Resources, Technology, and World Trade

Question 1

Natural Resource

Answer 1

materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.

Question 2

Renewable Resource

Answer 2

Any resource, such as wood or solar energy, that can or will be replenished naturally in the course of time.

Question 3

Nonrenewable Resource

Answer 3

A nonrenewable resource is a resource of economic value that cannot be readily replaced by natural means on a level equal to its consumption. Most fossil fuels, such as oil, natural gas and coal are considered nonrenewable resources in that their use is not sustainable because their formation takes billions of years.

Question 4

Economic System

Answer 4

Economic systems are the means by which countries and governments distribute resources and trade goods and services. They are used to control the five factors of production, including: labor, capital, entrepreneurs, physical resources and information resources.

Question 5

Developed Country

Answer 5

have post-industrial economies, meaning the service sector provides more wealth than the industrial sector. They are contrasted with developing countries, which are in the process of industrialization, or undeveloped countries, which are pre-industrial and almost entirely agrarian.

Question 6

Developing Country

Answer 6

a poor agricultural country that is seeking to become more advanced economically and socially.

Question 7

Newly Industrialized City

Answer 7

is a socioeconomic classification applied to several countries around the world by political scientists and economists.

Question 8

Export

Answer 8

send (goods or services) to another country for sale.

Question 9

Import

Answer 9

bring (goods or services) into a country from abroad for sale.

Question 10

Tariff

Answer 10

a tax or duty to be paid on a particular class of imports or exports.

Question 11

Quota

Answer 11

a limited or fixed number or amount of people or things, in particular.

Question 12

Free Trade

Answer 12

international trade left to its natural course without tariffs, quotas, or other restrictions.

Question 13

Interdependence

Answer 13

is mutual dependence between things. If you study biology, you’ll discover that there is a great deal of interdependence between plants and animals. Inter- means “between,” so interdependence is dependence between things. We often use interdependence to describe complex systems.