Industry and economic development

• 4 Asian Tigers


  High-tech industrialized developed countries of Taiwan, Singapore, South Korea along and Hong Kong.
• agglomeration


  Grouping together of many firms of the same industry in a single area for the sharing of infrastructure and labor resources.
• Basic industries


  Industries that sell their products or services primarily to consumers outside the settlement. Example: Agriculture, ranching, fishing, forestry, mining, and petroleum. Application: Very few basic industries, but all essential to our economy.
• break-of-bulk point


  A point at which a product is transferred from one shipping method to another. Ex: An airport could be a break-of-bulk point between air and land transportation.
• complementary advantage


  When two regions specifically satisfy each other's needs through exchange of raw materials and or finished goods.
• consumption pattern


  The repetition of - using up - of a resource
• cumulative causation


  The principle that multiple changes are set in motion by a single event. The effects might be positive, as in the case of a new business - generating more jobs, more investment opportunities for the community. The effects might be negative, if a business closed, thereby creating the reverse effects of the opening of a new business. The chain reaction is said to be created by the multiplier effect.
• deglomeration


  Industries leave the crowded urban areas of the eastern US megalopolis and move to other locations.
• distance decay / friction of distance

  The interaction between two locales declines as the amount of space between them increases. People are unwilling to use the resources of -Traveling cost, time, fuel and money - which increase the further you have to travel.
• downward transition


  places that are losing jobs and not attracting industry.
• durable goods


  consumer products that do not need to be purchased frequently because they are made to last for a long time (usually lasting for three years or more). Automobiles, jewelry, appliances, furniture, etc.
• expendable income


  money that you have left to spend after you have paid your taxes
• fair trade


  a movement whose goal is to help producers in developing countries to get a decent price for their products, so as to reduce poverty, provide for the ethical treatment of workers and farmers, and promote environmentally friendly products.
• fixed costs


  expenses that do not change as a function of the activity of a business (rent)
• footloose industries


  An industry that is not tied to any particular location or country, and can relocate across national borders in response to changing economic conditions. Many manufacturing industries seem to have this characteristic.
• Fordism


  the system of mass production (assembly-line work) that was pioneered in the early 20th century.
• Non-Fordism


  The group that criticizes mass production, assembly-line, work environments.
• Neo-Fordism


  an approach to work organization that is essentially mass production, but has been adapted to incorporate a greater degree of flexibility.
• Foreign Direct Investment (FDI)


  Is a controlling ownership in a business enterprise in one country by an entity based in another country.
• forms of transportation


  a term used to distinguish substantially different ways to perform transport.
• Gross Domestic Product (GDP)


  the total market value of all goods and services produced in a country for a given time period.
• globalization


  the process in which people, ideas and goods spread throughout the world, spurring more interaction and integration between the world's cultures, governments and economies.
• hinterlands of ports


  A German word meaning "the land behind" (a city, a port, or similar). The term's use in English was first documented by geographer George Chisholm in his Handbook of Commercial Geography (1888).
• industrial core


  national or global regions where economic power, in terms of wealth, innovation, and advanced technology, is concentrated
• industrialization


  process of development in which countries evolve economically, from producing basic, primary goods to using modern factories for mass production.
• intermodal containers


  a system of ship-freight transport using a large metal box, made of weathering steel.
• international trade


  The movement of goods or services between countries; each country has different resources, so they specialize in what they can produce in a cost-effective way, then trade with other countries.
• Less Developed Country (LDC)


  a country that is in a relatively early stage in the process of economic development.
• More Developed Country (MDC)

  a country that has progressed relatively far along a continuum of development.
• New industrial country (NIC).


  a country that has 'recently' established an industrialized economy based on manufacturing and global trade and is moving forward along the continuum of development
• maquiladoras


  Factories built by US companies in Mexico near the US border to take advantage of much lower labor costs in Mexico.
• microloans


  The practice of loaning people in poverty small amounts of money, in order for the destitute people to start their own small business and earn a living.
• multiplier effect


  An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent. For example, if a corporation builds a factory, it will employ workers and their suppliers, as well as those who work in the factory. Indirectly, the new factory will stimulate employment in the factory's vicinity.
• new international division of labor

  transfer of some types of jobs, especially those requiring low-paid, less skilled workers, from more developed to less developed countries.
• non-basic industries


  Industries that produce goods or services that are consumed locally.
• non-durable goods


  The goods that are expected to be consumed or used in three years or less. Ex. Food, toothpaste, socks, paper plates, light bulbs
• Non-Governmental Organization (NGO)


  a citizen-based association that operates independently, usually to deliver resources or serve some social or political purpose.
• outsourcing


  turning over production in part or in total, to another business outside of the country.
• resource crisis


  A problem, in which needed supplies, are not available to the consumers that need them.
• resource frontier


  This is areas that provides the majority of the supplies for the industrial core (the last section of the core-periphery model). It is where natural resources are located.