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| A particular area, usually occupied, to which a group of people have become attached, endowing it with meaning and significance. Often associated with notions of family, home and community. |
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| An area of the Earth’s surface, for example, that between two particular points or locations. Often thought of in terms of the distance and time it takes to travel or communicate between two points. |
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| The different geographical levels of human activity: local, regional, national, supra-national and global. |
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| A process of economic integration on a global scale, creating increasingly close connections between people and firms located in different places. Manifested in terms of increased flows of goods, services, money, information and people across national and continental borders. |
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| The flow of products, people, services, or information among places, in response to localized supply and demand. |
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| The concept of "friction of distance" is based on the notion that distance usually requires some amount of effort, money, and/or energy to overcome. Because of this "friction," spatial interactions will tend to take place more often over shorter distances; quantity of interaction will decline with distance. |
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| The tendency for some countries and regions to be more economically prosperous and advanced than others. Uneven development is an inherent feature of the capitalist economy, reflecting the tendency for growth and investment to become concentrated in particular locations that offer profitable opportunities for investment. Over time, patterns of uneven development are periodically restructured as capital moves or seesaws between locations in the search for profit. |
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| A set of economic advantages for individual firms that are derived from the concentration of other firms in the same location- such as the availability of skilled labour, proximity to a large number of customers, access to specialist suppliers of services, and the provision of an advanced infrastructure. |
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| The tendency for firms costs for each unit of output to fall when production is carried out on a large scale, reflecting greater efficiency. Industrialization led to huge economies of scale through the establishment of large factories employing sophisticated machinery and an elaborate division of labor. |
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| When a consumer is willing to pay more for a product then the actual current market price. For example, if a consumer is willing to pay $350 for a boombox, and finds a boombox for $200, the consumer is more willing to buy the product. |
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| A political and economic philosophy and approach to economic policy that seeks to reduce state intervention and embrace the free market, stressing the virtues of enterprise, competition and individual self-reliance. |
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| Government actions and policies that restrict or restrain international trade, often done with the intent of protecting local businesses and jobs from foreign competition. Typical methods of protectionism are import tariffs, quotas, subsidies or tax cuts to local businesses and direct state intervention. |
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| The primary sector of the economy involves changing natural resources into primary products. Most products from this sector are considered raw materials for other industries. Major businesses in this sector include agriculture, agribusiness, fishing, forestry and all mining and quarrying industries. |
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| This sector generally takes the output of the primary sector and manufactures finished goods or where they are suitable for use by other businesses, for export, or sale to domestic consumers. |
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| The tertiary sector of the economy (also known as the service sector or the service industry). The service sector consists of the "soft" parts of the economy, i.e. activities where people offer their knowledge and time to improve productivity, performance, potential, and sustainability. The basic characteristic of this sector is the production of services instead of end products. |
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| The quaternary sector of the economy is a way to describe a knowledge-based part of the economy which typically includes services such as information generation and sharing, information technology, consultation, education, research and development, financial planning, and other knowledge-based services. |
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| Gross Domestic Product (GDP |
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| The indicator commonly used to measure a country or regions level of income or wealth, based upon a calculation of all the output produced by an economy and its value. |
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| Gross National Product (GNP) |
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| the indicator commonly used to market value of all products and services produced in one year by labor and property supplied by the residents of a country. |
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| Purchasing Power Parity (PPP) |
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| An economic theory that estimates the amount of adjustment needed on the exchange rate between countries in order for the exchange to be equivalent to each currency's purchasing power. |
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| Gross National Happiness (GNH) |
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| developed in an attempt to define an indicator that measures quality of life or social progress in more holistic and psychological terms than gross domestic product (GDP). |
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| Human Development Index (HDI) |
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| A widely known composite measure of development established by the United Nations Development Programme (UNDP), and published annually since 1990 in its Human Development Report. The HDI measures the overall achievement of a country in three basic dimensions of human development- Longevity, Knowledge and Decent Standard of Living. |
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| Traditional Economic Geography |
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| This was factual and descriptive in nature, focusing on the compilation of information about economic conditions and resources in particular regions. It was the dominant approach from the late nineteenth century to the 1950’s |
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| Spatial Analysis (Neo-classicism) |
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| An approach to economic geography that became influential in the 1960’s and 1970’s as part of the so-called quantitative revolution in geography. Spatial analysis in economic geography involves the use of statistical and mathematical methods to analyse problems of industrial location, distance and movement. |
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| Political Economy (Structuralism) |
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| A broad perspective on economic life which analyses the economy within its wider social and political context, focusing on production and the distribution of wealth between different sections of the population as well as the exchange of commodities through the market. |
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| a strand of Marxist- this approach stresses the important role that wider processes of social regulation play in stabilizing and sustaining capitalist development. |
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| A organization of growth, dominant from the 1940’s to the 1970’s, based on a crucial link between mass production and mass consumption, provided by rising wages for workers and increased productivity in the workplace. The essential meaning is that the worker must be paid higher wages in order to afford the products that the industrialist himself produces. |
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| Emphasis the roll of small firms advanced information and communication technologies and more segmented and individualized forms of consumption. |
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| The Cultural Turn (Post-Modernism) |
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| Defined as a movement in philosophy, the arts and social sciences characterized by skepticism towards the grand claims and grand theory of the modern era, and their privileged vantage point, stressing in its place openness to a range of voices in social enquiry, artistic experimentation and political empowerment. |
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| The establishment of relatively stable geographical arrangements that facilitate the expansion of the capitalist economy for a certain period of time. Ex. Imperialism |
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| The ways of which human relations are conceived in terms of the struggle between opposing forces. |
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| Alfred Weber formulated a theory of industrial location in which an industry is located where the transportation costs of raw materials and final product is a minimum. |
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| The acquisition of additional business activity at the same level of the value chain. |
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| The degree of which a firm owns its upstream suppliers and downstream buyers. |
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| The tendency for firm’s costs for each unit of output to fall when production is carried out on a large scale, reflecting greater efficiency.. |
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| The technical division of labor can be defined as the process of dividing production into a large number of highly specialized parts, so that each worker concentrates on a single task rather than trying to cover several. |
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| There is a need, on the one hand, for fixity of capital in one place for a sustained period., creating a built environment of factories, offices, houses, transport infrastructures and communication networks to enable production to take place. |
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| Hotellings Location Model |
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describes that the further away the product is from the person, the more costly it will be to get that product.
*Think about the two vendors on the beach |
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| a readily convertible asset, such as money or other bearer economic instruments, as opposed to a long term asset like real estate. Liquid capital may be held by individuals, companies, or governments. |
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| Christaller’s Central Place Model |
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Definition
| describes urban places as a hierarchy of centers i n which places at each level are less abundant than those at the level below but contain a greater variety economic activities. Christaller’s model shares with other neoclassical models in economic geography the assumption of an isotropic plane as an initial condition. |
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| Reilly’s retail gravitation model |
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| Is used to measure retail trade between two cities. His work and theory, The Law of Retail Gravitation, allows us to draw trade area boundaries around cities using the distance between the cities and the population of each city. |
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| The New Economic Geography |
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| the study of the location, distribution and spatial organization of economic activities across the world. The subject matter investigated is strongly influenced by the researcher's methodological approach. Neoclassical location theorists, following in the tradition of Alfred Weber, tend to focus on industrial location and use quantitative methods. |
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| density of which control measures should be determined to prevent an increasing population from reaching the economic injury level. |
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| Specialized input providers, market for specialized labor, information spill over. |
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| Money invested in production or markets |
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| People who have acquired capital and ultimately the means of production (factories, materials, land, etc.) |
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| Reinvestment of capital to generate more profit |
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| The competence perspective views firms as bundles of assets and competencies that have been built up over time. Competencies can be seen as particular sets of skills, practices and forms of knowledge. |
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| equity from individual investors not quoted on the stock market. |
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| The process by which capital is moved between sectors of the economy and regions in response to changing investment opportunities. In geographical terms, capital is often transferred from regions dominated by declining sectors to new industrial spaces in distant regions offering more attractive conditions for investment. |
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| Taylorism (Scientific Management) |
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Definition
| an approach to industrial organization, associated with the fordist mass production system, named after its founder and principal advocate, F.W. Taylor. Taylorism involved reorganization of work according to rational principles designed to maximize productivity, based on an increased division of labor, enhanced coordination and control by management and the close monitering and analysis of work performance and organization. |
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| Kondratiev Cycles (long waves) |
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1800 (K1): Water power, canals, steam engines
1855 (K2): Railroads, steel
1910 (K3): Electricity, telephones, automobiles
1965 (K4): Electronics, synthetics, petrochemicals
2020 (K5): Information tech., bioengineering |
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| International Division of Labor |
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| A pattern of geographical development that involves different countries specializing in different types of economic activity. |
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| Differences in production costs determine which products a country specializes in. |
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| The source of comparative advantage lie in the resources of a country. |
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| Trade between countries stems from similarities in demand. |
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| Social creation of innovation & productivity in a knowledge based economy. |
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| Spatial concentration of industry creates self-reinforcing advantages (e.g. supporting industries) |
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| capital & labor move to growth area (virtuous circle of growth, vicious circle of decline), leading to uneven development & core-periphery. |
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| surrounding regions benefit when they service the growth region. |
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| denotes the mystification of human relations said to arise out of the growth of market trade, when social relationships between people are expressed as, mediated by and transformed into, objectified relationships between things (commodities and money). |
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| New International Division of Labor |
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| is an outcome of globalization. It is the spatial division of labour which occurs when the process of production is no longer confined to national economies. |
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