Global Economic Practices and Trade Concepts

Words from learning objective 7.7 and 7.8 Term barter Definition Exchange goods without involving money. A decision by a corporation to turn over much of the responsibility for production to outsourcing independent suppliers. offshoring The practice of exporting U.S. jobs to lower paid employees in other nations. economic restructuring changes in the way the economy, firms, and employment relations are organized a feature of economic development in peripheral countries whereby the host country manufacturing zones establishes areas with favorable tax, regulatory, and trade arrangements in order to attract foreign manufacturing operations area within a country in which tax incentives and less stringent environmental special economic zones specific regulations are implemented to attract foreign business and investment A group of neighboring countries that promote trade with each other and erect barriers trading blocs to limit trade with other blocs free trade zones A region where a group of countries has agreed to reduce or eliminate trade barriers established by many countries in the periphery and semi-periphery where they export processing zones zones offer favorable tax, regulatory, and trade arrangements to attract foreign trade and (EPZs) investment international division of the specialization, by countries, in particular products for export. labor Form of mass production in which each worker is assigned one specific task to perform Fordist production repeatedly. by companies of flexible work rules, such as the allocation of workers to teams Post Fordist production Adoption that perform a variety of tasks. In industry, the tendency to substitute one factor of production for another in order to substitution principle achieve optimum plant location. An effect in economics in which an increase in spending produces an increase in national multiplier effect income and consumption greater than the initial amount spent. economies of scale factors that cause a producer's average cost per unit to fall as output rises just-in-time delivery Shipment of parts and materials to arrive at a factory moments before they are needed high-technology Companies that support the growth and development of sophisticated technologies. It is industries a very new industry that has rapidly transformed many cities and countries. economic activities that are deliberately organized around one or more high-growth growth poles industries. a process with high customer contact where the service provider interacts directly with front office the internal or external customer -Low interaction with customers, standardized services -Line flows, routine work back office performed the same with all customers NGOs (nonnon-profit local, national, or international groups that work independently of governmental government on issues such as health, the environment, or human rights organizations) ecotourism UN Sustainable goals agglomeration economies economies of scale Growth Poles Theory the practice and business of recreational travel based on concern for the environment 17 goals, examples: no poverty, zero hunger, good health and well being, quality education economies of scale resulting from the concentration of people and production in urban areas the property whereby long-run average total cost falls as the quantity of output increases A region where specific industries cause economic growth within the industry as well as the housing market and local economy, causing growth