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traditional economy/subsistence economy
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WG ECO GEOG TERMS
This stack contains terms and definitions for economic geography.
| Question | Answer |
|---|---|
| economic system | the way that people exchange goods and services |
| traditional economy/subsistence economy | goods and services are exchanged without the use of money, little surplus, few markets |
| command economy/planned economy | production of goods and services is determined by the central goverment which usually owns the means of production |
| market economy/demand economy | production of goods and services is determined by consumers |
| mixed economy | combination of command and market economies so that all people will benefit |
| free enterprise | system that lets competition determine the price of products |
| capitalism | system in which businesses, industries, and resources are privately owned |
| market economy | system characterized by specialization |
| world's richest market countries | United States, Japan, Australia, and most western European countries |
| primary activities | gathering of raw materials for immediate use or to use in the making of a final product |
| secondary activities | change form of raw materials to add value |
| tertiary activities | provides business or professional services |
| quarternary activities | provide information, management, and research services by highly trained persons |
| factors affecting location of economic activities | labor, energy, land costs, access to skilled workers, transportation systems, communication systems |
| natural resources | materials in or on the earth that have econonic value, not evenly distributed around the world |
| renewable resources | resources that can be replaced through the natural process: trees, seafood |
| non-renewable resources | resources that cannot be replaced once they have been removed, examples: metals, non-metals, fossil fuels |
| inexhaustible energy resources | resources used for created power, resuslt of solar or planetary processes and are unlimited in quantity, examples; sunlight, geothermal heat, winds, and tides |
| determinant of resource value | qualities that make it useable |
| infrastructure | basic support systems needed to keep an economy going, includes power, communications, transportation, water, sanitation, education systems, and levels of available technology |
| measurements of economic development | per capita income, gross naional product [GNP] gross domestic product [GDP] |
| GNP | total value of all goods and services produced by a country over a year or some other specified period of time |
| GDP | total value of all goods and services produced within a country over a given period of time |
| developing countries | nations characterized by low GDP,limited development on all levels of economic activities, lack of industrial base |
| Examples of developed countries | western European nations, Japan, Canada, United States |
| examples of developing countries | Afghanistan, Haiti, Mali |
| developed countries | countries with a higher per capita income, varied economy, tertiary activities and especially quaternary activities |
| per capita income | average amount of money earned by each person in a political unit |
| literacy rate | percentage of people who can read and write |
| standard of living | a measurement of a country's level of development based on factors, such as personal income, levels of education, product and food consumption, life expectance, mortality rate |
| transitional countries | nations that are defined as lying between developed and devoloping countries |
| examples of transition [middle income] countries | Brazil, Mexico, thailand |
| communism | political and economic system in which the government owns or controls almost all of the means of production |
| socialism | a system in which the government may control the major means of production |
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