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Chapter 12: Industry and Services

Key Concepts:

Terms in this set (23)

Industrial revolution
when many machines were produced
globalization
a set of processes that are bringing the world closer together
Fordist
assembly line style production
vertical integration
when a company owns and controls every part of the making of its product
friction of distance
the increased time and cost for a materials to be shipped to a factory
least cost theory
factory owners want to limit three costs, transportation, labor, and agglomeration
agglomeration
when a substantial number of enterprises cluster in a small area
flexible product system
the flexibility companies have from choosing between multitudes of suppliers
product life cycle
the changing in the cost to make and buy a product over time
global division of labor
labor is concentrated in the economic periphery
just- in- time delivery
companies don't keep as many products so less is wasted
spatial fix
in choosing a production site, only location is considered
outsourced
jobs moved to a different place around the country
offshore
to a different country
intermodal connections
where two modes of transportation meet
deindustrialization
when industrial jobs are moved to other regions
newly industrializing countries
their economy and government are now improving
break of bulk point
where goods are transferred from one mode of transport to another
rust belt
area of factories near the great lakes and north atlantic U.S.
sun belt
southern region of U.S.
population and economy has grown recently
good local laws
growth pole
when a bunch of businesses spur the development of other businesses
technopole
an agglomeration of tech businesses on a growth pole
commodification
the process through which something is given monetary value. Usually occurs when something with previously no value is given a value due to demand
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