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TEST TWO
| Question | Answer |
|---|---|
| Natural Resources | Materials in the natural environment that people value and use to satisfy their need. |
| Nonrenewable resources | is materials that can not be replaced (used once) |
| renewable resources | resources that can be replenished. |
| Geothermal power | produced from the earth's internal heat. |
| Primary economic activities | rely directly on natural resources Ex.) fishing, forestry, mining, farming. |
| secondary economic resources | people use raw materials to produce new products of greater value. |
| Tertiary economic activity | do not directly gather or process raw materials- instead gather or pursue activities that serve others. |
| Quaternary economic activities | acquisition, processing, and sharing of information. |
| commercial verses subsistence | commercial- produce food to sell, subsistence- produce food to feed family |
| Scarcity | we have an unlimited amount of wants and needs but limited resources. |
| ethanol | make fuel out of sugarcane etc, make fuel out of bioproducts. |
| exports | goods sent out of the country |
| imports | goods brought into the country |
| Is a deficit a bad thing? | Deficit is ur business loss profit so yes its bad. |
| traditional economy | Families produce what they need. (personal use/little trade) |
| Market Economy | capitalism, private individuals/groups decide what to produce, how much to produce, and at what price. |
| Command economy | controlled by a single, central government, economic decisions made by government leaders, decisions made to achieve social or political goals. (communism) |
| mixed economy | mixture of all three, socialism, government should run some industries, government should provide some goods and services, to pay for services, usually impose high taxes. |
| Developed nations | Nation that has a lot and isn't poor |
| underdeveloped nation | Poor nation |
| GDP | Gross domestic products- how many goods your country produces divided by amount of people in country. |
| What factors affect the location of different types of economics activities. | primiary, secondary, quaternary, and tertiary |
Created by:
Kelseysue
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