Unit 6 Vocab: Economics

Mutual benefits of an industry.

example: Pharmacies are located near hospitals

Production method that breaks down a complex job into a series of smaller tasks.

example: Ford was the first major company to use assembly lines to make automobiles

Different land users are prepared to pay different amounts, the bid rents, for locations at various distances from the city center.

example: Houses in New York are more expensive than houses in Colorado.

A location where transfer is possible from one mode of transportation to another.

example: a truck to a boat

An industry in which the final product weighs more or comprises a greater volume than the inputs.

example: empty soda bottles to full soda bottles

An industry in which the final product weighs less or comprises a lower volume than the inputs.

example: copper

Refers to the positive or negative aspects of each type of transportation.

example: Air shipment is the quickest form but most expensive way shipping but by ship is the cheapest way and can carry the most over a long distance.

The principle that an area produces the items for which it has the greatest ratio of advantage or the least ratio of disadvantage in comparison to other area, assuming free trade exists.

example: Agribusinesses like Tyson Chicken, because they produce chicken at lower costs

Describes the pattern of distribution of the MDCs and LDCs. When the earth is viewed from the North Pole (azimuthal), the MDCs are clustered near the center of the map (core) while the LDCs are near the edges (periphery).

example: The USA is a core country, while Northern Sudan is a periphery country.

The process of deconcentration; the location of industrial or other activities away from established agglomerations in response to growing costs of congestion, competition, and regulation.

example: When one business like a taco shop opens up and then more shops of the same type begin opening