SS - Chapter 3 - Section 3 - Resources, Technology and World Trade Flashcards
(26 cards)
natural resources
material made from the Earth that people use to meet their needs
renewable resources
natural resources that can be replaced naturally or grown again
Which energy sources are renewable?
sun, wind, water, forests
What energy sources are nonrenewable?
minerals like iron ore and gold
oil, coal and other fossil fuels
What are fossil fuels used for?
heat homes
run cars
generate electricity
nonrenewable resources
natural resource such that cannot be replaced.
economic system
system that sets rules for
what to make,
how to make it,
and who will get it
What are the 4 types of economic systems?
traditional economy
command economy
market economy
mixed economy
traditional economy
individuals decide what to make and how to make it
command economy
The government decides price of products and the amount workers are paid.
market economy
Businesses make what they think their customers want.
Consumers decide which goods and services to buy.
mixed economy
a combination of 2 or more types of economies
What type of economy do most nations have?
mixed economy
What type of economy does the US have?
mainly a market economy with some government involvement
developed country
country with an economy that has a mix of agriculture, manufacturing, and service industries.
Has a high standard of living.
Name 3 developed countries
the United States, France and Japan
developing country
country that has limited industry, lots of agriculture, low wages
3 examples of developing countries
Sierra Leone, Cambodia and Guatemala
newly industrialized country
country that is creating new manufactuing and business
export
to sell goods or resources to other countries
import
to buy resources or goods from other countries
tarriff
tax added to the price of goods that are imported
How do tarriffs help a nation’s economy?
makes imported goods more expensive
encourages people to buy less expensive items that are made in their own country.
quota
number limit on how many items of a particular product can be imported from a certain nation
