Posted: March 28th, 2023
Economic Geography
question
Economics
answer
Social science that analyzes the production, consumption and distribution of goods and services
question
Renewable resources
answer
Can not run out of them: soil, wood, solar
question
Nonrenewable resources
answer
Can run out of them: copper, gold, coal, petroleum
question
Human Resources
answer
Skills, education, Entrepreneurial (Business) abilities, workers
question
Capital Resources
answer
Manufactured goods used to make other goods. Tools, Infrastructure, Technology
question
Effects of Unequal Distribution
answer
Interdependence (Trade), Conflict, Imperialism, Energy Producers vs Consumers
question
Resource Use Priorities
answer
How to use resources, depends on a nation's culture, values, government, access to tech.
question
United States Resource Use Priorities
answer
High emphasis on economics
question
European Resource Use Priorities
answer
High emphasis on conservation
question
4 Levels of Economic Activity
answer
Primary, Secondary, Tertiary, Quaternary
question
Primary Economic Activity
answer
Dealing directly with resources: farming, mining, forestry
question
Secondary Economic Activity
answer
Making something with resources: factories
question
Tertiary Economic Activity
answer
Services: doctor, lawyer, cashier, teacher, park ranger, custodian
question
Quaternary Economic Activity
answer
Management, high level information processing
question
Causes of varying economic development
answer
Varying access to resources, varying levels of economic activity in a country, location, access to water and shipping lanes, membership in economic alliances
question
Economic interdependence
answer
No country has all the resources it needs, so it must trade with others
question
Landlocked
answer
No access to ocean or other major body of water
question
4 major economic alliances
answer
EU, NAFTA, ASEAN, OPEC
question
Traditional Economy
answer
Goods and services are traded, money not involved, think Middle Ages
question
Command Economy
answer
Production of goods and services is decided by a central government: Communist Countries, Soviet Union
question
Market Economy
answer
Production of goods and services is decided by consumer demand: United States
question
Mixed Economy
answer
A combination of command and market economies, usually found in Western Europe, Democratic Socialism.
question
EU
answer
European Union
question
NAFTA
answer
United States, Canada, Mexico: North American Free Trade Association
question
ASEAN
answer
Association of Southeast Asian Nations
question
OPEC
answer
Controls world petroleum production, affects the price of petroleum products worldwide, including gas at the pump
question
Advantages of Economic Alliances
answer
lower prices, access to larger markets and resources, greater Global Influence, more efficient industries
question
Disadvantages of Economic Alliances
answer
Shutting of some industries, difficulty in reaching agreements, family farms out competed by commercial farms
question
Indicators of Economic Development
answer
Urban/rural ratio, Labor Force Characteristics, GDP Per Capita, Educational Achievement
question
Japan
answer
Highly developed, but limited natural resources, developed because of human and capital resources
question
Russia
answer
Numerous natural resources, but not economically worthwhile to develop because of location/climate (Siberia is cold!)
question
United States
answer
Diversified economy, abundant natural resources, specialized industry
question
Cote d'Ivoire
answer
Limited Natural Resources, Cash Crops for Manufactured Goods, simplified economy
question
Switzerland
answer
Limited Natural Resources, but developed because of banking
question
Economic Scarcity
answer
Not having all the resources or goods a community needs or wants
question
Comparative Advantage
answer
Being able to produce goods and services as a lower cost
question
Imperialism
answer
A stronger country takes the resources and land of a weaker country
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.