7.2 Vocabulary

3. ability of one country to produce goods/services for comparatively cheaper price than other countries
7. lower production costs as a result of larger volume of production
10. form of mass production in which each worker is assigned one specific task to perform repeatedly
11. EPZs usually along China's east coast to make economic activity more attractive
12. economies that underwent rapid industrialization from 1960-1990, includes Hong Kong, South Korea, Taiwan, and Singapore
13. foreign-owned manufacturing plants that receive duty-free import materials, assembles them, and then exports them
15. free trade zone where government creates special policies to attract investment and businesses
16. the steps involving extracting raw materials, processing raw materials into finished products, and selling finished products to consumers
17. the idea that modern industrial production has moved away from mass production in huge factories

1. Indonesia, Malaysia, Philippines, Vietnam, and Thailand
2. transfer of money from the home country of a business to a foreign country to fund overseas business
4. a location where transfer is possible from one mode of transportation to another
5. the recent shift in highly developed countries like the U.S. away from manufacturing to services as the main source of economic production
6. inequality between places or regions
8. small, short term loan with low interest
9. an agreement between two or more countries to make trade easier usually involves reducing tariffs
14. when a company transfers work to another country to reduce labor costs