Unit 5 APHG Terms

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Footloose firms: Manufacturing activities in which cost of transporting both raw materials and finished product is not important for determining the location of the firm.
Rust Belt: The manufacturing region in the United States that is currently debilitated because many manufacturing firms have relocated to countries offering cheaper labor and relaxed environmental regulations.
Secondary sector: The portion of the economy concerned with manufacturing useful products through processing, transforming, and assembling raw materials.
More developed country (MDC): Also known as a relatively developed country or a developed country, a country that has progressed relatively far along a continuum of development.
Offshore financial center: Areas that have been specially designed to promote business transactions, and thus have become centers for banking and finance.
Globalization: The idea that the world is becoming increasingly interconnected on a global scale such that smaller scales of political and economic life are becoming obsolete.
Net National Product: A measure of all goods and services produced by a country in a year, including production from its investments abroad, minus the loss or degradation of natural resource capital as a result of productivity.
Purchasing Power Parity: A monetary measurement of development that takes into account what money buys in different countries.
Sustainable development: The idea that people living today should be able to meet their needs without prohibiting the ability of future generations to do the same.
Deindustrialization: Loss of industrial activity in a region.
Industrialized countries: Those countries including Britain, France, the United States, Russia, Germany, and Japan, that were all at the forefront of industrial production and innovation through the middle of the 20th century. While industry is currently shifting to other countries to take advantage of cheaper labor and more relaxed environmental standards, these countries still account for a large portion of the world's total industrial output.
Gender Empowerment measure (GEM): compares the ability of women and men to participate in economic and political decision making.
Fordism: System of standardized mass production attributed to Henry Ford.
Industrialization: Process of industrial development in which countries evolve economically, from producing basic, primary goods to using modern factories for mass-producing goods. At the highest levels of development, national economies are geared mainly toward the delivery of services and exchange of information.
Quinary economic activities: The most advanced form of quaternary activities consisting of high-level decision making for large corporations or highlevel scientific research.
Specialty goods: Goods that are not mass-produced but rather assembled individually or in small quantities.
Value added: The gross value of the product minus the costs of raw materials and energy.
Manufacturing region: A region in which manufacturing activities have clustered together. The major U.S. industrial region has historically been in the Great Lakes, which includes the states of Michigan, Illinois, Indiana, Ohio, New York, and Pennsylvania. Industrial regions also exist in southeastern Brazil, central England, around Tokyo, Japan, and elsewhere.
Primary economic activities: Economic activities in which natural resources are made available for use or further processing, including mining, agriculture, forestry, and fishing.
Spatially variable costs: An input cost in manufacturing that changes significantly from place to place in its total amount and in its relative share of total costs.
Industrial Revolution: The rapid economic and social changes in manufacturing that resulted after the introduction of the factory system to the textile industry in England at the end of the 18th century.
Deglomeration: The dispersal of an industry that formerly existed in an established agglomeration.
Maquiladoras: Those U.S. firms that have factories just outside the United States/Mexican border in areas that have been specially designated by the Mexican government. In such areas, factories cheaply assemble goods for export back into the United States.
Secondary economic activities: Economic activities concerned with the processing of raw materials such as manufacturing, construction, and power generation.
Productivity: A measure of the goods and services produced within a particular country.
Least-developed countries: Those countries including countries in Africa, except for South Africa, and parts of South America and Asia, that usually have low levels of economic productivity, low per capita incomes, and generally low standards of living.
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.
Semi-periphery: Those newly industrialized countries with median standards of living, such as Chile, Brazil, India, China, and Indonesia. Semi-peripheral countries offer their citizens relatively diverse economic opportunities but also have extreme gaps between rich and poor.
Core: National or global regions where economic power, in terms of wealth, innovation, and advanced technology, is concentrated.
Regionalization: The process by which specific regions acquire characteristics that differentiate them from others within the same country. In economic geography, regionalization involves the development of dominant economic activities in particular regions.
Fast world: Areas of the world, usually the economic core, that experience greater levels of connection due to high-speed telecommunications and transportation technologies.
Least-cost theory: A concept developed by Alfred Weber to describe the optimal location of a manufacturing establishment in relation to the costs of transport and labor, and the relative advantages of agglomeration or deglomeration.
Spatially fixed costs: An input cost in manufacturing that remains constant wherever production is located.
Structural adjustment program: 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.
World-systems theory: Theory developed by Immanuel Wallerstein that explains the emergence of a core, periphery, and semi-periphery in terms of economic and political connections first established at the beginning of exploration in the late 15th century and maintained through increased economic access up until the present.
Periphery: Countries that usually have low levels of economic productivity, low per capita incomes, and generally low standards of living. The world economic periphery includes Africa (except for South Africa), parts of South America, and Asia.
Literacy rate: The percentage of a country's people who can read and write.
Economic backwaters: Regions that fail to gain from national economic development.
Quaternary economic activities: Economic activities concerned with research, information gathering, and administration.
Less developed country (LDC): Also known as a developing country, a country that is at a relatively early stage in the process of economic development.
Service-based economies: Highly developed economies that focus on research and development, marketing, tourism, sales, and telecommunications.
Human Development Index: 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 based on three parameters: life expectancy, education, and income.
Gender equity: A measure of the opportunities given to woman compared to men within a given country.
Foreign investment: Overseas business investments made by private companies.
Productivity: The value of a particular product compared to the amount of labor needed to make it.
World cities: A group of cities that form an interconnected, internationally dominant system of global control of finance and commerce.
Gross Domestic Product: The total value of goods and services produced within the borders of a country during a specific time period, usually one year.
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.
Rostow's stages of development: A model of economic development that describes a country's progression which occurs in five stages transforming them from least-developed to most-developed countries.
Primary sector: The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry.
Export-processing zone: Areas where governments create favorable investment and trading conditions to attract export-oriented industries.
Gender-Related Development Index (GDI): compares the level of development of women with that of both sexes.
Human Development Index (HDI): Indicator of level of development for each country, constructed by United Nations, combining income, literacy, education, and life expectancy.
Slow world: The developing world that does not experience the benefits of high-speed telecommunications and transportation technology
Transnational corporation: A firm that conducts business in at least two separate countries; also known as multinational corporations.
Development: The process of economic growth, expansion, or realization of regional resource potential.
Development: A process of improvement in the material conditions of people through diffusion of knowledge and technology.
E-commerce: Web-based economic activities.
Gross domestic product (GDP): The value of the total output of goods and services produced in a country in a given time period (normally one year).
Tertiary economic activities: Activities that provide the market exchange of goods and that bring together consumers and providers of services such as retail, transportation, government, personal, and professional services.

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