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106 Cards in this Set

  • Front
  • Back

BTS

Bureau of Transportation Statistics

USDOT

United States Department of Transportation

NTSB

National Transportation Safety Board

VMT

Vehicle Miles Traveled

HSR

High Speed Rail

Horizontal Mergers

Swallowing competitors to gain pricing power

Pricing Power

Ability to set market prices

Consolidation

Reduction in the number of suppliers to gain pricing power

Alliances

Bypassing regulations on mergers to receive the same benefits

Intramodal

Staying within the same mode of transportation

Intermodal

Changing between different modes of transportation

LNG

Liquefied Natural Gas

TEU

Twenty foot Equivalent Unit - standard container size

Economies of scale

Larger vehicles are more efficient than multiple vehicles

Defacto common

Commonly utilized and paid for by citizens

Public right of way

The right to use public roads and sidewalks

Maritime right of innocent passage

The right to the open ocean unless you are a military/pirate craft

FDI

Foreign Direct Investment - allowing temporary ownership of transportation industries by another country

NAFTA

North American Free Trade Agreement - all countries can control their own internal transportation

Common carrier obligation

You must provide service to all markets even if they are not attractive

Eminent Domain

The right to claim/seize land to build roads and other infrastructure

Interoperability

Compatibility between different country's infrastructures (ie rail gauge)

Nationalization

Taken over by government - almost all modes are built and maintained by government

Quasinationalism

Permitting a dominant national company

National Company

Company given government preferences and protection

IPO

Initial Public Offering - offering to private stockholders to privatise a company

Primary Industries

Extraction - fishing, mining, lumber, agriculture

Secondary Industries

Manufacturing and processing

Fungible

Can be exchanged/moved/swapped without anyone knowing (Japan Oil)

Creative Destruction

Coined by Joseph Schumpeter saying better businesses will push out the older and obsolete ones

Darwinian

The idea of survival of the fittest with respect to businesses and organizations

Modal shifts

When one mode dies and another takes over

Adding Value

Converting a resource into a more valuable state (like corn to whiskey)

Market boundaries

Crossover between different industries

Universalities

The ability of a mode to reach any location (trucking is the most)

Logistics

The science/practice of physical distribution systems

First and Last Mile

Trucking always does the first and last mile of goods transportation

NEPA

National Environment Policy Act - requires industries to do an environmental impact statement

mis en bouteille en chateau

Estate bottled wine

Operating Costs

Fuel, wages, insurance, vehicle maintenance

Infrastructure costs

Roads, tunnels, bridges, facilities - large blocks of expenditure

Vehicle costs

Cost of trucks, planes, fleets

Capital cost

An expense paid for something that will be used for a long time

Fixed cost

The cost of offering service whether or not it gets used (ticket booths etc) - spent regardless of whether not trips are being made

Variable cost

Cost of fuel, workers - only spent if the trip is made

Fundamental Idea of Transportation Econ

Things must be FULL and MOVING

Load Factor

percentage of the vehicle that is filled

Line-haul costs

Costs occurring while the vehicle is moving (tolls,driver)

Terminal costs

Costs occurring when goods are loaded, unloaded, stored, etc - these are unproductive costs

Sunk costs

Costs with little salvage value unless to a similar company (railroads only slightly valuable to another rail company0

Barrier to entry

Sunk costs make it hard to get into a transportation industry - must put a lot of money down up front

Externalities

Byproducts of transportation, often negative, such as noise and pollution

Terminals

Interchange between modes (can be same or different modes)

Centrality

Being in the center

Intermediacy

Being in a convenient intermediate location

Market Area

The concentration of population/industrial activities that a terminal serves

Accessibility

How easy it is to reach a terminal

Fortress Hubs

Airline dominating a particular hub airport

Containers

standardized shipping units designed for simplicity and function

In-transit storage

grain silos, tanks, stockpiles

Inventory cost

investment of money on a product before it is at a refined state or sellable location (ie the crude oil in a pipeline cannot be used until it's at the end of the pipeline)

Transshipment costs

Cost of loading/unloading of passengers

Administration costs

Management of cargo, scheduling, overhead

Fleet turnover rate

The rate at which vehicles/vessels are replaced

Grandfathering

Not requiring older vehicles to be brought to current standards under the assumption that theyll be decommissioned soon

Dwell time

terminal cost incurring during loading/unloading (not moving)

Zero Sum

"Anything I win, someone else will lose" - Giving to one firm will cause another to lose

Vertical Integration

buying a supplier (like Delta owning a refinery)

Ruinous competition

having multiple lines going to the same location (rail companies all having routes to the same city)

Amtrak

formed in 1971 to unburden rail companies of their empty passenger services

Value capture

allowing railroads to benefit from some of the wealth they create when they run lines to different regions

Network space

A train occupies a certain part of the track and carries a potential cost of delaying other operations

Economy of utilization

Simply adding cars to a pre-existing train - "It's already going there anyway"

Diseconomies of scale

Once a company reaches a certain size it becomes too difficult to operate

FRA

Federal Railroad Administration

STB

Surface Transportation Board

AAR

Association of American Railroads

EIS

Environmental Impact Statement

NEC

Northeast Corridor - Amtraks only profitable line

grade separated

separating HSR from roadways

TGV

French High-speed rail

Federal-Aid Highway Act of 1956

the funding for highways is provided by thefederal government

Social equity

People were displaced from their home, often poor and minorities

Slum clearance highway routings

Putting highways through slums to eliminate them

Freeway revolts

Citizens getting mad about roads passing through

Tetraethyl Lead

boosted octane in gasoline but was poisonous and later lead to unleaded gasoline

High Occupancy Lanes

special lanes only open to carpools

TL

Truck Load - a single customers load goes from one origin to one destination

LTL

Less-than Truck Load - consolidation of multiple shipments wiht multiple origins and destinations

Deadheading

same as empty back-hauls - driving an empty truck

Private Carriage

vertically integrated internal trucking for a country

Mobility

the ease of flow within a transportation system

ADA

Americans with Disabilities Act of 1990

3PL

Third party logistics

Logistics function

specialized group focusing on distribution facilities and scheduling

Proxy

a measurable parameter that can be used to determine something that cannot be measured

Cabotage

keeps US business and shipping alive - domestic American cargo must go by american transportation

PPP

Public-private partnerships

FHWA

Federal Highway Administration

Highway trust fund

originally dedicated to highways - states can now use it on public transit

CAFE standards

Corporate Average Fuel Economy - the standards imposed on vehicle manufacturers

SAFETEA-LU

Safe, Accountable, Flexible, Efficient Transportation Equity Act

MAP-21

Moving Ahead for Progress - 2yr bill passed by congress in 2012

Alameda Corridor

rail highway in southern california

Chicago CREATE Project P1

Railroad flyover

PSHMA

Pipeline and Hazardous Materials Safety Administration