Economy Flashcards
(32 cards)
What is economy basically?
The use and distribution of resources
What can resources be?
Non physical things like information or physical things like food or computer parts
What does use and distribution refer to?
How people use resources to survive and how they use them to trade for other resources
What does the strength and power of a country depend on?
How strong it’s economy is
The stronger the economy…
The stronger the country and the more power it has on the world stage
What is a countries economy first established by?
It’s access to natural resources
How does a countries size impact its resources?
The larger the country the more resources it potentially has access to but that also depends on where the country is and it’s geographic conditions
What do resources provide?
The necessary supplies for survive (food, water, shelter and clothing)
How do resources impact the economy?
Once a country starts having more than it needs it can start trading resources for one’s they don’t have but need
What things can impact an economy?
Wars (trade and combat)
Natural disasters
Pandemics
Change in government and laws
What two categories are countries divide into?
Developing and developed country
What is a developed country?
A country that is technologically advanced and wealthy with a stable economy and more than enough resources to survive allowing them to be active readers on the world market
What is a developing country?
A country that in the early stages of economic development , and are not as technologically advanced with an unstable economy and are limited traders on the world market
What is the largest factor affecting whether or not a country is developed?
The stages of economic development
What does the economic development stage of a country depend on?
How they are using their resources
What is each economic development stage influenced by?
The tools available to the society
What is Canadas pre industrial stage sequence of staples?
Fish to fur to lumber to wheat to mining products
What are primary activities?
The collecting and using natural resources and agriculture to support citizens and the economy producing the staples
What are secondary activities?
Processing raw material and manufacturing
What tertiary activities?
Providing services to the citizens like banking insurance retail healthcare and education
What are quarternary activities?
Knowledge and information technologies and research and development
What is there a larger emphasis on in the post industrial stage?
Education and creating new things we didn’t even know we needed and skilled workers
What are signs that Canada is in the post industrial stage?
Free trade integrates Canadian and US economies
Canadian businesses able to compete internationally
Part of the larger global economy
More transnational companies
More women working; more part time jobs
Capitalist economy
3/4 of jobs are in tertiary and quarternary activities
Research and development is more important
What are Quinary activities?
When the government makes policies and legislation that govern and control other activities
