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Commodity chain

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Series of links connecting the many places of production and distribution and resulting in a commodity that is then exchanged on the world market.

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Cultural convergence

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Occurs when the skills, arts, ideas, habits, and institutions of one culture come in contact with those of another culture

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Dependency theory

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Based on the idea that certain types of political and economic relations (especially colonialism) between countries and regions of the world have created arrangements that both control and limit the extent to which regions can develop.

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Development

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A process of improvement in the material conditions of people through diffusion of knowledge and technology.

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Dollarization

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when a poorer country ties the value of its currency to that of a wealthier country, or when it abandons its currency and adopts the wealthier country's currency as its own

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Dowry death

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In the context of arranged marriages in India, disputes over the price to be paid by the family of the bride to the father of the groom have, in some extreme cases, led to the death of a bride.

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Enfranchisement

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a statutory right or privilege granted to a person or group by a government (especially the rights of citizenship and the right to vote)

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Export processing zones EPZ

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Zones established by many countries in the periphery and semi-periphery where they offer favorable tax, regulatory, and trade arrangements to attract foreign trade and investment.

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Foreign direct investment

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Investment made by a foreign company in the economy of another country.

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Formal economy

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The legal economy that is taxed and monitored by a government and is included in a government's Gross National Product; as opposed to an informal economy

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Informal economy

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Economic activity that is neither taxed nor monitored by a government; and is not included in that government's Gross National Product; as opposed to a formal economy

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Gender gap

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A term that refers to the regular pattern by which women are more likely to support Democratic candidates. Women tend to be significantly less conservative than men and are more likely to support spending on social services and to oppose higher levels of military spending.

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Gross domestic product (GPD)

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The total value of goods and services produced within the borders of a country during a specific time period, usually one year.

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Human development index

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Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy

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Island of development

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Place built up by a government or corporation to attract foreign investment and which has relatively high concentrations of paying jobs and infrastructure.

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Less development country (LDC)

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Also known as a developing country, a country that is at a relatively early stage in the process of economic development.

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Maquiladoras (Mexico)

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export processing zones found on the border between US and Mexico

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special economic zones (China)

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export processing zones found on the coast of China

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Microcredit program (Grameen bank)

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Gives loans to poor people, particularly women, to encourage development of small businesses

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Neocolonialism

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Also called economic imperialism, this is the domination of newly independent countries by foreign business interests that causes colonial-style economies to continue, which often caused monoculture (a country only producing one main export like sugar, oil, etc).

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Nongovernmental organization (NGO)

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Not run by state or local governments Example: church or charity

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North American Free Trade Agreement (NAFTA)

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An economic pact that combined the conomies of the United States, Canada, and Mexico into one of the world's largest trading blocs.

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Per capita gross national income (GNI)

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a commonly used index of relative wealth among nations calculated by adding the output of goods and services in a country to the incomes of residents and dividing by the total population

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Primary economic sector

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the part of economic production involving agriculture, mining, fishing, and materials acquisition.

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Secondary economic sector

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Those who work in the manufacturing sector and add value through production

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Tertiary economic sector

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sale and exchange of goods and services, warehousing, retail, personal services

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Quaternary economic sector

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workers who earn their living based on the collection, processing, and manipulation of information and capital

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Structural adjustment loan

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Economic policies imposed on less developed countries by international agencies to create conditions encouraging international trade, such as raising taxes, reducing government spending, controlling inflation, selling publicly owned utilities to private corporations, and charging citizens more for services.

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Subsidy

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A government payment that supports a business or market

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Tariff

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A government tax on imports or exports

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Trade liberalization

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A process that involves countries in reducing or removing trade barriers, such a tariffs and quotas, so goods and services can move around the world more freely

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Trafficking

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When a family sends a child or an adult to a labor recruiter in hopes that the labor recruiter will send money, and the family member will earn money to send home

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Uneven development

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The increasing gap in economic conditions between core and peripheral regions as a result of the globalization of the economy.

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Wallerstein's World Systems Theory

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structured theory prosing that social change in the developing world is linked to the economic activities of the developed world (core, periphery and semi-periphery)

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acid rain

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Precipitation carrying large amounts of dissolved acids which damages buildings, forests, and crops, and kills wildlife.

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agglomeration

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A process involving the clustering or concentrating of people or activities. The term often refers to manufacturing plants and businesses that benefit from close proximity because they share skilled-labor pools and technological and financial amenities.

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assembly line production

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system of workers and machinery in which a product is assembled in a series of consecutive operations; typically the product is attached to a continuously moving belt

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Fordism

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A system of assembly-line manufacturing and mass production named after Henry Ford, founder of the Ford Motor Company and developer of the Model T car. (783)

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post-Fordist

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World economic system characterized by a more flexible set of production practices in which goods are not mass produced; instead, production has been accelerated and dispersed around the globe by multinational companies that shift production, outsourcing it around the world and bringing places closer together in time and space than would have been imaginable at the beginning of the 20th century

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break-of-bulk point

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A location where transfer is possible from one mode of transportation to another.

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deglomeration

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The process of industrial deconcentration in response to technological advances and/or increasing costs due to congestion and competition.

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deindustrialization

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process by which companies move industrial jobs to other regions with cheaper labor, leaving the newly deindustrialized region to switch to a service economy and to work through a period of high unemployment

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ecotourism

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A form of tourism that supports the conservation and sustainable development of ecologically unique areas

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fixed/variable costs

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A periodic cost that remains (more or less) unchanged irrespective of the output level or sales revenue of a firm./ Costs that vary with the quantity of output produced

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footloose industry

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industry in which the cost of transporting both raw materials and finished product is not important for the location of firms

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Four Tigers

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South Korea (largest), Taiwan (moving towards high tech), Singapore (Center for information and technology), Hong Kong(Break of Bulk Point): Because of their booming economies.

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friction of distance

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The increase in time and cost that usually comes with increasing distance

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global division of labor

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phenomenon whereby corporations and others can draw from labor markets around the world, make possible by the compression of time and space through innovation in communication and transportation systems

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greenhouse effect

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Process by which atmospheric gases trap heat close to Earth's surface and prevent it from escaping into space

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high-technology corridors

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areas alone or near major transportation arteries that are devoted to research, development, and sale of high technology products

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industrial regions

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1. Eastern North America, 2. Northwestern Europe, 3. Eastern Europe, and 4. East Asia

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industrial revolution

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A series of improvements in industrial technology that transformed the process of manufacturing goods.

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infrastructure

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All of the things needed to support a city or industry. These include: water systems, sewage, power, streets, transport (railroads, airports), schools to train employees, etc.

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intermodal connections

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Places where two or more modes of transportation meet (including air, road, rail, barge, and ship).

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just in time manufacturing

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seeks to reduce inventories for the production process by purchasing inputs for arrival just in time to use and producing output just in time to sell. Rather than costly accumulation and storage of supplies, it requires frequent ordering of small lots of goods for precisely timed arrival and immediate deployment to the factory floor.

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labor-intensive

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An industry for which labor costs comprise a high percentage of total expenses.

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location theory

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A logical attempt to explain the ______ional pattern of the economic activity and the manner in which its producing areas are interrelated. The agricultural _____ _______ contained in the von Thünen model is a leading example.

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locational interdependence

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Theory developed by economist Harold Hotelling that suggests competitors, in trying to maximize sales, will seek to constrain each other's territory as much as possible which will therefore lead them to locate adjacent to one another in the middle of their collective customer base.

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Lösch's model

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manufacturing plants choses locations where they can maximize profit

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outsourcing

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Contracting with an outside company to provide a service or product instead of providing it from within the organization.

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offshore

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With reference to production, to outsource to a third party located outside of the country.

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ozone depletion

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thinning of Earth's ozone layer caused by CFC's leaking into the air and reacting chemically with the ozone, breaking the ozone molocules apart

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postindustrial

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a society whose economic system is engaged primarily in the processing and control of information

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technopole

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Centers or nodes of high-technology research and activity around which a high-technology corridor is sometimes established.

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Weber, Alfred (Least cost theory)

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Creator of the model that states that the optimum location of a manufacturing firm is explained in terms of cost minimization.

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world cities

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A group of cities that form an interconnected, internationally dominant system of global control of finance and commerce

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