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Key Concepts
Key Concepts II
Major economic eras
Methods
Random
100
Definition of market area?
What is the geographic space in which a product is sold is called its market?
100
•Personal ties/preferences of upper management •Familiarity with area – comfort level with local culture and climate •Climate, natural beauty, recreational/cultural amenities •Allow businesses to recruit more effectively. •Cost of living, housing ,etc.
What are factors that enhance quality of life?
100
–Large Multinational Corporations. –The war effort stimulated technological innovation. –Cheap raw materials (oil) –Baby Boom – Huge increase in population. –Migration of African Americans from rural to urban areas
What is Mature Industrial Capitalism (1945 – 2000 )?
100
Dollar value of all goods and services produced Quantities of various goods and services produced Measure in terms of employment.
What is how to measure the economic base?
100
Economies that are created by expanding production at a single location.
What are economies of scale?
200
NAICS
What is the North American Industry Classification System?
200
Lower order urban areas serve smaller regions and have fewer goods and services. Higher order urban areas server larger areas, have more goods including those of the urban areas lower in the order. • The largest cities will be the production centers for establishments with the largest market areas but they will also provide all the goods and services available in the lower order cities
What is Central Place Theory?
200
Major Function was Mercantile – import of manufactured products from Europe and exporting raw materials – fish, fur, timber, agricultural products. •Manufacturing was forbidden until 1775 so the whole manufacturing process was still new. • Households and small workshops rather than factories. •Major industry was cotton textiles.
What is Frontier Mecantile (to 1845)?
200
x = ( xi/ ti) / (X / T),
What is formula for location quotient?
200
Explores such questions such as, “How should the economy be organized to be efficient and/or equitable”
What is positive economics?
300
Definition of an industry
What is a group of enterprises (private businesses or government-operated corporations) that produce a specific type of good or service—for example, the beverage industry, the gold industry, or the music industry?
300
• Inertia. • Transportation Cost-Minimizing Models. • Production Costs. • Labor costs. • Quality of Life.
What are locational factors?
300
Huge numbers of immigrants – kept wages down and provided demand for goods. –Consumer society –Concentration of manufacturing and financial power in US and Canada post WWI
What is National Industrial Capitalism (1895 – 1945)?
300
Y = C + X -M + I + G
What is income determination?
300
Market Oriented Material Oriented Mid point and transshipment locations The Principle of Median Location Road systems and Multiple Inputs Proximity to suppliers/vendors/subcontractors
What are transportation cost minimzing models?
400

Summarizes total impact that can be expected from change in a given economic activity

What is base multiplier?

400
Processes that arise from production Globalization Social /emomgraphic processes Political /nstitutional processes The environment
What are factors that impact urban spatial patterns?
400
The start of manufacturing and processing plants using capital derived from trade. •Small industry – protected by trade barriers •Steam engine, railroad. •Availability of cheap labor. •Opening of rich hinterlands (Midwest, Ontario) •Stimulus from the Civil War
What is Early Industrial ( 1845 – 1895)?
400

Wild Card!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Wild Card!!!!!!!!!!!!!!!!!!!!!!!!!

400

comprises the central county or counties or equivalent entities containing the core, plus adjacent outlying counties having a high degree of social and economic integration with the central county or counties as measured through commuting at least 10,000 in the urbanized area

What is a core statistical area?

500

a set of human and social activities and institutions related to the production, distribution, exchange and consumption of goods and services

What is an economy?

500
comprises the central county or counties or equivalent entities containing the core, plus adjacent outlying counties having a high degree of social and economic integration with the central county or counties as measured through commuting at least 50,000 n urbanized area
What is a MSA?
500

Emergence of large powerful national corporations –Large scale, assembly line manufacturing. –Large variety of consumer goods. –From protectionist to Free Trade. –Technology change was important – the harnessing of electricity, the electric motor, steel, telephone, internal combustion engine.

What is National Industrial Capitalism (1895 – 1945)?

500
total employment/ basic employment
What is how to calculate base multiplier?
500
1. Within market system 2. In light of market failure
What are two roles of economic development?