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GEOG 1101 Chap. 7

key terms

QuestionAnswer
Agglomeration diseconomies the negative economic effects of urbanization & the local concentration of industry.
Agglomeration effects
Ancillary activities
Autarky insignificant contributions to the flows of imports & exports that constitute the geography of trade.
Backwash effects the negative impacts on a region (or regions) of the economic growth of some other region.
Carrying capacity the maximum number of users that can be sustained, over the long term, by a given set of natural resources.
Conglomerate corporations companies that have diversified into various economic activities, usually through a process of mergers & acquisitions.
Creative destruction the withdrawal of investments from activities ( and regions) that yield low rates of profit in order to reinvest in new activities (and new places).
Cumulative causation a spiral buildup of advantages that occurs in specific geographic settings as a result of the development of external economies, agglomeration effects, & localization economies.
Debt trap syndrome of always having to borrow in order to fund development.
De-industrialization a relative decline in industrial employment in core regions.
Dependency high level of reliance by a country on foreign enterprises, investments, or technology.
Ecological footprint a measure of the human pressures on the natural environment from the consumption of renewable resources & the production of pollution indicating how much space a population needs compared to what is available.
Elasticity of demand the degree to which levels of demand for a product or service change in response to changes in price.
Export-processing zones (EPZs) small areas within which especially favorable investment and trading conditions are created by governments in order to attract export-oriented industries.
External economies cost savings that result from circumstances beyond a firm’s own organization & methods of production.
Flexible production systems the ability of manufacturers to shift quickly & efficiently from one level of output to another, or from one product configuration to another.
Fordism principles of mass production based on assembly-line techniques, scientific management, mass consumption based on higher wages, & sophisticated advertising techniques.
Foreign direct investment the total of overseas business investments made by private companies.
Geographical path dependence the historical relationship between the present activities associated with a place & the past experiences of the place.
Gross domestic product (GDP) an estimate of the total value of all materials, foodstuffs, goods, & services produced by a country in a particular year.
Gross national income (GNI) similar to GDP, but also includes the value of income from abroad.
Growth poles economic activities that are deliberately organized around one or more high-growth industries.
Import substitution the process by which domestic producers provide goods or services that formerly were bought from foreign producers.
Inflation the increase of printed currency that leads to higher prices & international financial differentials.
Infrastructure (fixed social capital) the underlying framework of services & amenities needed to facilitate productive activity.
Initial advantage the critical importance of an early start in economic development; a special case of external economies.
International division of labor the specialization, by countries, in particular products for export.
Just-in-time production manufacturing process where daily or hourly delivery schedules of materials allow for minimal or zero inventories.
Localization economies cost savings that accrue to particular industries as a result of clustering together at a specific location.
Neo-Fordism economic principles in which the logic of mass production couples with mass consumption is modified by the addition of more flexible production, distribution, & marketing systems.
Newly industrializing countries (NICs) countries formerly peripheral within the world system that have acquired a significant industrial sector, usually through foreign direct investment.
Offshore financial centers islands or microstates that have become a specialized node in the geography of worldwide financial flows.
OECD Organization for Economic Cooperation and Development
Primary activities economic activities that are concerned directly with natural resources of any kind.
Quaternary activities economic activities that deal with the handling & processing of knowledge and information.
Secondary activities economic activities that process, transform, fabricate, or assemble the raw materials derived from primary activities, or that reassemble, refinish, or package manufactured goods.
Spread effects the positive impacts on a region (or regions) of the economic growth of some other region.
Strategic alliances commercial agreements between transnational corporations, usually involving shared technologies, marketing networks, market research, or product development.
Sustainable development a vision of development that seeks a balance among economic growth, environmental impacts, & social equity.
Terms of trade the ratio of prices at which exports and imports are exchanged.
Tertiary activities economic activities involving the sale & exchange of goods and services.
Trading blocs groups of countries with formalized systems of trading agreements.
Transnational corporations companies with investments and activities that span international boundaries and with subsidiary companies, factories, offices or facilities in several countries.
Vertical disintegration the evolution from large, functionally integrated firms within a given industry toward networks of specialized firms, subcontractors, & suppliers.
World cities cities in which a disproportionate part of the world’s most important business is conducted.
Created by: kbtwomey
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