MVCS Geography Chapter 4 Man's Use of God's Resources

*Primary Industries
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Information agewhen infinite quantities of facts are widely available to anyone who can use a computer*Durable goodsgoods that last for a relatively long time, such as refrigerators, cars, and DVD players*Non-durable goodsgoods that last a short period of time, such as food, light bulbs, and shoes*Tertiary IndustriesService industries: Infrastructure Trade Finance General services GovernmentInfrastructurethe basic energy and equipment needs of all industries: Utilities Transportation CommunicationWhat is the cheapest form of transporation?WaterWholesalethe selling of goods in large quantities to be retailed by others.Retailto sell goods to the public, usually through shops/storesWhat is economics?the study of choices*What immaterial values will encourage the creation of wealth?Rule of law Cooperation Stable families Self-Sacrifice A commitment to delayed gratification A willingness to risk based on a future hope Moral culture Creative freedom*How should the Dominion Mandate affect the economic choices we make?-Rule over creation as a steward -Fill the earth -It all belongs to God*CapitalismFree Market Supply & Demand Self-Interest Competition Adam Smith The Wealth of Nations*SocialismAll societies are divided into classes History is the story of struggle between the workers and the business owners Once the workers overthrow the business owners, the wealth will be shared in a democratic economic utopia Karl MarxWhy is it short-sighted to say "If Bill Gates gets a big piece of the economic pie, there is less for the rest of us to enjoy"?-Wealth is not static -The "pie" can grow*GDPGross Domestic Product- the monetary value of all the goods and services produced for sale within a country's borders over the course of a year.Per capita GDPGDP divided by the total population More accurate*Developed countrieshave a wide range of industries that take full advantage of their people's skills.*underdeveloped countriesCountries with lower per capita GDP Might have unstable governments Might have a culture that discourages the production of wealthMarketpeople or businesses to buy its products*ExportsGoods and Services sold to other countries*ImportsReceived from other countries*TariffsTaxes on imports or exports*Embargoan official ban on trade or other commercial activity with a particular country.*Protectionismthe belief that the government should restrict foreign imports because they take away jobsThe problem with high tariffsCut off trade with other countriesWhat is the World Trade Organization?an international body that oversees trade agreements and settles trade disputes among countriesWhat is the European Union?a regional trade organization of European nations*What is the USMCA?United States-Mexico-Canada Agreement