The centralization of parts of an industry for the mutual benefit of the industry as a whole.
The industries that are the focal point of the economy for a city.
An economic system that lets the competitive market determine the price of goods in a society and in which people have the freedom to choose their outcomes based on their ability to pay for a product.
An economic system in which the government has total control over the prices of good in a society, ranging fom the price of bread to utility prices.
Model suggesting the core areas are more developed while the periphery areas are less developed and often times the periphery is at the economic beckoning of the core through resources.
Cumulative Causation (Positive Feedback)
Continued growth that feeds on itself.
Occurs when the market becomes saturated with a particular industry, creating too much competition and forcing some businesses to shut down.
Suggests that more developed countries exploit less developed countries to remain at the top of the international trade.
The continued progess of a society in all areas, including demographics, economics, and social factors.
Costs that do not fluctuate depending on the quantity ordered.
A company with no allegiance or ties to a country or a location that, therefore, can move its primary location.
Decribes an assembly line on which each employee is doing a specific task to speed up the overall process of production.
Foreign Direct Investment
The direct investment by a company in the economy of a foreign country characterized by a direct relationship between the investor and the product of the investment.
Four Asian Tigers (Asian Dragons)
Includes South Korea, Hong Kong, Taiwan, and Singapore, each of which is currently experienceing rapid economic growtrh as a result of its indusrial base and the exporting of items to areas like the United States and Europe.
Gross Domestic Product (GDP)
Determined by summing the selling value or market price of all the goods and services that are produced in a particular country in a given year.
Gross Domestic Product Per Capita
Determined by dividing the total amount of good and services produced in a contry by the total population of the country.
Gross National Product (GNP)
Determined by summing the value of the goods and services produced by a country's factors of production within a given time period (usually one year).
Human Development Index
Includes the characteristics such as life expectancy, literacy, education, and standard of living that affect all people's lives regardless of culture.
Starting in the mid-1700s, the __________ __________ was an extension of the Enlightenemnt period in Europe. The opening of thought and a movement away from the Catholic Church prompted many changes in thorught, art, and technology, ultimately leading to major changes in the technology and transportation systems within industry.
International Division of Labor
The specialization of labor so that production becomes individualized, thereby increasing the speed, efficiency, and quality of the overall work process.
Businesses that require relatively more human effort in the production process (e.g., agriculture)
The expansion of the economic base of a city as a result of increased demand sparkling increased production, which in turn employs more people who then demand even more goods and services.
A situation wherein the less developed countries of the world are still economically dependent on more developed countries
New International Division Of Labor
The outsourcing of jobs from more developed countries to lesser devloped countries to produce goods more cheaply
Industries that serve as secondary businesses, established after the city has already established its basic industry.
The internal characterisitcs of a place based on its physical features
The relationship that a particular location has with the locations around it.
An economic system in which the government controls the basic elements of an economy, such as food prices, transportation costs, and energy prices.
The increase in the efficiency in the delivery process by diminishing distance obsacles, perhaps via email, fax machines, etc.
Large companies with officies or divisions in countries around the world.
Ports that must remain open for international trade because of the signing of various treaties.
Costs that fluctuate based upon the volume of the order.