sco 7.0

Question 1

The combined systems and procedures put in place in a country to help people satisfy needs and wants.

Answer 1

economy

Question 2

Parts that together generate wealth through trade and provide employment for people.

Answer 2

economic sectors

Question 3

Involves the collection or extracting of raw materials (resources) from the Earth through farming, fishing, mining, and forestry. An example is a farmer who takes plants from the land.

Answer 3

primary sector

Question 4

involves turning a raw material or resource into a finished product for people to buy. Also called the manufacturing or processing sector. An example is trees milled into lumber or pulped to make paper.

Answer 4

secondary sector

Question 5

Involves providing a range of services to people to make aspects of their lives easier or to improve the quality of their lives. Also called the service sector.

Answer 5

tertiary sector

Question 6

Describes a country’s economy in terms of how much wealth is generated by each sector.

Answer 6

economic structure

Question 7

An inequality in which some people or countries are much better off economically than other people or countries.

Answer 7

economic disparity

Question 8

an economic indicator that takes the total value of goods and services produced by a country (gross domestic product) and divides it by the population (per capita) using an equivalent currency (purchasing power parity).

Answer 8

gini index

Question 9

Refers to differences in income that occur between groups in society (e.g., between women and men, or between black and white).

Answer 9

income disparity

Question 10

Refers to the minimum level of income deemed adequate in a particular country.

Answer 10

poverty

Question 11

often dictatorships or monarchies (one ruler) that are based on subsistence agriculture with a very slow changing society. Their population, social, and economic systems are limited to natural controls. An example is LEDCs today and Canada before 1850.

Answer 11

traditional society

Question 12

when society obtains wealth and savings that are then invested into vital economic sectors which helps to develop a more effective central government. An example is Suriname and Toga today.

Answer 12

establishing conditions for take off

Question 13

when technology is introduced, the economy changes and agriculture changes from mostly subsistence to mostly commercial. Also causing manufacturing to become more important expanding the tertiary sector. An example is Bolivia and Argentina today.

Answer 13

economic takeoff

Question 14

when more money is being invested into the economy and the economy becomes more diversified because of technology causing the economic growth to grow faster than the population growth. An example is Malaysia and Poland today.

Answer 14

drive to maturity

Question 15

when most people have more than enough money to survive causing the demand on consumer goods to grow so more money is invested into social programs. An example is South Korea and India today.

Answer 15

high mass consumption

Question 16

Refers to whether a person is likely to have the same socio-economic status as their parents, or the degree to which they can move between socio-economic groups.

Answer 16

social mobility

Question 17

Refers to money and possessions accumulated by a person over the course of their lifetime.

Answer 17

wealth

Question 18

Refers to the money received or earned on a continuous basis as a result of work or investments.

Answer 18

income

Question 19

Exists for citizens in their individual lives due to income inequality, that is intensified by the presence or absence due to factors such as education, technology, gender, race, ability, and socio - economic status.

Answer 19

local economic disparity

Question 20

Occurs when the same factors that affect local disparity begin to show differences between regions within a country.

Answer 20

national economic disparity

Question 21

When one country rules another and develops trade with that country for its own benefit.

Answer 21

colonialism

Question 22

Control of one country by another based on economic dominance rather than political dominance

Answer 22

neocolonialism

Question 23

A company created by a country to develop trade in its colonies. was often funded by groups of investors, who shared the cost of start up and
profits. They often traded in particular products (e.g coffee, tea, cocoa, or sugar from African colonies. They also had political power as they often governed remote parts of the empire and served as representatives of the colonial power

Answer 23

concession companies

Question 24

Large companies with many areas of business that operate in two or more countries.

Answer 24

transportation corporations

Question 25

A list of the 500 largest companies in the world that is published annually.

Answer 25

global 500

Question 26

The total value of a company’s stock. (# of shares x share price).

Answer 26

capitalism

Question 27

The total value of a country’s goods and services produced in a year.

Answer 27

gross domestic product

Question 28

Trade that occurs without the restrictions caused by tariffs and non-tariff barriers.

Answer 28

free trade

Question 29

A tax on imported goods. they make cheap imports more expensive and allow domestic manufacturers to compete for customers.

Answer 29

tariff

Question 30

Any other restriction placed on goods that allow domestic companies greater opportunity to succeed.

Answer 30

non tariff barriers

Question 31

A limit on the number or value of goods that can be traded.

Answer 31

trade quota

Question 32

International organization responsible for coordinating and promoting trade in the world. It develops rules for trade with the goal of keeping trade running smoothly.

Answer 32

world trade organization

Question 33

Made up of 27 European nations, which have made free-trade agreements to encourage economic globalization of its members.

Answer 33

European union

Question 34

A country often seeks to address issues of disparity by focusing on key economic ideas.

Answer 34

economic system

Question 35

An economic system in which the prices of all goods and services are determined by supply and demand (free enterprise).

Answer 35

market economy

Question 36

An economic system in which the supply of goods and services are determined by the government as part of a total plan.

Answer 36

command economy

Question 37

An economic system that combines elements of both free enterprise and government intervention.

Answer 37

mixed economy

Question 38

Ideology believes that the government should exert greater degrees of control over the economy by restricting the free reign of business or through taxing business activities in order to redistribute wealth within the country.

Answer 38

left wing

Question 39

Ideology believes that free market forces (i.e., supply vs demand, competition, etc.) should guide the economy and that the government should have a reduced role.

Answer 39

right wing

Question 40

The belief that the government should step in to solve social and economic problems .these policies are often based on left-wing ideas.

Answer 40

progressivism

Question 41

The belief that the government should protect local industries by placing heavy tariffs on similar imported goods from other countries.

Answer 41

protectionism

Question 42

The belief that private individuals and business should have a greater role in controlling economic activity. these policies are often based on right-wing ideas.

Answer 42

neoliberalism