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Chapter 12 vocab Test

Enter the letter for the matching Definition
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1.
Capitalism
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2.
Newly industrializing countries
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3.
Intermodal
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4.
First mover advantage
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5.
Least cost theory
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6.
Network
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7.
Global sourcing
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8.
Situation
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9.
Vertical integration
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10.
Just-in-time delivery
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11.
High technology corridor
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12.
Secondary hearths
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13.
Rust belt
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14.
Node
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15.
Connectivity
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16.
Friction of distance
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17.
Location theory
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18.
Global division of labor
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19.
Commodity chain
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20.
Spatial fix
A.
The movement of production from one site to another based on the place-based cost advantages of the new site
B.
Where two or more modes of transportation meet (including air, road, rail, barge, and ship)
C.
The ability of corporations to employ labor from around the world, made possible by the compression of time and space through innovations in communication and transportation systems
D.
Tapping into companies that specialize in production around the world to manufacture goods
E.
Benefit a service or product receives by being the first to market
F.
A set of interconnected nodes without a center
G.
The position of a city or place relative to its surrounding environment or context
H.
Difficulty in time and cost that usually comes with increasing distance
I.
Production system in which parts are delivered as needed to the assembly line so that parts are not warehoused, stored, or overproduced
J.
Economic system where people, corporations, and states produce goods and services and trade them on the world market with the goal of making a profit
K.
Position of a place or area relative to others in a network
L.
The merging of businesses that serve different steps in one commodity chain
M.
Determining the location of manufacturing based on minimizing three critical expenses: labor, transportation, and agglomeration. Model developed by Alfred Weber
N.
Steps in the production of a good from its design and raw materials to its production, marketing, and distribution
O.
States with growing industrial and service economies and an increasing presence in global trade
P.
Understanding the distribution of cities, industries, services, or consumers with the goal of explaining why places are chosen as sites of production or consumption. The von Thünen model is an example
Q.
Areas along or near major transportation corridors that are devoted to the research, development, and sale of high-technology products
R.
Connection point in a network, where goods and ideas flow in, out, and through the network
S.
A region in the northeastern United States that once had an extensive manufacturing industry but has been deindustrialized during the post-Fordist era
T.
Area to which an innovation diffuses and from which the innovation diffuses more broadly
Type the Term that corresponds to the displayed Definition.
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21.
Hiring employees outside the home country of a company in order to reduce the cost of labor inputs for the good or service
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22.
Production of goods in a home or small workshop, typically by hand or with low technology
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23.
Manufacturing system in which raw materials are brought into a central location and component parts and the final product are produced at the same location and then shipped globally
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24.
Transformation of goods and services into products that can be bought, sold, or traded
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25.
An area of economic production that is located inland and is connected to the world by a port
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26.
Processes heightening interactions, increasing interdependence, and deepening relations across country borders
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27.
Decline in industry in a region or economy. Happens when companies move industry to other regions or mechanize production
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28.
Cost advantages created when similar businesses cluster in the same location. For example, car manufacturers cluster in a city or region to tap into a skilled labor force and access infrastructure, services, and technology
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29.
Savings in cost of production that comes from increasing production of a good
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30.
Cluster of inventions and innovations that brought large-scale economic changes in agriculture, commerce- and manufacturing in late eighteenth century Europe

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Created by: Gabriel Majoros
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