Economy systems vocab Flashcards
primary economic activity
based off of agriculture
EX: mining, fishing, lumbering, and especially agriculture
secondary economic activity
the processing of raw materials.
tertiary economic activity
the provision of services. Such as transportation, banking, retailing, education, and routine office based jobs.
quaternary economic activity
Any economic activity pertaining to the collection, processing, and manipuation of information, capital, and culture
ex: finance, government, insurance, legal services
subsistence farming
farming that provides for the basic needs of the farmer without surpluses for marketing
economic geography
the branch of systematic geography concerned with how people support themselves, with the spatial patterns of production, distribution, and consumption of goods and services
Gross Domestic Product (GDP)
The sum total of the value of all the goods and services produced in a nation
per capita
per person
Economy System
an organized way of providing for the wants and needs of their people
Traditional Economy
economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
Capitalism—free market economy
an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state.
Socialism/Mixed Economy
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
Communism/Communism Economy
political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of at least the major means of production
