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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 |