Resources And Aids Flashcards
List 2 primary economic activities
Agriculture and mining
Name 1 secondary economic activity
Manufacturing
List 2 tertiary economic activities
Goods and services
Brandt line:
Imaginary line dividing counties into the rich north and poor south
List 5 characteristics of MEDC’S
Highly industrialized
High standard of living
Donate aid to ledcs
Manufacturing and exportation of goods.
Import raw materials
List 5 characteristics of LEDC’s
Poorly industrialized
Low standard of living
Receive aid from MEDC’s
Export raw materials
Import goods
What is trade
Exchange of goods and services
What do we call the primary products traded between counties
Commodities
List the 3 main type of commodities
Metals
Energy
Agricultural products
What is free trade
Trade occuring without interference or restrictions by government
What is fair trade
When producers in developing countries are payed a fair price for their work ensuring better working conditions and supporting infrastructure
Trade barriers
Barrie’s/restrictions made by government to make imported goods less valuable than exported goods
List the 4 main trade barriers
Taxes/tariffs
Subsidies
Quotas
Embargo
What are taxes/tariffs
Taxes on imported goods making them more expensive than local goods forcing us to but local
What are subsidies
Financial assistance from government to local businesses
What are quotas
Limits set by government to the amount of goods imported
What is an embargo
Government order restricting trade if specific goods
What is an embargo
Government order restricting trade if specific goods
What is globalisation
Increasing connectedness bad interdependency between economies and countries
What’s the main advantage of globalization
Allows free and quick movement of people, knowledge, goods and services
What is a positive impact of globalization on development
Creates jobs
What is a negative impact of globalization on development
A downturn in a large economy causes a global downturn and financial crisis
What is the balance of trade
Relationship between value of a country’s exports and imports
Terms of trade
Describes relationship between the prices a country sells it’s exports for and the prices it buys imports for
