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Comparative Advantage
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Complementarity
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Ch 20 Vocab
| Term | Definition |
|---|---|
| Comparative Advantage | The relative cost advantage a country or organization has to produce certain goods or services for trade |
| 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 |
| Neoliberalism | Beliefs that favor free-market capitalism in which trade has no constraints from government |
| Deindustrialization | Process by which a country or area reduces industrial activity, particularly in heavy industry and manufacturing |
| 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 |
| 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 |
| Fordism | A highly organized and specialized system for industrial production that focuses on efficiency and productivity in mass production; named after Henry Ford |
| 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 |
| Offshore Outsourcing | The condition when one or more aspects of production moved to an organization in another country |
| International Division of Labor | A pattern of production and labor in which different countries are engaged in distinct aspects of production |
| Multiplier Effects | 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 |
| Special Economic Zones (SEZs) | An area within a country that offers more favorable economic regulations (such as tax benefits or no tariffs) to attract foreign businesses |
| Export Processing Zones (EPZs) | An area within a country that is subject to more favorable regulations (usually including the elimination of tariffs) to encourage foreign investment and the manufacturing of goods for export |
| Free Trade Zones (FTZs) | A relatively large geographical area within a country in which businesses pay few or no tarrifs on goods to encourage or facilitate its role in international trade |
| Ecotourism | A form of tourism based on the enjoyment of natural areas that minimizes the impact to the environment |
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Mrs_Karim
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