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28 Cards in this Set
- Front
- Back
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ECONOMY |
activities related to the production and distribution of goods and services in a particular geographic region |
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PRIMARY ACTIVITY |
activities where natural resources are extracted from the earth |
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SECONDARY ACTIVITY |
manufacturing, processing, and construction lies within the secondary sector |
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TERTIARY ACTIVITY |
industry that provides services rather than goods. Examples of service sector employment include: government healthcare/hospitals/public health/waste |
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QUATERNARY ACTIVITY |
economic activity involving the collection, processing, and distribution of information. This sector evolves in well developed countries and requires a highly educated workforce |
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GROSS DOMESTIC PRODUCT (GDP) |
country's income minus foreign investments; the total value of all goods and services produced within a country in a year, minus net income from investments in other countries |
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GROSS NATIONAL PRODUCT (GNP) |
country's income including foreign investments; the total value of all goods and services produced within a country in a year, including net income from investments in other countries |
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DEVELOPED COUNTRY |
has achieved (currently or historically) a high degree of industrialization, and which enjoys the higher standards of living |
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THIRD WORLD COUNTRY |
a non-industrialized poor country that is seeking to develop its resources by industrialization |
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TRADE DEFICIT |
a negative balance of trade, i.e. imports exceed exports. Opposite of trade surplus. |
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IMPORT |
to bring in merchandise, commodities, workers, from a foreign country for use, sale, processing, re-export, or services |
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EXPORT |
goods and services that are produced domestically and sold to buyers in another country |
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N A F T A |
North American Free Trade Agreement: a 1994 agreement reach by the US, Canada and Mexico that instituted a schedule for the phasing out of tariffs and eliminated a variety of fees and other hindrances to encourage free trade between the three North American countries |
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TRADITIONAL ECONOMY |
an economic system in which economic decisions are made based on customs, beliefs, etc... |
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COMMAND ECONOMY |
an economy in which resources and business activity are controlled by the government |
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CAPITALISM |
free-market system: an economic system based on the private ownership of the means of production and distribution of goods, characterized by a free competitive market and motivation by profit |
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INDUSTRIALISM |
large-scale introduction of manufacturing, advanced technical enterprise, and other productive economic activity into an area, society, country, etc. |
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SOCIALISM |
a political theory or system in which the means of production and distribution are controlled by the people and operated according to equity and fairness rather than market principles |
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LIGHT INDUSTRY |
manufacturing activity that uses moderate amounts of partially processed materials to produce items of relatively high value per unit weight. It requires only a small amount of raw materials, area and power |
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HEAVY INDUSTRY |
traditional production industries in the auto, steel, rubber, petroleum and raw material areas, requiring high capitalization and producing large quantities of output. Heavy industry employs many people, and is often beset by environmental impacts |
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ENTREPENEUR |
a person who organizes, operates, and assumes the risk for a business venture |
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COTTAGE INDUSTRY |
a small-scale business involving people who mostly work at home |
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O P E C |
a collective of countries founded in 1960 that choose to collaborate in order to manage the exportation of their crude oil to the rest of the world. Because of their ability to adjust production levels, they possess a great deal of influence on the price of oil |
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SUBSISTENCE FARMING |
farming that generates only enough produce to feed the farmer's family, with little or nothing left over to sell |
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RENEWABLE RESOURCES |
natural resource with the ability of being replaced through biological or other natural processes and replenished with the passage of time |
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NON-RENEWABLE RESOURCES |
a natural resource such as coal, gas, oil, that once consumed cannot be replaced |
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CAPITAL RESOURCES |
tools, machines, and factories used to produce goods |
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COMMERCIAL FARMING |
the production of agricultural goods for sale |
