ApHuG Unit 8 Economics
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Created by:
smartguy24 on March 28, 2012
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Zach Faulkner
3/28/12
Hr.5
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39 terms
Terms | Definitions |
|---|---|
 Friction of distance | the increase in time and cost that usually comes with increasing distance |
| Industrial Revolution | the change from an agricultural to an industrial society and from home manufacturing to factory production, especially the one that took place in England from about 1750 to about 1850. |
| Infrastructure | the stock of basic facilities and capital equipment needed for the functioning of a country or area |
| Least cost theory | Model developed by Alfred Weber according to which the location of manufacturing establishments is determined by the minimization of three critical expenses: labor, transportation, and agglomeration. |
| Location theory | a logical attempt to explain the locational pattern of economic activities & the manner in which its producing areas are interrelated |
| Secondary industries | Industries that manufacture goods made from the raw materias provided by the primary sector |
| Substitution principle | Principle that maintains that the correct location of a production facility is where the net profit is the greatest. Therefore in industry, there is a tendency to substitute one factor of production (e.g., labor) for another (e.g., capital for automated equipment) in order to achieve optimum plant location. |
| Variable cost | a cost that changes when the business rate of operation or output changes |
| Break-of-bulk | A location along a transport route where goods must be transferred from one carrier to another. |
| Comparative advantage | the ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than other producers. |
| Growth pole | industries designed to stimulate growth through the establishment of various supporting industries |
| Maquiladora | Factories built by US companies in Mexico near the US border to take advantage of much lower labor costs in Mexico. |
| NAFTA | A trade agreement between Canada, the United States and Mexico that encourages free trade between these North American countries. |
| Primary industrial region | the result of mapped industrial concentrations (West and Central Europe, Eastern and North America, Russia, Ukraine, and East Asia) |
| Secondary industrial region | regions that consist of one or more core areas of industrial development with subsidiary cluster some distance away |
| Special Economic Zone | Specific area within a country in which tax incentives and less stringent environmental regulations are implemented to attract foreign business and investment. |
| Core-periphery model | A model of the spatial structure of development in which underdeveloped countries are defined by their dependence on a developed core region. |
| Core region | The centers of economic, political, and/or cultural power within a given territorial entity. |
| Dependency theory | a model of economic and social development that explains global inequality in terms of the historical exploitation of poor nations by rich ones |
| Developed country | a modern, industrialized country in which people are generally better educated and healthier and live longer than people in developing countries do |
| Developing country | a country that has low industrial production and little modern technology |
| Development | act of improving by expanding or enlarging or refining |
| Gross national product | The total value of goods and services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year. |
| Liberal model | A general term for economic development models which assume that (1) all countries are capable of developing economically in the same way and (2) economic disparities between countries and regions are the result of short-term inefficiencies in local or regional market forces. |
| Modernization model | A model of economic development most closely associated with the work of economist Walter Rostow. The modernization model (sometimes referred to as modernization theory) maintains that all countries go through five interrelated stages of development, which culminate in an economic state of self-sustained economic growth and high levels of mass consumption. |
| Neo-colonialism | control by a powerful country of its former colonies (or other less developed countries) by economic pressures |
| Peripheral region | poor regions that are dependent in significant ways on the core and do not have as much control over their own affairs |
| Semi-peripheral region | intermediary regions in terms of the hierarchy of power between core regions and peripheral regions. |
| Structuralist model | A general term for models of economic development that treat economic disparities among countries or regions as the result of historically derived power relations within the global economic system. |
| World Systems Theory | theory originated by Immanuel Wallerstein and illuminated by his three-tier structure, proposing that social change in the developing world is inextricably linked to the economic activities of the developed world |
| Globalization | The trend toward increased cultural and economic connectedness between people, businesses, and organizations throughout the world. |
| Fordism | principles for mass production based on assembly-line techniques, scientific management, mass consumption based on higher wages, and sophisticated advertising techniques |
| Foreign direct investment | Investment made by a foreign company in the economy of another country. |
| High-technology corridors | areas alone or near major transportation arteries that are devoted to research, development, and sale of high technology products |
| Manufacturing export zones | host country establishes areas with favorable tax and trade arrangements in order to attract foreign manufacturing operations |
| New international division of labor | Transfer of some types of jobs, especially those requiring low-paid less skilled workers, from more developed to less developed countries. |
| Technopole | Centers or nodes of high-technology research and activity around which a high-technology corridor is sometimes established. |
| Time-space compression | A term associated with the work of David Harvey that refers to the social and psychological effects of living in a world in which time-space convergence has rapidly reached a high level of intensity. |
| Time-space convergence | the idea that distance between some places is actually shrinking as technolgy enables more rapid communication and increased interaction between those places. |
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