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Ind/Econ Dev Concept

APHG Unit 7 Vocabulary and Concepts

Question	Answer
agglomeration effects	The cost advantages (external economies) for an individual company gained by locating near similar functional industries or companies.
backwash effect	The negative impact to the peripheral region sometimes caused by increased flows of labor and capital into a nearby high-growth region.
commodity chain	A chain of activities from the manufacturing to the distribution of a product.
creative destruction	The reinvestment of funds in new, profitable ventures and regions that were once used to fund ventures and regions that are now not as profitable.
deindustrialization	The reduction in industrial activity that occurs when decreased profits and declining business cause a reduction in industrial employment.
dependency theory	A theory of economic development proposed by Andre Gunder Frank based on the periphery's dependence on the core.
developmentalism	The idea that every country and region will eventually make economic progress toward a high level of mass consumption if they only compete to the best of their ability within the world economy.
exclusive economic zone (EEZ)	An expanse of water up to 200 nautical miles off a country's coast that is designated for that country's natural resource exploration and exploitation.
export-processing zones (EPZs)	Smalls areas of a country with exceptional investment and trading conditions that are created by its government to stimulate and attract foreign investors and business.
fixed cost	The cost of land, plant, and machinery that is not variable.
footloose firms	Firms that produce something that requires minimal transport costs.
Fordism	The process (named after Henry Ford) of using assembly-line techniques and scientific management in manufacturing.
gross domestic product (GDP)	The approximate value of all final goods and services produced in a country per year
gross national product (GNP)	The gross domestic product (GDP) plus the value of income from abroad such as earnings from a U.S. company based abroad.
import substitution	The production of goods and services internally by the periphery country that were once supplied by the core.
least-cost theory	A theory, developed by Alfred Weber, that states that three main expenses - labor, transportation, and agglomeration - must be minimized when locating an industry
localization economies	The cost savings for individual industries as a result of grouping together in a certain location.
locational interdependence theory	A theory developed by Harold Hotelling that suggest that competitors
maquiladora	A foreign-owned assembly company located in the United States-Mexico border region in order to take advantage of cheaper labor
Millennium Development Goals	The United Nations mandate of eight development goals designed to eliminate poverty by the year 2015.
neo-Fordism	The evolution of mass production into a more responsive system geared to the nuances of mass consumption by using flexible production systems that allow production processes to shift quickly between various products.
offshoring	The practice of contracting with a third-party service provider in another country to take over or supervise part of the business operations.
outsourcing	The production of goods and parts abroad for sale in one's own country.
quaternary economic activities	Economic activities that deal with information and knowledge processing.
quinary economic activities	The economic activities that deal with the highest level of decision-making in both the government and private sectors of the economy.
Rostow's model of economic development	A model of development for countries based on stages of economic growth and modernization. Also called modernization theory.
secondary economic activities	Economic activities that involve the processing of raw materials into finished goods by manufacturing.
spread effects	Benefits to the peripheral region that accrue because of economic development in the nearby core region.
sustainable development	The concept that is possible to balance economic growth without jeopardizing the environment and equitable human access.
tertiary economic activities	Economic activities that provide services
world-systems theory	The theory, developed by Immanuel Wallerstein, that there is only one world system in which all nation-states historically compete for capital and labor.

Created by: rkrauseemhs

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