Gov't&Economics
Ch.3, Humane Cultural Geography- part B
Terms
undefined, object
copy deck
- communist economy
- gov'y determines what goods to produce, how much will be made, & how to charge for goods & how much workers will be paid
- consumers
- people who buy the goods & use the services
- monoply ( cartels)
- company or group that has controls & fix for a specific good or service; limit free & fair competition; can shange whatever it chooses (ex. microsoft)
- developed countries
- contries that have a strong secondary, teriary & quaternary industries good systms of healthcare, education, & high literacy rate (% of how many people can read)
- services
- an act performed for another person by a person
- communist economy
- profits pay for services such as health & education ex. Cuba, & North Korea; Soviet Union ( when it existed)
- 2. secondary industry
- manofacturing business ( factories) that changes the raw materials into finished products
- recession ( demand decreases)
- when there is less $$$$ in the economy causing a degree in demand & production; wages fall unemployment rises
- Capitalist economy
- free market - free & fair compition (necessary b/c it can help keep prices down)
- 3. tertiary industry
- services companies & other companies who handle goods ready to be sold to consumers ex.banks, transportation, heathcare, police, etc
- depression
- a servere recession that causes a decline in business, high unemployment, & lowered stock market values
- Economy
- System for producing distributing, & consuming goods and services.
- capitalist economy
- busnsses privately owned, a compang sells its products & earns a profit. Owners decide how much to pay wrkers & how to use profits
- Goverment
- a system that sets up & enforces a society's laws & insititution (educ., religion, economics, & system)
- specialization
- focus on producing one or wo products
- develw indusstries
- few industries & most are poor; people sufrie dieases, food shortages, unsafe water, poor education, & lack of health services (2/3 of the countries in the world)
- surplus
- suply is greater than demand ( usually cause prices to decrease)
- Bartender syste
- method of exchange where one good or services is exchanged for another w/out use of $$$$$
- tariff
- tax on imported goods
- Autocracy
- gov't by individual who has UNLIMITED power;
- supply
- is the degree of availbility of a product ( what's for sale)
- capitalist economy
- business owners & customers make decisions about what to sell & buy.
- types of economic systems ( countries based on them) * traditional economy
- Bartender system economic activities based on laws, rituals, religios beliefs or habits developed by society's ancestors ex. nomadic herders, indigenous people
- GNP (gross national product)
- total value of all goods & services produced in a country per year
- Imports
- Goods coming into the country
- commercial agriculture
- farmers produce enough for everyone: grow at least one cash crop
- socialism economy
- mixed - ocmbo of public and private ownership in production of goods/ services - gov't controls basic industries such as defense, transportation, communication and banking - market controls the rest determining what to produce, how much to produce and set prices ex. China moving toward this from communism, France
- Democracy
- ruled by citizens thru elected officials -ruled by majority ex. United Sates
- Monarchy
- ruled by king or queen - in herits throne by birth ex. Saudi Arabia
- 4 economic industnies 1. primary industry
- involves raw materials, natural resources ex. agriculture, fishing, mining, & forestry
- Raw materials
- unprosses natural resources that will be converted to a finished product
- Exports
- Goods leaving the country
- communist economy Everyone is equal
- command (centralized) over all power w/ gov't
- subsistence agriculture ( no cash crops)
- grow enough to feed family
- Dictatorship
- ruled by a single individual >controls military -citizens have FEW rights ex. North Korea
- Oligarchy
- ruled by a small group of citizens >controls military -ruled based on wealth or privillege ex.Burma, Senate in star wars
- producers
- owners & worker make products (good)
- 4. quaternary industry
- handle info & info technologies the provide services ex. infernet services, computer software services, researchers, managers, & administrators, etc
- capitalist economy
- consumers important! ex. United States, United Kingdom, Canada
- inflation
- rise in the amount of $$$$ in the economy that lowers the value of the dollar a raises prices ex. gasoline
- constitutional Monarchy
- king/queen is head of state but has little power An elected parliament chooses the prime Minister, who leades the gov't ex. United Kingdom