Unit 7 Vocab

Question 1

Post fordism

Answer 1

The shifts from manufacturing centers to spatially dispersed production sites, from standardized mass production to specialized batch production, and from a permanent workforce to temporary and contract workers

Question 2

Complementarity

Answer 2

A measure of how well one country’s export profile matches another country’s import profile

Question 3

Footloose firm

Answer 3

Manufacturing activities in which the cost of transporting both raw materials and finished product is not important for determining the location of the firm

Question 4

Micro finance

Answer 4

Provision of small loans and other financial services to individuals and small businesses in developing countries

Question 5

bulk reducing

Answer 5

The raw material is cut off or melted off. Ex. Potato chips, jewelry

Question 6

Globalization

Answer 6

The process by which businesses and other organizations develop international influence or start operating on an international scale

Question 7

Quinary sector

Answer 7

The portion of the economy where the highest-level management decisions are made in the areas of business, government, education, and science

Question 8

Backwash effects

Answer 8

Possible downsides of growth poles. Loss of highly educated young people from distant communities

Question 9

Technopole (growth pole)

Answer 9

a center of high-tech manufacturing and information-based quaternary industry. Silicon Valley

Question 10

Dependency theory

Answer 10

The theory that the periphery is poor because it was economically dependent on the core in a disadvantageous relationship originally established under colonialism and imperialism

Question 11

Economy of scale

Answer 11

Cost advantage experienced by a company when it increases its level of output

Question 12

Export processing zone

Answer 12

Industrial zone with special incentives to attract foreign investment to places where imported materials undergo processing or assembly before being re-exported

Question 13

Bulk gaining

Answer 13

Final product is heavier than the raw materials. Ex. Automobiles, beer

Question 14

Primary

Answer 14

Industries that extract natural resources from the environment

Question 15

Ancillary activities

Answer 15

Economic activities that surround and support large-scale industries such as shipping and food service

Question 16

Quaternary

Answer 16

Researching and transferring of knowledge. Ex. Education, IT, banking

Question 17

Agglomeration

Answer 17

Occur where firms cluster spatially in order to take advantage of geographic concentrations of skilled labor and industry suppliers, specialized infrastructure, and ease of face-to-face contact with industry participants

Question 18

secondary

Answer 18

Industries that process the raw materials extracted by primary industries, transforming them into finished, usable forms

Question 19

Vertical integration

Answer 19

when one company controls all aspects of its production process.

Question 20

Ecotourism

Answer 20

Travel to natural areas of ecological value in support of conservation efforts and socially just economic development

Question 21

Outsourcing

Answer 21

The transfer of part of a firm’s internal operations to a third party

Question 22

Tertiary

Answer 22

Industries that provide services to businesses and consumers, including all the different types of work necessary to transport and deliver goods and resources

Question 23

Cottage industry

Answer 23

A type of industry in which the production of goods and services is based in homes, not factories

Question 24

Gini coefficient

Answer 24

A measurement of the distribution of income within a population