unit seven vocab Flashcards
(25 cards)
post fordism
A production system in which companies have replaced workers with machines to allow for faster and varied production
complementarity
Trade that occurs when parties have goods or services that the other wants
footloose firm
A business that can pack up and leave for a new location quickly and easily
microfinance
a range of financial services, including small loans and savings accounts, aimed at individuals and small businesses who lack access to traditional banking systems.
bulk reducing
AKA Weight-losing industry, raw material-
oriented industry, raw material-dependent
industry
globalization
Growing interdependence of the world’s economies, cultures, and population due to trade, investment, and transportation & communications technologies.
brownfield
Sites of abandoned factories that have
the potential to become a hazardous waste or pollutant
quinary
Highest level of decision making
backwash effect
he negative economic consequences that one region experiences as a result of economic growth in another region, often leading to the decline or stagnation of the former.
technopole
the economic and technological growth spurred by the concentration of high-tech industries, research institutions, and skilled labor in a specific region
dependency theory
posits that underdeveloped nations are impoverished and developed nations are enriched by the way underdeveloped nations are integrated into the global economy, where resources flow from the “periphery” to the “core,” enriching the latter at the expense of the former.
economy of scale
the cost advantages a company gains by increasing production and efficiency, leading to lower per-unit costs.
export processing zone
Spaces within a country where special regulations benefit foreign- controlled businesses
bulk gaining
AKA weight-gaining industry, market-oriented industry, market- dependent industry. The final product is heavier than the inputs so companies should locate factories near the market
primary
Extracting natural resources from Earth
ancillary activities
economic activities that surround and support large-scale industries, such as shipping, food service, and related services.
quaternary
Research and transferring of knowledge
agglomeration
The spatial grouping of businesses in order to share costs.
secondary
Processing resources into products
vertical integration
a business strategy where a company controls multiple stages of its supply chain, from raw materials to distribution, often through mergers or acquisitions, aiming for greater efficiency and control
ecotourism
responsible travel to natural areas that conserves the environment, sustains the well-being of local people, and involves interpretation and education
outsourcing
Contracting work out to non- company employees or other companies
tertiary
Selling and transporting products
cottage
A type of industry in which the production of goods and services is based in homes, not factories
