Words from learning objective 7.7 and 7.8
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| barter | Exchange goods without involving money.
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| outsourcing | A decision by a corporation to turn over much of the responsibility for production to independent suppliers.
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| offshoring | The practice of exporting U.S. jobs to lower paid employees in other nations.
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| economic restructuring | changes in the way the economy, firms, and employment relations are organized
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| manufacturing zones | a feature of economic development in peripheral countries whereby the host country establishes areas with favorable tax, regulatory, and trade arrangements in order to attract foreign manufacturing operations
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| special economic zones | specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign business and investment
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| trading blocs | A group of neighboring countries that promote trade with each other and erect barriers to limit trade with other blocs
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| free trade zones | A region where a group of countries has agreed to reduce or eliminate trade barriers
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| export processing zones (EPZs) | zones established by many countries in the periphery and semi-periphery where they offer favorable tax, regulatory, and trade arrangements to attract foreign trade and investment
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| international division of labor | the specialization, by countries, in particular products for export.
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| Fordist production | Form of mass production in which each worker is assigned one specific task to perform repeatedly.
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| Post Fordist production | Adoption by companies of flexible work rules, such as the allocation of workers to teams that perform a variety of tasks.
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| substitution principle | In industry, the tendency to substitute one factor of production for another in order to achieve optimum plant location.
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| multiplier effect | An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent.
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| economies of scale | factors that cause a producer's average cost per unit to fall as output rises
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| just-in-time delivery | Shipment of parts and materials to arrive at a factory moments before they are needed
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| high-technology industries | Companies that support the growth and development of sophisticated technologies. It is a very new industry that has rapidly transformed many cities and countries.
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| growth poles | economic activities that are deliberately organized around one or more high-growth industries.
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| front office | a process with high customer contact where the service provider interacts directly with the internal or external customer
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| back office | -Low interaction with customers, standardized services
-Line flows, routine work performed the same with all customers
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| NGOs (non-governmental organizations) | non-profit local, national, or international groups that work independently of government on issues such as health, the environment, or human rights
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| ecotourism | the practice and business of recreational travel based on concern for the environment
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| UN Sustainable goals | 17 goals, examples: no poverty, zero hunger, good health and well being, quality education
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| agglomeration economies | economies of scale resulting from the concentration of people and production in urban areas
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| economies of scale | the property whereby long-run average total cost falls as the quantity of output increases
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| Growth Poles Theory | A region where specific industries cause economic growth within the industry as well as the housing market and local economy, causing growth
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