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16 terms

world geography chapter 4

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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