Economic Theories and Models
Theory that explains the location of industries based on transportation, labor, and agglomeration costs.
What is Weber’s Least Cost Theory?
The term for industries that locate near inputs to reduce transportation costs.
What is Bulk-Reducing Industry?
Acronym that describes the wealthier, more developed countries of the world.
What is MDC?
The sector that involves raw material extraction.
What is Primary Sector?
The methods used to move goods and people, such as rail, road, sea, and air.
What are Modes of Transportation?
Theory that divides the world into core, semi-periphery, and periphery countries.
What is World Systems Theory?
The term for industries that locate near the market to reduce transportation costs.
What is Bulk-Gaining Industry?
The acronym describes countries with lower levels of industrialization and income?
What is LDC?
The sector that includes manufacturing and industry.
What is the Secondary Sector?
The economic principle involves companies locating close to similar businesses to reduce costs and increase efficiency.
What is Agglomeration?
Model that outlines five stages of economic development, from traditional society to mass consumption.
What is Rostow’s Stages of Development?
The term that describes the grouping of businesses for mutual benefit.
What is Agglomeration?
The international agreement between Canada, the US, and Mexico reduced trade barriers.
What is NAFTA?
The sector that involves services like retail and education.
What is Tertiary Sector?
The concept that describes the benefit of production near consumers to reduce distribution costs.
What is Proximity to Market?
The term for when industry declines in a region or economy.
What is Deindustrialization?
The term for moving production to another country to reduce costs.
What is Outsourcing?
The economic group that was formed to promote integration and cooperation among European countries.
The sector that includes information services and research.
What is the Quaternary Sector?
The term for the process by which trade and culture spread globally.
What is Globalization?
Measure that calculates the total market value of all goods and services produced by a country.
What is GDP?
Designated areas where companies can operate without certain regulations or taxes.
What are Export Processing Zones or Special Economic Zones?
The index that combines life expectancy, education, and per capita income indicators.
What is the Gender Inequality Index?
The sustainable travel industry that supports conservation and local economies.
What is Ecotourism?
The process of removing or reducing government restrictions on trade.
What is Trade Liberalization?