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Section 1

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Postindustrial

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Date created

Mar 1, 2020

Cards (41)

Section 1

(41 cards)

Postindustrial

Front

People moving into the service sector, quaternary and quinary sectors of the economy. Information is created, processed, and stored in the postindustrial era.

Back

Measures of development

Front

The process of achieving an optimum level of health and well-being. It includes physical, biological, mental, emotional, social, educational, economic, and cultural components.

Back

Bulk-gaining industry

Front

An industry in which the final product weighs more or comprises a greater volume than the inputs. Coca-cola is an example of bulk-gaining product.

Back

International trade approach

Front

Method of improving a country's development that pushes the country to identify its unique set of strengths in the world and to channel investment toward building on these strengths. To compete internationally, this approach argues, a country must find out what it can offer the world and capitalize on that good or service.

Back

Comparison of transportation systems

Front

Back

Infrastructue

Front

The basic physical systems of transportation, communication, sewage water, and electric. Infrastructure is what we call interstates and roads.

Back

Situational factors of industrial location

Front

Proximit(physical distance), Familiarity(mere exposure effect), Misattribution of arousal(suspension bridge experiment). The less money there is in a place the lower the wages can be.

Back

Market oriented

Front

The degree to which a company follows the marketing concept. At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described.

Back

Break-of-bulk point

Front

A location where goods are transferred from one type of carrier to another. For example from barge to railroad.

Back

International division of labor

Front

A division of work between rich and poor countries under which low-waged workers in the global South do assembly, manufacturing, and office work on contract to companies based in the global North. The process where the assembling procedures for a product are spread out through different parts of the world.

Back

Just-in-time delivery

Front

Method of inventory management made possible by efficient transportation and communication systems, whereby companies keep on hand just what they need for near-term production, planning that what they need for longer-term production will arrive when needed. Shipment of parts and materials to arrive at a factory moments before they are needed usually by mail companies.

Back

Industrial location theory

Front

Alfred Weber, the selection of optimal factory locations has much to do with the minimization of land, labor, resource, and transportation costs, variable-cost framework that affects location of factory sites. This made back in the 1900s where there were only a couple of markets.

Back

Bulk-reducing industry

Front

An industry in which the final product weighs less or comprises a lower volume than the inputs. Copper factories have to be close to the mine because of bulk-reducing industry.

Back

Gross domestic product

Front

The total value of goods and services produced within the borders of a country during a specific time period, usually one year. GDP is important to a countries economic world rating.

Back

Agglomeration

Front

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. This process involves the clustering or concentrating of people or activities.

Back

Maquiladora

Front

A foreign-owned assembly company located in the United States-Mexico border region in order to take advantage of cheaper labor, favorable tax breaks, and lax environmental regulations. This company was located near the border due to export processing zones.

Back

Informal economy

Front

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. This is another word for the black market.

Back

Human development index

Front

Measure used by the United Nations that calculates development not in terms of money or productivity but in terms of human welfare. The HDI evaluates human welfare and costs of living.

Back

Fordism

Front

The manufacturing economy and system derived from assembly-line mass production and the mass consumption of standardized goods. This type of work was named after Henry Ford.

Back

Brandt line

Front

Imaginary line that separates the rich "Global North" from the poor "Global South". The Brandt line is a line created 30 years ago so it is very ineffective.

Back

Gini coefficient

Front

A summary measure of the information contained in the Lorenz Curve of an economy. The closer the Gini coefficient is to 1, the greater the income inequality. The closer the Gini coefficient is to 0, the greater the income equality.

Back

Industrial regions

Front

A region with extremely dense industry. It is usually heavily urbanized. Western Europe, Eastern Europe, North America, East Asia are the industrial regions of the world.

Back

Gender Inequality Index

Front

A United Nations index, introduced in 2010, which measures a country's loss of achievement due to gender inequality, based on reproductive health, employment, and general empowerment. The UN index which measures a country's loss of achievement due to gender inequality.

Back

Foreign direct investment

Front

Investment made by a foreign company in the economy of another country. Usually companies invest where work is cheaper.

Back

Categories of wealth

Front

MDC's are more developed countries with better quality of life and LDC's are the opposite. MDC's have a higher fraction of wealth and are in the final state of the demographic model.

Back

Industrial Revolution

Front

A period of rapid growth in the use of machines in manufacturing and production that began in the mid-1700s. Began in England with the invention of the steam engine.

Back

Deindustrialization

Front

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. A synonym is outsourcing, since both deal with the moving of jobs.

Back

Gross national product

Front

The total value of goods ad services, including income received from abroad, produced by the residents of a country within a specific time period, usually one year. Like "gross domestic product," only the incomes that people earn abroad are also considered

Back

Cottage Industry

Front

Weaving, sewing, carving, and other small-scale industries that can be done in the home. The laborers, frequently women, are usually independent. Most manufacturing was done this way before the industrial revolution. An industry in which the production of goods and services is based in homes, as opposed to factories.

Back

Development

Front

A process of improvement in the material conditions of people through diffusion of knowledge and technology. In order to be in the last part of the demographic transition model a country needs to develop.

Back

Export processing zone

Front

Areas where government create favorable investments and trading conditions to attract export-orientated industries. These areas have lower transportation costs.

Back

Multiplier effect

Front

An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent. The direct, indirect, and induced consequences of change in an activity is the multiplier effect.

Back

Site factors of industrial locations

Front

Three economic factors based on the location of a factory: land, labor, and capital. One of the two geographic costs an ordinary company will face and results from the unique characteristics of location.

Back

Self-suffiency model

Front

Focus on local economy-wide growth (promote internal development. More focus on making the most profit for the country.

Back

World System model

Front

Theorized that the modern network of countries engaged in trade and competition emerged when European nations began exploring the rest of the world. Immanuel Wallerstein developed model to explain a three level hierarchy in the world: core, periphery, and semi-periphery.

Back

Outsourcing

Front

Sending industrial processes out for external production. The term outsourcing increasingly applies not only to traditional industrial functions, but also to the contracting of service industry functions to companies to overseas locations, where operating costs remain relatively low. A decision by a corporation to turn over much of the responsibility for production to independent suppliers is an example of outsourcing.

Back

Transnational corporation

Front

A company that conducts research, operates factories, and sells products in many countries, not just where its headquarters or shareholders are located. Apple is a real life example of a transnational corporation company.

Back

Changing geography of jobs

Front

Shift from extracting natural resources from the earth, to converting raw materials into goods and services, to selling the goods and services. There are more computer and technologies created than ever before.

Back

Rostows "Stages of Growth" model

Front

Five stages a country goes through in developing their economy through international trade. Rostows "Stages of Growth" model shows how long and how much a country can develop its trade.

Back

Resource oriented

Front

Weight-losing; lower cost of transportation for finished product. Industries that are located close to the resource because it is too heavy/bulky to transport in resource oriented industries.

Back

Micro-lending

Front

The lending of very small amounts of money at low interest, especially to a start-up company or self-employed person. This is big in south Asia and areas where banks will not lend.

Back