Social Studies 3202, Test 2

Question 1

Collecting of raw materials; farming, fishing, mining, forestry, etc.

Answer 1

Primary

Question 2

Turning a raw material or resource into a finished product for people to buy (manufacturing or processing sector); cows butchered into roasts/steak, fish gutted/filleted/sold at markets, ore refined into steel or copper wire.

Answer 2

Secondary

Question 3

Providing a range of services to people to make aspects of their lives easier or to improve the quality of their lives (service sector); nurses, mechanics, doctors, lawyers, hairdressers, teachers, repair and sale of people, etc.

Answer 3

Tertiary

Question 4

the combined systems and procedures put in place in a country to help people satisfy needs and wants. Generally speaking, the greater degree to which a country does this, the more prosperous it will be.

Answer 4

Economy

Question 5

is a term that describes a country’s economy in terms of how much wealth is generated by each sector. Two common measures of this is to compare (1) the percentage of GDP provided by each sector of the economy (2) the percentage of the….

Answer 5

Economic Structure

Question 6

Can be defined as an inequality in which some people or countries are much better off economically than other people or countries. One of the main criticisms of globalization is that it tends to increase ——.

Answer 6

Economic Disparity

Question 7

refers to minimum level of income deemed adequate in a particular country. Differences in cost of living and wealth make this a relative term that depends on the country being discussed.

Answer 7

Poverty

Question 8

the extent to which income is distributed evenly in a country. It’s an important companion statistic to income per capita, which measures how much income a country has, but not how this income is distributed. Income equality within a country is often masked by the national average.

Answer 8

Income Inequality

Question 9

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)GDP (per capita)

Answer 9

GDP (per capita)