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Chap4 Sec2

World Economic Activity

QuestionAnswer
primary economic activities an economic activity that takes or uses natural resources directly, such as fishing or mining
subsistence farming farming that provides only enough for the needs of a family or a village
commercial farming the raising of crops and livestock for sale in markets
secondary economic activity an economic activity in which people use raw materials to produce or manufacture new products of greater value
cottage industry a small-scale manufacturing operation using little technology, often located in or near people's homes
commercial industry a large-scale manufacturing operation that employs many people and produces large quantities of goods
tertiary economic activity an economic activity in which people do not directly gather or process raw materials but pursue activities that serve others; service industry
quaternary economic activity an economic activity that focuses on the acquisition, processing, and sharing of information, such as education or research
export an item that is sent out of the country for sale
import an item that is brought into the country for sale
GDP gross domestic product-total value of goods & services produced within a country in a year, including domestic output of foreign firms & excluding output of domestic firms in foreign countries
per capital GDP total value of goods & services produced within a country in a year, divided by the country's total population
developed countries modern industrialized societies, such as France, the USA, and Japan
underdeveloped countries countries with lower levels of prosperity, lacking adequate industries and modern industry-depend on developed countries for many of their manufactured goods
developing countries countries showing evidence of political, economic, and social progress
first world countries developed, capitalist,industrial countries-roughly aligned with the US after WWII, sharing more or less common political & economic interests
second world countries refers to the former communits-socialist industrialized countries ex. Russia,China, eastern europe
third world countries generally identifies countries that suffer from high infant mortality and poverty, low economic development. generally lacking a middle class
population pyramid a bar graph which displays the age and gender distribution of a population
multinational corporation an enterprise operation in several countries but managed from one (home) country
infrastructure the basic support facilities of a community or country, such as roads and bridges, power plants, and schools
cap and trade government issued licenses to pollute that can be bought and sold
Created by: mrsbbaum