Chapter 20 Vocab

A mutually beneficial trade relationship between two countries that results from each having different comparative advantages.

• complementarity
• neoliberalism
• deindustrialization
• Fordism

Fordism is .....

• focused on automation, standardization, economies of scale and a division of labor in which each worker has just one task.
• a system of production that relies on automation through the use of robots and computer systems that is centered on low-volume manufacturing and flexible systems.
• the decline of the percentage of workers in the secondary sector and a reduction of a region's industrial activity.
• the belief that open markets and free trade across the globe will lead to economic development everywhere and lessen tensions between countries by fostering common values, spreading democracy and human rights.

Post-Fordism is .....

• focused on automation, standardization, economies of scale and a division of labor in which each worker has just one task.
• a system of production that relies on automation through the use of robots and computer systems that is centered on low-volume manufacturing and flexible systems.
• the decline of the percentage of workers in the secondary sector and a reduction of a region's industrial activity.
• the belief that open markets and free trade across the globe will lead to economic development everywhere and lessen tensions between countries by fostering common values, spreading democracy and human rights.

Deindustrialization is .....

• focused on automation, standardization, economies of scale and a division of labor in which each worker has just one task.
• a system of production that relies on automation through the use of robots and computer systems that is centered on low-volume manufacturing and flexible systems.
• the decline of the percentage of workers in the secondary sector and a reduction of a region's industrial activity.
• the belief that open markets and free trade across the globe will lead to economic development everywhere and lessen tensions between countries by fostering common values, spreading democracy and human rights.

Neoliberalism is .....

• focused on automation, standardization, economies of scale and a division of labor in which each worker has just one task.
• a system of production that relies on automation through the use of robots and computer systems that is centered on low-volume manufacturing and flexible systems.
• the decline of the percentage of workers in the secondary sector and a reduction of a region's industrial activity.
• the belief that open markets and free trade across the globe will lead to economic development everywhere and lessen tensions between countries by fostering common values, spreading democracy and human rights.

Neoliberalism is .....

• focused on automation, standardization, economies of scale and a division of labor in which each worker has just one task.
• a system of production that relies on automation through the use of robots and computer systems that is centered on low-volume manufacturing and flexible systems.
• the decline of the percentage of workers in the secondary sector and a reduction of a region's industrial activity.
• the belief that open markets and free trade across the globe will lead to economic development everywhere and lessen tensions between countries by fostering common values, spreading democracy and human rights.

What is a comparative advantage?

• When companies move production to places outside of the country that their headquarters are located in.
• A place of economic activity clustered around one or more high-growth industries that stimulate economic growth.
• A mutually beneficial trade relationship between two countries that results from each having different comparative advantages.
• It refers to the relative cost advantage of a country producing certain goods and services for trade. For example, a country specializing in corn production.

What is complementarity?

• When companies move production to places outside of the country that their headquarters are located in.
• A place of economic activity clustered around one or more high-growth industries that stimulate economic growth.
• A mutually beneficial trade relationship between two countries that results from each having different comparative advantages.
• It refers to the relative cost advantage of a country producing certain goods and services for trade. For example, a country specializing in corn production.

What is a growth pole?

• When companies move production to places outside of the country that their headquarters are located in.
• A place of economic activity clustered around one or more high-growth industries that stimulate economic growth.
• A mutually beneficial trade relationship between two countries that results from each having different comparative advantages.
• It refers to the relative cost advantage of a country producing certain goods and services for trade. For example, a country specializing in corn production.

What is offshore outsourcing?

• When companies move production to places outside of the country that their headquarters are located in.
• A place of economic activity clustered around one or more high-growth industries that stimulate economic growth.
• A mutually beneficial trade relationship between two countries that results from each having different comparative advantages.
• It refers to the relative cost advantage of a country producing certain goods and services for trade. For example, a country specializing in corn production.