Vocab 7 (part 2) Flashcards
(24 cards)
Industrial Park
a collection of manufacturing facilities in a particular area that is typically found in suburbs and is located close to highways to facilitate movement of raw materials and finished products
Industrial revolution
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-crafted, muscle-powered production to power-driven mass production
Industrialization
the process in which the interaction of social and economic factors causes the development of industries on a wide scale
Industry
any economic activity using machinery on a large scale to process raw materials into products
Informal sector
any part of a country’s economy that is outside of government monitoring or regulation; sometimes called the informal economy
International division of labor
a pattern of production and labor in which different countries are engaged in distinct aspects of production
Just-in-time delivery
a system in which goods are delivered as needed so that companies keep in inventory only what is needed for near-term production
Labor-market participation
rate that measures an economy’s active labor force, calculated by taking the sum of all employed workers divided by the working age population
Least-cost theory
industrial location theory proposed by Alfred Weber suggesting that businesses locate their facilities in a particular place because that location minimizes the costs of production
Microloan
a very small short-term loan with low interest intended to help people in need
Multiplier effect
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 related jobs and services
Neoliberalism
beliefs that favor free-market capitalism in which trade has no constraints from government
Offshore outsourcing
the condition or one or more aspects of production are moved to an organization in another country
post-fordism
system focused on small-scale batch production for a specialized market and flexibility that allows for a quick response to changes in the market
Post-industrial economy
an economic pattern marked by predominant tertiary sector employment—with a good share of quaternary and quinary jobs
Primary sector
economic sector associated with removing or harvesting products from the earth; includes agriculture, fishing, forestry, mining or quarrying, and extracting liquids or gas
Quatemary sector
economic sector that is a subset of tertiary sector activities that require workers to process and handle information and environmental technology
Quinary sector
economic sector that is a subset of the quaternary sector; involves the very top leaders in government, science, universities, nonprofits, health care, culture, and media
Raw materials
any metals, wood or other plant products, animal products, or other substances that are used to make intermediate or finished goods
Secondary sector
economic sector associated with the production of goods from raw materials; includes manufacturing, processing, and construction
Special economic zone
an area within a country that offers more favorable economic regulations (such as tax benefits or no tariffs) to attract foreign businesses
Stages of economic growth
a model that suggests that all countries can be categorized on a spectrum from traditional to modern and that to become modern, countries need to pass through distinct stages of economic growth in succession
Tertiary sector
economic sector that includes a host of activities that involve the transport, storage, marketing, and selling of goods or services; also called the service sector
Women’s empowerment
women’s options and access to participate fully in the social and economic spheres of a society
