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WG ECO GEOG TERMS

This stack contains terms and definitions for economic geography.

QuestionAnswer
economic system the way that people exchange goods and services
traditional economy/subsistence economy goods and services are exchanged without the use of money, little surplus, few markets
command economy/planned economy production of goods and services is determined by the central goverment which usually owns the means of production
market economy/demand economy production of goods and services is determined by consumers
mixed economy combination of command and market economies so that all people will benefit
free enterprise system that lets competition determine the price of products
capitalism system in which businesses, industries, and resources are privately owned
market economy system characterized by specialization
world's richest market countries United States, Japan, Australia, and most western European countries
primary activities gathering of raw materials for immediate use or to use in the making of a final product
secondary activities change form of raw materials to add value
tertiary activities provides business or professional services
quarternary activities provide information, management, and research services by highly trained persons
factors affecting location of economic activities labor, energy, land costs, access to skilled workers, transportation systems, communication systems
natural resources materials in or on the earth that have econonic value, not evenly distributed around the world
renewable resources resources that can be replaced through the natural process: trees, seafood
non-renewable resources resources that cannot be replaced once they have been removed, examples: metals, non-metals, fossil fuels
inexhaustible energy resources resources used for created power, resuslt of solar or planetary processes and are unlimited in quantity, examples; sunlight, geothermal heat, winds, and tides
determinant of resource value qualities that make it useable
infrastructure basic support systems needed to keep an economy going, includes power, communications, transportation, water, sanitation, education systems, and levels of available technology
measurements of economic development per capita income, gross naional product [GNP] gross domestic product [GDP]
GNP total value of all goods and services produced by a country over a year or some other specified period of time
GDP total value of all goods and services produced within a country over a given period of time
developing countries nations characterized by low GDP,limited development on all levels of economic activities, lack of industrial base
Examples of developed countries western European nations, Japan, Canada, United States
examples of developing countries Afghanistan, Haiti, Mali
developed countries countries with a higher per capita income, varied economy, tertiary activities and especially quaternary activities
per capita income average amount of money earned by each person in a political unit
literacy rate percentage of people who can read and write
standard of living a measurement of a country's level of development based on factors, such as personal income, levels of education, product and food consumption, life expectance, mortality rate
transitional countries nations that are defined as lying between developed and devoloping countries
examples of transition [middle income] countries Brazil, Mexico, thailand
communism political and economic system in which the government owns or controls almost all of the means of production
socialism a system in which the government may control the major means of production
Created by: NHS-NHS
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