Unit 7 Vocab Flashcards
(50 cards)
Cottage Industry
Manufacturing based in homes, commonly found in preindustrial revolution.
deindustrialization
decline in industrial activity in a a region or economy
ecotourism
tourism directed toward exotic, often threatened, natural environments, especially to support conservation efforts and observe wildlife.
equity
the values of shares given by the company
export processing zones (EPZs)
areas within developing countries that offer incentives and a barrier free environment to promote economic growth by attracting foreign investment for export oriented production.
footloose industry
an industry that can be placed and located at any location without effect from factors such as resources or transport.
growth pole
an urban area, where due to pull factors, like a company moves in, other businesses start to rise because of economic growth
agglomeration
the tendency of businesses in the same industry to cluster in the same area
break of bulk point
location where it is more economical to break raw materials into smaller units before shipping them further
commodity dependence
an economy that relies on the export of primary commodities for a large share of its export earnings and hence economic growth
bulk gaining industry
an industry where the product gains volume or weight than the material it’s made of. it is sold closer to where the market for the product that it is selling is at. examples include cars, packaged food
bulk reducing industry
an industry in which the final product weighs less and is located closer to the inputs. examples include mining, smelting, refining
comparative advantage
the ability to produce a good at a more efficient rate than another producer or country
complementarity
the relationship between 2 countries where they both have an industry that benefits them both
fordist production
form of mass production in which each worker is assigned 1 specific task to perform repeatedly
formal economy
refers to all economic activities operating within the official legal framework that are paying taxes in al generated incomes
gender inequality index (GII)
an indicator constructed by the UN to measure the extent of each country’s gender inequality in terms of reproductive health, empowerment, and the labor market.
gender parity
a policy by which women have to make up either a certain number of the candidates in an election or a certain number of those elected
gross domestic product (GDP)
a measurement of the total goods and services produced within a country.
gross national income (GNI)
the value of the output of goods and services produced in a country in a year, including money that leaves and enters the country.
gross national product (GNP)
the total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually 1 year.
human development index (HDI)
indicator of level of development for each country, constructed by the UN, combining income, literacy, education, and life expectancy
industrialization
the process in which the interaction of social and economic factors causes the development of manufacturing and businesses on a wide scale.
informal economy
economic activity that is neither taxed nor monitored by a government; and is not included in that government’s gross national product; as opposed to a formal economy
