Unit 3 Flashcards
(24 cards)
What does GDP stand for?
Gross Domestic Product
What is the definition of gross domestic product?
The total value of goods produced and services provided in a country for one year
What are the four types of industries?
- Primary
- Secondary
- Tertiary
- Quaternary
What is the focus of primary industries?
Extraction of raw materials from the environment
Give examples of primary industries.
- Mining
- Farming
- Fishing
What do secondary industries focus on?
Manufacturing things using the products of primary industries
Provide examples of secondary industries.
- Auto assembly plants
- Construction
- Utilities
What do tertiary industries provide?
Services to others
Give examples of tertiary industries.
- Doctors
- Lawyers
- Salespeople
- Mechanics
- Truckers
What is the focus of quaternary industries?
Information and knowledge-based services often involving advanced technology
Provide examples of quaternary industries.
- Software developers
- Researchers
- Statisticians
What are basic industries?
Produce goods or services for export outside the local area
What is an example of a basic industry?
Mining, agriculture, large scale manufacturing
What are non-basic industries?
Serve the local population meeting daily needs
What is an example of a non-basic industry?
Grocery stores, schools, local services
What percentage of Canadians work in tertiary industries?
Most Canadians
Define sustainability.
Meeting the needs of current generations without affecting the needs of future generations
What are the three pillars of sustainability?
- Environmental
- Economic
- Social/Equity
What does the environmental pillar of sustainability focus on?
Reduction of greenhouse gas emissions and responsible use of natural resources
What does the economic pillar of sustainability focus on?
Economic growth and providing decent jobs with equitable pay
What does the social/equity pillar of sustainability promote?
Energy independence and human rights
What is a linear economy?
Take-Make-Dispose economy that leads to waste and resource depletion
What is a circular economy?
An economic model focusing on reuse, recycling, and sustainability
Why is a circular economy considered better for sustainability?
It reduces environmental impact and promotes better resource management
