world geo test econemey systems and development

Question 1

subsistence farming

Answer 1

farmers grow enough to feed them and the family

Question 2

Cottage industury

Answer 2

good like textiles fibers and pottery are produced in private homes by hand

Question 3

free enterprise

Answer 3

an economic system in which private business operates in competition and largely free of state control.

Question 4

communism

Answer 4

Communism is a political and economic system that seeks to create a classless society in which the major means of production, such as mines and factories, are owned and controlled by the public.

Question 5

commercial agriculture

Answer 5

Commercial agriculture is when the food is produced for sale.

Question 6

commercial industry

Answer 6

factory-based and employ many workers. … The purpose of a commercial industry is widespread production: to sell as many products as possible to consumers. To do so, commercial industries typically use new and more cost-effective technologies than cottage industries.

Question 7

socialist economic systems

Answer 7

socialist economic systems

Question 8

mixed economic system

Answer 8

mixed economy, in economics, a market system of resource allocation, commerce, and trade in which free markets coexist with government intervention

Question 9

primary economic activities

Answer 9

These economic activities are directly tied to the extraction resources of the earth. Such economic activities occur at the beginning of the production cycle where people live in close contact with the resources of the land.

Question 10

secondary economic activities

Answer 10

Secondary activities add value to natural resources by transforming raw materials into valuable products. Secondary activities, therefore, are concerned with manufacturing, processing and construction (infrastructure) industries

Question 11

tertiary economic activities

Answer 11

Consist of those businesses and labor specialization that provide services to the general community. They include professionals such as teachers & professors, lawyers, medical officers, clerical and personnel services. Others include professions such as postal services and music.

Question 12

quaternary economic activities

Answer 12

The generation of knowledge and the sharing of research are associated with quaternary economic activities. Examples of this include teaching, tourism, and customer service.