unit 3: economic geography Flashcards
(43 cards)
Economy
How a society organizes the production, distribution, and consumption of goods and services
Goods
A good is a tangible or physical product that someone will buy.
Services
A service is something intangible, which can’t be physically touched or stored.
Developed country
Industrialized or advanced with high levels of economic development, infrastructure & technology.
High living standards with access to quality education & healthcare.
Undeveloped country
- Lower economic development & infrastructure.
- Citizens have low incomes and less access to healthcare & education.
- Limited access to clean water
Public sector
- Government owned.
- Primary goal: Provide services to the public & meet societal needs.
- Funded through taxes, government budgets or grants
Private Sector
- Private companies owned by people and not the government
- Primary goal: To make profit and maximize shareholder value.
- Often compete with each other for customers, market share & profits
Traditional economy
Based on customs; people trade goods directly.
Command Economy
The government makes all the decisions (communist).
Free market economy
Decisions are driven by market forces (supply and demand), as seen in capitalist countries.
Mixed economy
Combines government decisions with market decisions
Sustainability
Using resources wisely so they last a long time. Making sure we don’t use up all our resources or harm the environment for future generations.
Stewardship
Making choices and doing actions that do NOT hurt the environment.
Natural Resources
Materials that occur in nature and can be used for economic gain.
Renewable
Resources that can be replenished naturally over time.
Non-renewable
Resources that cannot be replaced once they are depleted.
Flow
Resources that can be replenished at the same time it’s used.
Ecological footprint
Statistic used to measure people/places impact on the environment.
The sum of everything it takes to sustain our lifestyle.
Value added
Amount by which the value of an object is increased at each stage of production.
Primary industry
Takes natural resources from the environment.
**Extraction of natural resources must happen before production
Secondary industry
Revolves around the transformation of materials. Creates finished, usable products.
Tertiary industry
Industries that provide services.
Quaternary industry
(Branch of tertiary) Involves intellectual services: research, development.
Import
Bringing goods and services into a country from another country.
