UNIT 7 Industrial & Economic Development

Question 1

Agglomeration

Answer 1

densification, accumulation and concentration

Question 2

Break-of-Bulk Point

Answer 2

the name given to an economic center, like a dockyard, where a manufactured product is assembled and then separated into various shipments ready to be transported to a wide range of markets

Question 3

Bulk-Reducing Industry

Answer 3

An industry in which the final product has less space than the raw materials

Question 4

Bulk-Gaining Industry

Answer 4

An industry in which the final product has more space than the raw materials

Question 5

Dual Economies

Answer 5

the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand

Question 6

Gross Domestic Product (GDP)

Answer 6

the total value of all goods and services produced in a country in a given period

Question 7

Industrial Revolution

Answer 7

the process of change from an agrarian and handicraft economy to one dominated by industry and machine manufacturing

Question 8

Least-Cost Theory

Answer 8

the location of a processing plant will in an area that ensures. the lowest cost of moving raw materials to the processing plant and moving the finished

Question 9

Primary Sector

Answer 9

all those activities the end purpose of which consists in exploiting natural resources

Question 10

Quaternary Sector

Answer 10

the industry based on human knowledge which involves technology, information, financial planning, research, and development

Question 11

Quinary Sector

Answer 11

The branch of a country’s economy where high-level decisions are made by top-level executives in government, industry, education, etc

Question 12

Raw Materials

Answer 12

the input goods or inventory that a company needs to manufacture its products

Question 13

Secondary Sector

Answer 13

an economic sector in the three-sector theory that describes the role of manufacturing

Question 14

Tertiary Sector

Answer 14

covers a wide range of activities from commerce to administration, transport, financial and real estate activities, business and personal services, education, health and social work

Question 15

Commodity Dependence

Answer 15

when more than 60 per cent of its total merchandise exports are composed of commodities

Question 16

Dependency Theory

Answer 16

the idea that resources flow from a “periphery” of poor and exploited states to a “core” of wealthy states, enriching the latter at the expense of the former

Question 17

Formal Sector

Answer 17

obs that the government regulates and offers benefits such as social security, health insurance, and retirement plans

Question 18

Gender Development Index (GDI)

Answer 18

measures differences in male and female achievements in three basic dimensions of human development: health, education and command over economic resources

Question 19

Gender Inequality Index (GII)

Answer 19

a composite measure, reflecting inequality in achievements between women and men in three dimensions: reproductive health, empowerment and the labor market

Question 20

Gross National Income (GNI)

Answer 20

the total income earned by a country’s people and businesses, even if it was earned outside the country

Question 21

Gross National Product (GNP)

Answer 21

the total value of all finished goods and services produced by a country’s citizens in a given financial year, irrespective of their location

Question 22

Human Development Index (HDI)

Answer 22

a summary composite measure of a country’s average achievements in three basic aspects of human development: health, education and economy

Question 23

Informal Sector

Answer 23

the part of any economy that is neither taxed nor monitored by any form of government

Question 24

Labor-Market Participation (LMP)

Answer 24

a set of instruments through which governments assist individuals facing difficulties in the labor market, especially but not exclusively unemployed people

Question 25

Microloan

Answer 25

provides very small loans to start-up, newly established, or growing small business concerns and certain not-for-profit childcare centers

Question 26

Export Processing Zone (EPZ)

Answer 26

industrial estates that are fenced in for producing manufactured goods for export

Question 27

Fordism

Answer 27

an industrial engineering and manufacturing system that serves as the basis of modern social and labor-economic systems that support industrialized, standardized mass production and mass consumption

Question 28

Free Trade Zone (FTZ)

Answer 28

secure areas under US customs and border protection supervision that are generally considered outside CBP territory upon activation

Question 29

Just-in-Time Delivery

Answer 29

the process of creating goods in a ready state or completing their production so that a minimal inventory can satisfy demand and delivery can take place with immediate effect in order that consumers receive what they want precisely when they want

Question 30

Multiplier Effect

Answer 30

the effect on national income and product of an exogenous increase in demand

Question 31

Neoliberalism

Answer 31

the reduction of state interventions in economic and social activities and the deregulation of labor and financial markets, as well as of commerce and investments

Question 32

Offshore Outsourcing

Answer 32

when an organization recruits a third party supplier to conduct operations from an outside country

Question 33

Post-Fordism

Answer 33

the idea that modern industrial production has moved away from mass production in huge factories, as pioneered by Henry Ford, towards specialized markets based on small flexible manufacturing units (more customized)

Question 34

Special Economic Zone (SEZ)

Answer 34

an area in a country that is designed to generate positive economic growth