Development Vocabulary Flashcards
(82 cards)
The industries that are focal point of the economy for a city
Basic industries
The centralization of parts of an industry for the mutual benefit of the industry as a whole
Agglomeration
An economic system that lets the competitive market determine the price of goods in a society in which people have the freedom to choose their outcomes based on their ability to pay for a product
Capitalism
An economic system in which the government has total control over the prices of goods in a society, ranging from price of bread to utility prices
Communism
Model suggesting the core areas are more developed while the periphery areas are less developed and often times the periphery is at the economic beckoning of the core through resources
Core – periphery model
Continued growth that feeds on itself
Cumulative causation
Occurs when a market become saturated with a particular industry, creating too much competition enforcing some businesses to shut down
Deglomeration
Suggests that more developed countries exploit less developed countries to remain at the top of international trade
Dependence theory
The continued progress of the society in all areas, including demographics, economics, and social factors
Development
Costs the do not fluctuate depending on the quantity ordered
Fixed costs
A company with no allegiance or ties to a country or a location that, therefore, can move its primary location
Footloose industry
Describes an assembly line on which each employee is doing a specific task to speed up the overall process of production
Fordism
The direction vestment by company in the economy of a foreign country characterized by direct relationship between the investor in the product of the investment
Foreign direct investment
Include South Korea, Hong Kong, Taiwan, in Singapore
For Asian tigers
Determined by summing the selling value or market price of all goods and services that are producing a particular country in a given year
To domestic product GDP
Determined by dividing the total amount of goods and services produced in country by the total population of the country
Gross domestic product per capita
Determined by summing the value of goods and services produced by countries factors of production within a given time. Usually one year
Gross national product GNP
Includes the characteristics such as life expectancy, literacy, education, and standard of living that affect all peoples lives regardless of culture
Human development Index
Starting the mid 1600s, the Industrial Revolution extension of the lightning. In Europe
Industrial revolution
The specialization of labor so that the production becomes industrialize, thereby increasing speed, efficiency, and quality of the work process
International division of labor
Businesses that require relatively more human effort in the production process
Labor – intensive industries
The expansion of the economic base of a city as a result of the increased demand sparking increase production, which in turn employees more people who then demand even more goods and services
Multiplier effect
A situation where in the less developed countries of the world are still economically dependent upon the more developed countries
Neocolonialism
That outsourcing of jobs from more developed countries to lesser developed countries to produce goods more cheaply
New international division of labor
