Geo Econ Unit Part 1

Front

How is world trade encouraged by the access of natural resources?

Back

Uneven distribution of natural resources

Front

What are the 3 Sectors of economic activity?

Back

Primary, Secondary, Tertiary

Front

What is the Primary sector of economic activity?

Back

Agriculture, forestry, and fishing

Front

What is the Secondary Sector of economic activity?

Back

Manufacturing and construction

Front

What is the Tertiary Sector of economic activity?

Back

Provides Services

Front

What are the traits of a Mixed Market Economy?

Back

Private Ownership, Keep Profit, Consumer has choices, Competition is encouraged, Government regulation is somewhat limited but does occur.

Front

What are the traits of a Traditional Market Economy?

Back

People mainly barter for there needs. Grow and produce most everything and then hopefully trade for what is needed. Usually one bad storm event away from losing it all.

Front

What are the traits of a Command Market Economy?

Back

Government owns everything, Government makes all decisions for the 3 Questions of Economics, Consumers have very little choice, there is no competition, everyone has a job

Front

What are the traits of a Market Economy?

Back

Everything is privately owned, Profit is encouraged, Consumers have lots of choices, competition everyday, governments do not regulate anything "Laissez-faire".

Front

Which economic type offers the most freedom of business? Options: Market Economy, Mixed Market Economy, Command Economy

Back

Market Economy