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Duplicate of Unit 3 Economic Development (10 second response time) Flashcards | StudBud
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Duplicate of Unit 3 Economic Development (10 second response time)
Duplicate of Unit 3 Economic Development (10 second response time)
30 terms
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StudBud Administration
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world geography, economic systems
Flashcards
30 cards
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Questions
30
Answers
1
Communism/ Command Economy
king delegates a committee
all important decisions make by government leaders
public votes on decisions
everyone gets their fair share
2
Outsourcing
goods made to make other goods and services
produce enough crops to feed only farmer and family
process of a company hiring another to perform its work
goods from foreign countries
3
Globalization
groups of countries that have no tariffs
money that remains after cost of running business
creation of single global economy and community
investment society makes into the community
4
Import
goods sold from one country to other countries
one company hiring another company to perform its work
services performed by people and businesses
goods from foreign countries brought into country for sale
5
Profit
remains after costs of business is paid
how much good consumers will buy
how much of a good produces will produce
groups of countries with not tariffs
6
Supply
goods and services sold from one country to another
how much of a good producers are willing to make and sell
resources provided by nature that people use to create goods
how much good consumers are willing to buy
7
Development
business info transferred across internet
produce enough crops only for family and family
improvements in social & economic welfare of people
social mobility
8
Commercial Agriculture
various crops for a farmer
aperture variable
crops grown for widespread distribution
crops produced for farmer and family
9
Entrepreneur
resources provided by nature
human labor required to produce something
person who bring togther /resources/ business owner
ability to produce only enough crops for farmer and famiy
10
Export
goods and services sole from one country to other countries
money that remains after cost of running business
goods from foreign countries brought into a country for sale
investment made into a society
11
Cottage industry
goods produced by hand
groups of countries with no tariffs
most businesses owned by government
people do what their ancestors did
12
Primary economic activity
government issued items
involves production of food and extraction of resources
manufactured goods
goods made at home
13
Traditional economy
production of foods and extraction of resources
people do what their ancestors did--primarily agriculture
involve manufacture and production of foods
produce goods by hand
14
secondary economic activity
produce made by hand
manufacture and production of goods
taxes on imports
production of goods and resources
15
Comparative advantage
advantage a country has over another to produce items
goods from a foreign country
process of company hiring another company to perform work
how much good producers are willing to make and sell
16
Socialist economy/ Socialism
important businesses owned by the government
people own their own goods
single global economy
advantage that one country has over another to produce items
17
Demand
zones along southern Asia coast for foreign investment
how much producers are willing to make and sell
goods from a foreign country brought in to another country
how much of a good consumers are willing to buy
18
E-commerce
Excellent Commencement
Mouse 4 Sale
business info transferred across internet
crop available for resale
19
Scarcity
money that remains after paying business costs
when there is not enough of what people want
how much consumers will buy
goods from foreign countries
20
Less developed country
high tech infrastructure, missing phone system
developing into agricultural infrastructure
communist leader doesn't allow economic growth
lacking economy, infrastructure & industry
21
Subsistence agriculture
produce only enough crops for farmer and family
surviving on store-bought food
widespread distribution of crops
inalienable rights to crops
22
Free trade zones
tax on imports that make goods from a country more expensive
group of countries that have no taxes for member countries
goods made to make other goods
zones near southern Asia coast to attract foreign countries
23
Free enterprise system/ Capitalism
economic system where people own own goods and property
produce goods by hand
businesses owned by government
important economic systems made by government
24
Infrastructure
ability to produce only enough crops to feed farmer & family
who much a good consumers are willing to buy
investment society makes into the community
not enough of what people want
25
Tertiary economic activity
activities involving information processing
manufacture and production of goods
services performed by
people own their own goods and property
26
Newly industrialized/developing country
economy transition from agriculture to goods
crops grown for widespread distribution
lacking infrastructure and industry
highly developed economy & tech infrastructure
27
Protective tariffs
economic system that big businesses owned by government
taxes on imports that make foreign goods more expensive
creation of single global economy
goods from foreign governments
28
SEZ (Special Economic Zones)
group of countries with no taxes for member countries
good and services made at lowest cost
goods made to make other goods
zones along southern Asia coast to attract foreign companies
29
Quaternary economic activity
investment in a society
activities involving information processing and management
production of foods and extraction of resources
services performed by people and businesses
30
More developed country
economy transitioned from agriculture to goods manufacture
highly developed economy & technology infrastructure
examples: Morocco, Mozambique, Montenegro
produce crops for subsistence
