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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