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Economic
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Scarcity
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Geography STAAR 4

Oskooi - World Geography - Category 4

QuestionAnswer
Economic Anything to do with money, jobs, commerce
Scarcity Limited quantities of resources to meet unlimited wants
Traditional Economies Farming, hunting, bartering
Primary economic activities Direct use of natural/raw resources such as mining or agriculture
Secondary economic activities Use of natural/raw resources to make consumer products, such as manufacturing
Tertiary economic activities People-based activities, such as service jobs like waitresses or retail sales
Quaternary economic activities Highly skilled professions which deal with movement and processing information such as specialized researchers
Economic spectrum Scale describing the amount of government and/or private influences on the distribution and use of factors of production
Subsistence agriculture Farming to feed immediate family only
Commercial agriculture Large scale farming done for profit
Commerce The buying and selling of goods or services
Manufacturing Mass production of goods using machines
Goods Agricultural and manufactured products
Services Actions or activities one person performs for another
Cottage industry Home or village-based production
Commercial industry Factory-based production
Free enterprise Market system, capitalism, individuals own means of production, economic decisions are made based on market forces (supply, demand, profit margin), individuals support limited social programs through taxes or charity donations
Socialist Mixed, combination of government and private ownership of the means of production, government provides a number of social programs funded by higher taxes, government and individuals make economic decisions
Communist Command system, government owns the means of production, economic decisions are made by central government, and government provides extensive social programs for population
Regulations Government rules and restrictions affecting business and development
Free trade zones A region where a group of countries has agreed to reduce or eliminate trade barriers
Infrastructure Public systems that assist commerce; such as port or power grid
Transportation Methods used to move people and goods and their supporting systems (i.e. railroads, airlines, highway system)
Technology Application of tools or science to make life easier
Innovation New way of doing something; inventions
Desalinization Technology to remove salt from ocean water
Outsourcing When one company hires another to perform a specific function, often using international sources to reduce labor costs
Global Positioning System (GPS) Technology utilizing satellites in earth orbit to calculate and display accurate location, speed, and time information to the user
Geographic Information Systems (GIS) Spatial information systems which map database information
Created by: Crackalack
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