Unit 7 Vocabulary

Question 1

The tendency of enterprises in the same industry to cluster in the same area.

Answer 1

Agglomeration

Question 2

Location where it is more economical to break raw materials into smaller units before shipping them further.

Answer 2

Break of bulk

Question 3

Industry in which raw materials cost more to transport than the finished goods.

Answer 3

Bulk-reducing industry

Question 4

Industry in which the finished goods cost more to transport than the raw materials.

Answer 4

Bulk-gaining industry

Question 5

Preindustrial form of manufacture in which members of families spread throughout rural areas worked in their homes to make goods.

Answer 5

Cottage Industry

Question 6

Economies with two distinct distributions of economic activity across the economic sectors.

Answer 6

Dual economies

Question 7

Any economic activity using machinery on a large scale to process raw materials into products.

Answer 7

Industry

Question 8

Collections of industries engaged in similar economic activities based on the creation of raw materials, the production of goods, the provision of services, or other activities.

Answer 8

Economic sectors

Question 9

The total value of goods and services domestically produced within a given country in a year.

Answer 9

GDP

Question 10

A collection of manufacturing facilities in particular area that is typically found in suburbs and located close to highways to facilitate movement of raw materials.

Answer 10

Industrial Park

Question 11

The radical change in manufacturing methods that began in Great Britain in the mid 18th century and was marked by the shift from small-scale, hand-production to power driven mass production.

Answer 11

Industrial Revolution

Question 12

The process in which the interaction of social and economic factors causes the development of industries on a wide scale.

Answer 12

Industrialization

Question 13

Industrial location theory proposed by Alfred Weber suggesting that businesses locate their families in a particular location because that location minimizes the cost of production.

Answer 13

Least-cost theory

Question 14

An economic pattern marked by predominant tertiary sector employment with a good share of quaternary and quinary jobs.

Answer 14

Post-industrial economy

Question 15

Economic sector associated with removing or harvesting products from the Earth. The production of raw material.

Answer 15

Primary sector

Question 16

Economic sector that is a subset of the tertiary sector that involves or requires the handling of information and technology.

Answer 16

Quaternary sector

Question 17

Economic sector that is a subset of the quaternary sector involving individuals at the highest level.

Answer 17

Quinary sector

Question 18

Wood or other plant products, animal products, or other substances used to make intermediate or finished goods.

Answer 18

Raw materials

Question 19

Economic sector associated with the production of goods from raw materials; including manufacturing, processing, and construction.

Answer 19

Secondary sector

Question 20

Economic sector that includes a host of activities that involve the transport, storage, marketing, and selling of goods + services; also called the service sector.

Answer 20

Tertiary sector

Question 21

A measure that calculates gender disparity based on health, knowledge, and standard of living.

Answer 21

Gender development index (GDI)

Question 22

A measure that calculates inequality based on reproductive health, empowerment, and labor market participation.

Answer 22

Gender Inequality index

Question 23

The total value of goods domestically produced by a country within a year.

Answer 23

GDP

Question 24

The total value of goods and services globally produced by a country within a year, divided by the population.

Answer 24

Gross National Income (GNI)

Question 25

The processes involved in the improvement of people's freedom, rights, capabilities, choices, and material conditions.

Answer 25

Human development.

Question 26

A measure of overall development incorporating life expectancy at birth, access to education measured in expected and mean years of schooling, and standard of living measured by GNI per capita.

Answer 26

Human Development Index (HDI)

Question 27

The total value of goods produced both domestically and internationally by a country in a year.

Answer 27

Gross National Product

Question 28

Any part of a country's economy that is outside of government monitoring or regulation; also called the informal economy.

Answer 28

Informal sector

Question 29

The rate that measure's an economy's active labor force, calculated u taking the sum of all employed workers divided by the working age.

Answer 29

Labor-market participation

Question 30

A very small, short-term loan with low interest intended to help people in need.

Answer 30

Microloan

Question 31

A model that suggests that all countries can be categorized from traditional to modern and that to become modern, countries must pass through distinct stages of economic growth in succession.

Answer 31

Stages of Economic Growth

Question 32

Women's options and access to participate fully in the social and economic spheres of society.

Answer 32

Women empowerment

Question 33

The relative cost advantage a country/organization has to produce certain goods or services for trade.

Answer 33

Comparative advantage

Question 34

The mutual trade relationship between places based on raw material supply and finished product demand.

Answer 34

Complementarity

Question 35

The process by which a country or area reduces industrial activity, particularly in heavy industry and manufacturing.

Answer 35

Deindustrialization.

Question 36

A form of tourism based on enjoyment of natural areas that minimizes environmental impact.

Answer 36

Ecotourism

Question 37

An area within a country that is subject to more favorable regulations to encourage foreign investment and the manufacturing of goods for export.

Answer 37

Export Processing Zone (EPZ)

Question 38

A highly organized and specialized system for industrial production that focuses on efficiency and productivity on mass production; named after Henry Ford.

Answer 38

Fordism

Question 39

A relatively large geographical area within a country in which businesses pay few to no tariffs on goods to encourage or facilitate its role in international trade.

Answer 39

Free Trade Zone (FTZ)

Question 40

A place of economic activity clustered around one or more high-growth industries that stimulate economic gain by capitalizing on some special asset.

Answer 40

Growth Pole

Question 41

A pattern of production and labor in which different countries are engaged in distinct aspects of production.

Answer 41

International division of labor

Question 42

A system in which goods are delivered as needed so that companies keep an inventory of only what is needed for near-term production.

Answer 42

Just-in-time delivery

Question 43

The economic effect in which a change creates a larger change, such as when a new manufacturing plant grows the economy by giving rise to more jobs and services.

Answer 43

Multiplier effect

Question 44

Beliefs that favor free market capitalism in which trade has no constraints from the government.

Answer 44

Neo-liberalism

Question 45

The condition when one or more aspects of production moves to an organization in another country.

Answer 45

Offshore outsourcing

Question 46

A system focused on small sale batch production for a specialized market and flexibility

Answer 46

Post-Fordism