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Unit 07 Vocabulary
Definitions for Topics 7.1-7.8
| Term | Definition |
|---|---|
| Industrialization | the process in which the interaction of social and economic factors causes the development of industries on a wide scale |
| Standards of living | refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area |
| Industrial Revolution | radical change in manufacturing methods that began in England in the mid-18th century and was marked by the shift from small-scale hand-crafted production to power-driven mass production |
| Backwash effects | possible negative effects of growth poles; the loss of highly educated young people from distant communities |
| Spin-off benefits | positive effects from an economic growth pole; the additional business for a farmer when a new tech company opens nearby |
| Class structures | hierarchical organization by which a society or community is divided into classes; generally based on family of birth, wealth, income, educational attainment, occupation, and social networks |
| Imperialism | the push to create an empire by exercising force or influence to control other nations or peoples |
| Uneven development | increasing gap in economic conditions between core and peripheral regions as a result of the globalization of the economy |
| Raw materials | any metals, wood or other plant products, animal products, or other substances that are used to make intermediate or finished goods |
| Agglomeration | the tendency of enterprises in the same industry to cluster in the same area |
| Primary economic sector | economic sector associated with removing or harvesting products from the earth; agriculture, fishing, forestry, mining, extracting liquid or gas |
| Secondary economic sector | economic sector associated with the production of goods from raw materials; includes manufacturing, processing, and construction |
| Tertiary economic 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 |
| Quaternary economic sector | economic sector that is a subset of tertiary sector activities that require workers to process and handle information and environmental technology |
| Quinary economic 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 |
| Break-of-bulk point | location where the mode of transportation changes; it is more economical to break raw materials into smaller units before shipping them farther; ports |
| 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 |
| Bulk-gaining industry | industry in which the finished goods cost more to transport than the raw materials |
| Bulk-reducing industry | industry in which the raw materials cost more to transport than the finished goods |
| Social measures of development | things that affect the well-being of individuals and communities; examples include access to healthcare, fertility rates, literacy rates |
| Economic measures of development | indicators that affect the economy of a community; examples include GDP, unemployment, inequality of wealth |
| Gross Domestic Product (GDP) | the total value of the goods and services produced by all people and companies within the country in a year |
| Gross National Product (GNP) | the total value of the goods and services produced by a country's citizens and companies both domestically and internationally in a year |
| Gross National Income (GNI) per capita | the total value of goods and services globally produced by a country's citizens in a year, divided by the country's population |
| Formal sector of the economy | businesses, enterprises, and other economic activities that have government supervision, monitoring, and protection, and are also taxed |
| Informal sector of the economy | any part of a country's economy that is outside of government monitoring or regulation |
| Income distribution | how a country's GDP is distributed amongst its population; if everyone in a society earned the exact same amount, the income distribution would be perfectly equal |
| Gender Inequality Index (GII) | a measurement that calculates inequality based on three categories: reproductive health, empowerment, and labor-market participation |
| Human Development Index (HDI) | a measure that determines the overall development of a country by incorporating three key dimensions of human development: life expectancy at birth, access to education measured in expected and mean years of schooling, and standard of living measured by GNI per capita |
| Labor market participation (LMP) | rate that measures an economy's active labor force, calculated by taking the sum of all employed workers divided by the working age population |
| Microloans | a very small short-term loan with low interest intended to help people in need |
| Rostow's Stages of Economic Development | 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 |
| Wallerstein's World System Theory | theory describing the spatial and functional relationships between countries in the world economy; categorizes countries as part of a hierarchy consisting of the core, periphery, and semi-periphery |
| Dependency theory | theory that describes the development challenges and limitations faced by poorer countries, and the political and economic relationships poorer countries have with richer countries |
| Commodity dependence/ commodity theory | an aspect of dependency theory that occurs when more than 60 percent of a country's exports and economic health are tied to one or two resources |
| Deindustrialization | process by which a country or area reduces industrial activity, particularly in heavy industry and manufacturing |
| Complementary advantages/Complementarity | the mutual trade relationship that exists between two places based on the supply of raw materials and the demand for finished products or services |
| Comparative advantages | the relative cost advantage a country or organization has to produce certain goods or services for trade |
| Neoliberal policies | beliefs that favor free-market capitalism in which trade has no constraints from government |
| Free trade agreements | the specific understanding of two or more countries that have agreed to reduce trade barriers |
| Global financial crises | a period of extreme stress in financial systems worldwide |
| Mercosur | South American trade bloc intended to expand trade, improve transportation, and reduce tariffs among members |
| Tariffs | a tax or duty to be paid on a particular import or export |
| Maquiladoras | a factory in Mexico run by a foreign company and exporting its products to the country of that company. |
| Economic restructuring | process of moving from one sector of the economy to another (from being a mostly primary sector economy to being a mostly secondary sector economy, for instance) |
| Manufacturing zones | area in which manufacturing is allowed to occur |
| Special economic zones (SEZ) | area within a country that is subject to different and more beneficial economic regulations than other areas; companies doing business in a SEZ receive tax incentives and are subject to lower or no tariffs |
| Trading blocs | groups of countries that agree to a common set of trade rules |
| Free trade zones (FTZ) | large geographic areas of a country that provide tariff- and tax-free areas for warehousing, storage, manufacturing, and transport of goods; often situated near international airports, seaports, or land borders to enable quicker turnaround of ships, planes, etc. engaged in international trade |
| Export-processing zones (EPZ) | area within a country where manufacturing of exports is done without tariffs to attract multinational organizations to invest in labor-intensive assembly and manufacturing |
| Fordist production/ Fordism | a highly organized and specialized system for industrial production that focuses on efficiency and productivity in mass production; named after Henry Ford |
| 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 |
| 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 |
| Growth poles | a place of economic activity clustered around one or more high-growth industries that stimulate economic gain by capitalizing on some special asset |
| Economies of scale | cost reductions that occur when production rises |
| Front office | Main offices for executives; the public face of the company; often very expensive locations in top floors of city buildings |
| Back office | Main offices for average employees; much cheaper office spaces than the front offices; those who do jobs like payroll, customer service, billing, etc. |
| Mass consumption | lots of things being purchased; tied to mass production that was made possible beginning in the Industrial Revolution |
| Ecotourism | a form of tourism based on the enjoyment of natural areas that minimizes the impact to the environment |
| UN's Sustainable Development Goals (SDGs) | 17 goals adopted by all United Nations states to reduce disparities in economic security, food security, gender equality, safety, sustainability, etc. between developed and developing countries |
| Small-scale finance | means by which a business owner obtains money to start a new small business or purchase an existing small business |
| Newly industrialized countries (NIC) | a country whose level of development is somewhere between "developed" and "developing;" often selected as industrial production/manufacturing locations; often referred to as "semiperiphery" |
| Outsourcing | contracting work out to noncompany employees or other companies; can be domestic or international |
| Climate change | a change in global or regional climate patterns, in particular a change apparent from the mid to late 20th century onwards and attributed largely to the increased levels of atmospheric carbon dioxide produced by the use of fossil fuels. |
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