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| mainstream economics developed in 19th C as a formal abstraction of economic behaviours. In theory the system is rational, self-interested and completely informed. |
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| Exist as both Formal and Informal, restraints that modify human behaviour in some form (eg, social movements, government laws, habits, rules of thumb). |
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| A specific location or area (eg, a neighborhood). |
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| The area over which interactions take place (eg, in theory also could be a neighborhood, but they mean bigger, like a city). |
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| Societies that rely on market institutions to organize the production of goods/services for consumption. |
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| Institutions for the exchange of goods and services. |
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| A term to describe things that are integrated with one another. |
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| Situations where a market fails to work properly, with social/environmental consequences. |
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| Numerous buyers and suppliers. |
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| Market characterized by repeated transactions and a stable group of suppliers and buyers. Collaboration often occurrs. |
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| Market internal to a particular organization. |
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| Costs of using a market (for both buyers and sellers) |
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| The power that major institutions use to constrain the power of big business. |
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| The ideal market model in neo-classical theory where self regulation would result from fair competition and multiple buyers and sellers. |
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| The economic man, personification of rationality in neo-classical economics. Possessing all the information and would always seek to optimize profit and cut loss. |
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| Latin for “assuming all things equal”. |
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| Theory of how markets both evolve in response to the distribution on consumers and how markets organize economic activity over space. |
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| The distance that consumers are willing to travel for a good/service. |
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| The min. population required to ensure that demand is enough to merit the continued production of a good |
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| A form of opportunism where people take abnormal risks because they are protected in some manner (eg, insured against loss). |
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| Interrelated activities required to produce a product and distribute it. |
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| The rights attached to ownership of an asset and associated income or benefits. |
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| Structured constraints on human behaviour (eg, the law or company regs). |
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| Tacit, culturally rooted constraints on human behaviour. |
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| A market controlled by a single supplier |
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| A market dominated by relatively few suppliers. |
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| The ratio of total economic impacts to the initial economic impact of a new development within a region. |
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| an agglomeration of related economic activities in a particular place; traditionally used in the context of manufacturing activities. |
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| the spatial concentration of related manufacturing and service activities; also increasingly used to refer to industrial districts. |
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| the allocation of specific jobs to different people and by extension to equipment and places (ie: specialization) |
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| social division of labour |
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| the distribution of tasks among firms in an economy. in practice this term is often used when small firms play important roles. |
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| spatial divisions of labour |
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| the allocation of specialized tasks among and within places and across space |
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| a reduction in average costs of production achieved by increasing the scale of a particular activity. |
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| a territory or area with certain characteristics that distinguish it from contiguous territories (eg, social, physical or political differences) |
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| a reduction of average costs of production achieved through using existing resources to perform tasks over a range of product categories |
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| costs that vary with the scale of activity |
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| costs that remain the same regardless of the scale of activity |
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| investments in physical capital that are essentially fixed in place and cannot easily be moved (eg: factories or extraction plants) |
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minimum efficient (optimal) scale
aka MES/MOS |
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| the lowest level of output at which a plant or firm minimizes average costs that are low enough to make production viable |
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| firm-level economies (or diseconomies) of scale |
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| reductions (increases) in average costs of production resulting from increasing levels of output. |
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| management of the flow of goods and services from points of origin to points of destination. |
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| modification of a product to create technologically/stylistically similar but different products to serve distinct market niches, usually results in economies of scope. |
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| external economies (or diseconomies) of scale |
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| reductions (increases) in average costs of production resulting from location in urban-industrial centres of ec activity rather than small places |
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| reductions in average costs of production or economic advantages resulting from location in urban agglomerations that provide diverse labour pools and economic and social infrastructure. |
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| localization economies (or diseconomies) of scale |
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| reductions (increases) in average costs of production resulting from location in agglomerations of related economic activities. |
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| the range of external economies provided to local firms by institutions (private and public) such as industrial associations or govt planning depts. |
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| external economies that are available only when the firms concerned are in close proximity to one another. |
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| how an initial spurt of growth in one activity generates growth in other activities. |
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| a plan or factory that is owned and controlled by a company whose head office is elsewhere |
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| costs and disadvantages associated with agglomerations of economic activity |
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| costs that fall on third parties and the environment that were not taken into account in the decisions made by market actors |
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| plant-level economics (or diseconomies) of scale |
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| reductions (increases) in average costs of production resulting from increasing levels of output within a plant or factory |
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| goods and services that are available to everyone in a society either ast no direct charge or at prices below the actual cost of supplying them. |
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a term with multiple meanings:
often used as shorthand for the distinguishing features of the current stage of capitalist development: intensification of international market exchange and qualitative change in the relationships between markets and governments |
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| New International Division of Labour (NIDL) |
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| a term initially used in the 1970's to refer to the establishment of export-based secondary manufacturing in developing countries. has evolved since it's birth |
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| space-time and space-cost distanciation |
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| the cost and time of moving goods/info/services and people across space. |
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market exchanges without political interference in the form of tariff and non tariff barriers
IE goods/services/investment |
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the school of thought that emphasizes the power of markets to meet society's needs and argues for minimal gov't interference in the economy
often advocates for deregulation and privatization of the services provided by the public sector |
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| restrictions on imports that use other means than taxation to control their movement (EG: quotas or inspection reqs) |
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| protecting domestic industries by imposing penalties or restrictions on market exchanges between countries |
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| taxes imposed on goods/services imported into a country |
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| competitive advantage model |
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| proposes that a region or nation (or firm or individual) should specialize in the goods and services that it can produce more efficiently than others. |
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| the potential benefits that are lost when one alternative is chosen over another |
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| proposes that businesses and gov'ts should actively seek out and shape opportunities for specialization and trade. |
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| economic growth that can be sustained over long periods of time without harming the env. |
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gross domestic product, the total value of market related activity in a nation over a period of time, usually a year
GNP (gross national product) is a related but different term that also accounts for whatever income was earned by citizens working abroad in addition to the GDP |
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| a measure of peoples ability to live a healthy and productive life in accordance with acceptable social norms. often approximated by per capita GDP in international comparisons. |
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| the tendency for initial decisions and processes to continue influencing subsequent decisions and processes. |
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| an innovation that typically involves manufacturing, processing, communication or transport activities |
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| the evolution of a product from birth, through production to old age (see diagram txt pg 57) |
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| systematic, learning based creative research that increases societies stock of knowledge and levels of tech. capability |
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| the dispersal of innovation over the scales of time and space. |
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| the stage in a products life cycle when mass production tech has been developed, the product is well known, market potentials are predictable and low-cost labour is the key location condition. |
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the interlocking network of institutions that create and market innovations, applying scientific and technical knowledge to enhance competitive advantage.
Core is formed from corporate, gov't, and university r&d |
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| organizational and technological innovation with relatively small, almost imperceptible impacts on productivity |
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| an organizational or technological innovation with large-scale impact on productivity throughout an industrial sector or social group. (eg, cotton gin) |
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| general purpose technologies |
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| major innovations (eg, steam engine) that have a transformative effect on economic life |
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| techno-economic paradigm (TEP) |
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| strategic long term shifts or waves in the economy driven by paradigmatic innovations |
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| information and communication techno-economic paradigm |
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| organizational innovation |
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| intermediate (or appropriate) technologies |
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| multinational corporations (MNC's) |
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| small and medium enterprises (SME's) |
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| business (capitalist) firms |
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| neoclassical theory of the firm |
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| behavioural theory of the firm |
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| practical decision makers who choose what is feasible rather than optimal |
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| a business run by an entrepreneur but controlled according to the rules and conventions established by a core firm. |
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| a theory that focuses on firms as organizations with particular structures and strategies. eg, large firms are run by technostructures that have the ability to influence other organizations |
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| the top level management and supporting staff that control large firms and MNC's - a concept associated with institutional theories. |
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