world geography chapter 4

16 terms by hamach 

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primary economic activity

economic activities that rely directly upon natural resources

subsistence farming

when people grow only enough food for their own family or village

commercial farming

the production of food for sale in markets

secondary farming activity

when people use raw materials to make new products of greater value

cottage industries

a secondary activity in a subsistence economy-near people's homes and usually involves production of something by hand

commercial industries

a large scale manufacturing operationthat employs many people and produces large quantities of goods

tertiary economic activities

service industries- doctors, lawyers, salespeople, truck drivers

quaternary economic activities

jobs that focus on getting, processing and sharing information-education, government, research

exports

the goods that are sent out of a country

imports

goods that are brought into a country

natural resources

materials found in nature that are used by industry or personal use.

fossile fuels

resources that come from the remains of long ago plants and animals to form coal, oil and natural gas.

renewable energy

Any source of energy that can be continually produced and is inexhaustible given current conditions.

GDP

Gross Domestic Product- the total market value of all final goods and services produced annually in an economy

trade balance

the value of a nation's exports minus the value of its imports; also called net exports

developed countries

highly industrialized countries with high incomes and high standards of living

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