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Terms in this set (30)
A social science that studies how individuals, governments, firms and nations make choices on allocating scare resources to satisfy their unlimited wants and needs.
Three Basic Economic Questions:
What will be produced with the limited resources?
How will the goods and services be produced?
For whom will the goods and services be produced?
Four Factors of Production:
Land, Labor, Capital, and Entrepreneurs
a broad measure representing all basic natural resources that contribute to production.
-Renewable (trees, solar, wind) vs. Nonrenewable (oil and coal)
the human factor of production
previously produced goods used to produce other goods.
-Financial Capital=Investment Capital=Money used to start a business
the managerial ability and risk taking that contributes so much to a productive economy. People who organize land, labor, and capital to start a business. Risk takers. who search for profit.
Industry as a System:
Inputs, Processes, Output
these can include raw materials, energy, transport, labor and money (capital investment)
assembly, maintenance, packaging, & transport
finished products, profits, waste
Sectors of the Economy
Primary Sector, Secondary Sector, Tertiary Sector, & Quaternary Sector
economic activities that involve the extraction of economically valuable products from earth, including agriculture, ranching, hunting & gathering, fishing, mining & quarrying...
activities that take a primary product & change it into something else such as finished products. Manufacturing and assembly are the principal secondary economic activities.
industries that provide service or skills... education, healthcare, retail, office work, transport, entertainment, law...
information technology, research development, developing new products and innovations.
richer country where the tertiary/ quaternary sectors most common.
poorer country where the primary sector most important of the economy.
newly industrializing, developing quickly & secondary sector the most important.
Brazil, Russia, India, & China are developing quickly, referred to as embedding markets.
As countries _______ the importance of different sectors of the economy tend to change.
The countries of the world can be divided into two major world regions:
the "core" and the "periphery"
includes major world powers and the countries that contain much of the wealth of the planet.
The "core" consists of most of :
Western Europe, the United States, & Japan
includes those countries that are no reaping the benefits of global wealth and globalization.
The "periphery" consists of:
Africa, South America, and Asia (excluding Japan & South Korea)
when people only own small areas of land and grow food for themselves and their family. There is normally no surplus to make any money.
the process of the factories opening & secondary sector becoming more important.
the process of factories closing and industry declining in a country. This normally happens because the cost of labor increase & it becomes cheaper to manufacturer overseas in LEDCs and NICs.
the process of manpower being replaced with machine power. As countries develop machines tend to become more important.
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