufacturing operations to other countries with lower business costs. |
| Reshoring | Moving previously offshored operations back to a business's home country. |
| New international division of labor | Spatial reorganization of economic activities across global core, semiperiphery, and periphery regions. |
| Basic economic activity | Actions generating new wealth for a region by exporting goods/services outside the local area. |
| Non-basic economic activity | Activities recirculating existing money within a local community. |
| Transnational corporations (TNCs) / Multinational corporations (MNCs) | Companies operating facilities across multiple countries. |
| Export-processing zones (EPZs) | Industrial areas offering foreign firms tax breaks, lower labor costs, and reduced regulations to encourage exports. |
| Special economic zones (SEZs) | Specific designated areas (particularly in China) offering incentives to attract foreign investment and trade. |
| Maquiladoras | Foreign-owned manufacturing plants located in Mexico, primarily along the U.S. border. |
| Free-trade zones (FTZs) | Designated zones where goods can be handled, stored, or processed duty-free prior to re-export. |
| Postindustrial economy | Economy centered on service provision and information processing rather than factory manufacturing. |
| Assembly line | Production setup where items move sequentially from worker to worker, repeating standardized tasks. |
| Fordism | Mass production framework utilizing assembly lines to rapidly manufacture standardized products. |
| Substitution principle | Business practice of replacing one factor of production with another (such as labor with automation) to maximize profits. |
| Automation | Replacing human labor with machinery. |
| Post-Fordist | Flexible production framework relying on automation and cross-trained, multi-skilled workers. |
| Just-in-time delivery | Inventory management system where production inputs arrive at the factory precisely when needed. |
| Technopole | Industrial hub focused on high-tech manufacturing and information services, often situated near major universities. |
| Growth poles | Concentrated regions of high-value economic growth that attract additional development. |
| Cumulative causation effect | Self-reinforcing cycle where economic growth at a growth pole attracts further investment and talent. |
| Spin-off benefits | Positive economic growth effects extending into regions surrounding a growth pole. |
| Backwash effects | Negative impacts on outlying areas (e.g., loss of educated youth or tax revenue) resulting from growth pole concentration. |
| Brownfields | Disused or abandoned industrial sites featuring derelict infrastructure. |
| Rust Belt | Region of the U.S. Midwest and Northeast heavily impacted by deindustrialization and factory closures. |
| Corporate parks | Agglomerated commercial real estate zones housing service-sector office buildings. |
| Sustainability | Utilizing planetary resources without causing permanent environmental damage. |
| Sustainable development | Development practices balancing resource use, pollution control, equity, and environmental conservation. |
| Ecological footprint | Measure of land and resource area required to support an individual or population's consumption and waste. |
| Ecotourism | Environmentally responsible travel aimed at exploring and conserving unique natural ecosystems. |
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