unit 7 economic vocab Flashcards
agglomeration
businesses cluster in the same area
break-of-bulk point
location where raw materials are broken down before shipping further, ex dockyard
cottage industry
where families spread out in rural areas and worked in their homes to produce goods
development
imrpoving conditions through more knowledge and technology
deglomeration
industrial deconcentration because of technological advances or increasing costs because of competition
formal economy
businesses and other economic activities that have gov supervision, motitoring, protection, and they are taxed, ex gov banking, education, healthcare, manufacurers
fracking
pumping water at high temps to break apart rocks to release natural gas
friction of distance
the longer a journey is, the more time, effort, and cost it will involve
industrial park
collection of manufacturing facilities, usually in an area in suburbs, close to highways for movement of raw materials and finished products
informal sector
economic busineseses outside of government monitoring or regulation, ex babysitters, drug dealers, black market
just in time delivery
where goods are delivered as needed
maquiladora
export processing cities in northern mexico, major areas of industry
microloans
very small short-term loans with low interest to help people
offshoring
relocating business operations and functions to another country, ex putting customer service in india where cost of labor is lower
outsourcing
moving industrial production or service industries to external facilities or organizations, often outside the country, ex outsource book keeeping duties to an accounting firm instead of getting an accountant
