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21 Cards in this Set
- Front
- Back
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Basic Economic Questions |
1.) What are we going to produce 2.) How are we going to produce it 3.) Who is going to get it once it is provided |
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Factors that affect E. Activity |
Most influenced by location (ex. Kansas does not result in the occupation of sailor) The Natural Resources- raw materials and labor (ex. The rust belt) Places must also have a market, necessary technology, and ability to ship goods. |
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Free Interprise Economic System |
Market and consumers determine price Individuals own most businesses Ex. US |
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Communism Economic System |
Government determines prices and production levels
All industries are owned by government
Ex. Cuba |
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Socialism (mixed eco) Economic System |
Government controls essential industries and setting the price Non-essential industries are owned by individuals Ex. Most of European Countries |
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Traditional Economic System |
Operates at activities (People only grow enough food for themselves) Most people engage in farming and grazing and cotton industries Production decisions are based on tradition (often times-barter is form of exchange rather than money) Ex. Rural Mongolia |
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Primary - Economic Activity |
Activities that involve natural resources
Ex. Logging, farming, mining Found in developing countries |
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Secondary - Economic Activity |
Involve processing or transforming a natural resource into something else Ex. Slaughtering, Furniture Building Found in developing countries |
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Tertiary - Economic Activity |
Activities that involves services
People in t.a don't provide a good, they provide a service
Ex. Truck driving, pizza deliverer Found in developed countries |
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Quaternary - Economic Activity |
Activities that involves management generating, processing, and distributionEx. Financial planner, information, technology Found in developed countries |
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Infrastructure |
Basic support systems needed to keep an economy going Ex. Sanitation, transportation, communication, education, water, and power systems |
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GDP |
Gross Domestic Product Total value of all goods and services produced within a country over a year |
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GNP |
Gross National Product Total values of all goods and services produced by a country over a year |
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GNI |
Gross National Income Average value of goods and services produced by each person in a political unit over a year |
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Renewable Resource |
Can be replaced through natural processes Ex. Trees, seafood |
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Non-renewable |
Cannot be replaced once they have been removed from the ground Ex. Metals, gemstones, limestone, fossil fuels, coal |
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Inexhaustible Resource |
Are the result of solar or planetary processes and are unlimited in quantity Ex. Wind, sunlight, geothermal, tides |
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MDC |
More developed countries |
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LDC |
Less Developed Countries |
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NIC |
Newly Industrialized Countries |
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HIE |
Developed countries get HIE ! H: Health care Systems I: Infastructure E: Education, especially of women |
