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106 Cards in this Set
- Front
- Back
BTS |
Bureau of Transportation Statistics |
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USDOT |
United States Department of Transportation |
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NTSB |
National Transportation Safety Board |
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VMT |
Vehicle Miles Traveled |
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HSR |
High Speed Rail |
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Horizontal Mergers |
Swallowing competitors to gain pricing power |
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Pricing Power |
Ability to set market prices |
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Consolidation |
Reduction in the number of suppliers to gain pricing power |
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Alliances |
Bypassing regulations on mergers to receive the same benefits |
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Intramodal |
Staying within the same mode of transportation |
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Intermodal |
Changing between different modes of transportation |
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LNG |
Liquefied Natural Gas |
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TEU |
Twenty foot Equivalent Unit - standard container size |
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Economies of scale |
Larger vehicles are more efficient than multiple vehicles |
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Defacto common |
Commonly utilized and paid for by citizens |
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Public right of way |
The right to use public roads and sidewalks |
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Maritime right of innocent passage |
The right to the open ocean unless you are a military/pirate craft |
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FDI |
Foreign Direct Investment - allowing temporary ownership of transportation industries by another country |
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NAFTA |
North American Free Trade Agreement - all countries can control their own internal transportation |
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Common carrier obligation |
You must provide service to all markets even if they are not attractive |
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Eminent Domain |
The right to claim/seize land to build roads and other infrastructure |
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Interoperability |
Compatibility between different country's infrastructures (ie rail gauge) |
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Nationalization |
Taken over by government - almost all modes are built and maintained by government |
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Quasinationalism |
Permitting a dominant national company |
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National Company |
Company given government preferences and protection |
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IPO |
Initial Public Offering - offering to private stockholders to privatise a company |
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Primary Industries |
Extraction - fishing, mining, lumber, agriculture |
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Secondary Industries |
Manufacturing and processing |
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Fungible |
Can be exchanged/moved/swapped without anyone knowing (Japan Oil) |
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Creative Destruction |
Coined by Joseph Schumpeter saying better businesses will push out the older and obsolete ones |
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Darwinian |
The idea of survival of the fittest with respect to businesses and organizations |
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Modal shifts |
When one mode dies and another takes over |
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Adding Value |
Converting a resource into a more valuable state (like corn to whiskey) |
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Market boundaries |
Crossover between different industries |
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Universalities |
The ability of a mode to reach any location (trucking is the most) |
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Logistics |
The science/practice of physical distribution systems |
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First and Last Mile |
Trucking always does the first and last mile of goods transportation |
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NEPA |
National Environment Policy Act - requires industries to do an environmental impact statement |
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mis en bouteille en chateau |
Estate bottled wine |
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Operating Costs |
Fuel, wages, insurance, vehicle maintenance |
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Infrastructure costs |
Roads, tunnels, bridges, facilities - large blocks of expenditure |
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Vehicle costs |
Cost of trucks, planes, fleets |
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Capital cost |
An expense paid for something that will be used for a long time |
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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 |
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Variable cost |
Cost of fuel, workers - only spent if the trip is made |
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Fundamental Idea of Transportation Econ |
Things must be FULL and MOVING |
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Load Factor |
percentage of the vehicle that is filled |
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Line-haul costs |
Costs occurring while the vehicle is moving (tolls,driver) |
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Terminal costs |
Costs occurring when goods are loaded, unloaded, stored, etc - these are unproductive costs |
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Sunk costs |
Costs with little salvage value unless to a similar company (railroads only slightly valuable to another rail company0 |
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Barrier to entry |
Sunk costs make it hard to get into a transportation industry - must put a lot of money down up front |
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Externalities |
Byproducts of transportation, often negative, such as noise and pollution |
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Terminals |
Interchange between modes (can be same or different modes) |
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Centrality |
Being in the center |
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Intermediacy |
Being in a convenient intermediate location |
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Market Area |
The concentration of population/industrial activities that a terminal serves |
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Accessibility |
How easy it is to reach a terminal |
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Fortress Hubs |
Airline dominating a particular hub airport |
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Containers |
standardized shipping units designed for simplicity and function |
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In-transit storage |
grain silos, tanks, stockpiles |
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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) |
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Transshipment costs |
Cost of loading/unloading of passengers |
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Administration costs |
Management of cargo, scheduling, overhead |
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Fleet turnover rate |
The rate at which vehicles/vessels are replaced |
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Grandfathering |
Not requiring older vehicles to be brought to current standards under the assumption that theyll be decommissioned soon |
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Dwell time |
terminal cost incurring during loading/unloading (not moving) |
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Zero Sum |
"Anything I win, someone else will lose" - Giving to one firm will cause another to lose |
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Vertical Integration |
buying a supplier (like Delta owning a refinery) |
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Ruinous competition |
having multiple lines going to the same location (rail companies all having routes to the same city) |
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Amtrak |
formed in 1971 to unburden rail companies of their empty passenger services |
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Value capture |
allowing railroads to benefit from some of the wealth they create when they run lines to different regions |
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Network space |
A train occupies a certain part of the track and carries a potential cost of delaying other operations |
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Economy of utilization |
Simply adding cars to a pre-existing train - "It's already going there anyway" |
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Diseconomies of scale |
Once a company reaches a certain size it becomes too difficult to operate |
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FRA |
Federal Railroad Administration |
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STB |
Surface Transportation Board |
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AAR |
Association of American Railroads |
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EIS |
Environmental Impact Statement |
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NEC |
Northeast Corridor - Amtraks only profitable line |
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grade separated |
separating HSR from roadways |
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TGV |
French High-speed rail |
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Federal-Aid Highway Act of 1956 |
the funding for highways is provided by thefederal government |
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Social equity |
People were displaced from their home, often poor and minorities |
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Slum clearance highway routings |
Putting highways through slums to eliminate them |
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Freeway revolts |
Citizens getting mad about roads passing through |
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Tetraethyl Lead |
boosted octane in gasoline but was poisonous and later lead to unleaded gasoline |
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High Occupancy Lanes |
special lanes only open to carpools |
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TL |
Truck Load - a single customers load goes from one origin to one destination |
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LTL |
Less-than Truck Load - consolidation of multiple shipments wiht multiple origins and destinations |
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Deadheading |
same as empty back-hauls - driving an empty truck |
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Private Carriage |
vertically integrated internal trucking for a country |
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Mobility |
the ease of flow within a transportation system |
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ADA |
Americans with Disabilities Act of 1990 |
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3PL |
Third party logistics |
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Logistics function |
specialized group focusing on distribution facilities and scheduling |
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Proxy |
a measurable parameter that can be used to determine something that cannot be measured |
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Cabotage |
keeps US business and shipping alive - domestic American cargo must go by american transportation |
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PPP |
Public-private partnerships |
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FHWA |
Federal Highway Administration |
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Highway trust fund |
originally dedicated to highways - states can now use it on public transit |
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CAFE standards |
Corporate Average Fuel Economy - the standards imposed on vehicle manufacturers |
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SAFETEA-LU |
Safe, Accountable, Flexible, Efficient Transportation Equity Act |
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MAP-21 |
Moving Ahead for Progress - 2yr bill passed by congress in 2012 |
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Alameda Corridor |
rail highway in southern california |
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Chicago CREATE Project P1 |
Railroad flyover |
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PSHMA |
Pipeline and Hazardous Materials Safety Administration |