unit 3: economic geography

Question 1

Economy

Answer 1

How a society organizes the production, distribution, and consumption of goods and services

Question 2

Goods

Answer 2

A good is a tangible or physical product that someone will buy.

Question 3

Services

Answer 3

A service is something intangible, which can’t be physically touched or stored.

Question 4

Developed country

Answer 4

Industrialized or advanced with high levels of economic development, infrastructure & technology.

High living standards with access to quality education & healthcare.

Question 5

Undeveloped country

Answer 5

• Lower economic development & infrastructure.
• Citizens have low incomes and less access to healthcare & education.
• Limited access to clean water

Question 6

Public sector

Answer 6

• Government owned.
• Primary goal: Provide services to the public & meet societal needs.
• Funded through taxes, government budgets or grants

Question 7

Private Sector

Answer 7

• Private companies owned by people and not the government
• Primary goal: To make profit and maximize shareholder value.
• Often compete with each other for customers, market share & profits

Question 8

Traditional economy

Answer 8

Based on customs; people trade goods directly.

Question 9

Command Economy

Answer 9

The government makes all the decisions (communist).

Question 10

Free market economy

Answer 10

Decisions are driven by market forces (supply and demand), as seen in capitalist countries.

Question 11

Mixed economy

Answer 11

Combines government decisions with market decisions

Question 12

Sustainability

Answer 12

Using resources wisely so they last a long time. Making sure we don’t use up all our resources or harm the environment for future generations.

Question 13

Stewardship

Answer 13

Making choices and doing actions that do NOT hurt the environment.

Question 14

Natural Resources

Answer 14

Materials that occur in nature and can be used for economic gain.

Question 15

Renewable

Answer 15

Resources that can be replenished naturally over time.

Question 16

Non-renewable

Answer 16

Resources that cannot be replaced once they are depleted.

Question 17

Flow

Answer 17

Resources that can be replenished at the same time it’s used.

Question 18

Ecological footprint

Answer 18

Statistic used to measure people/places impact on the environment.

The sum of everything it takes to sustain our lifestyle.

Question 19

Value added

Answer 19

Amount by which the value of an object is increased at each stage of production.

Question 20

Primary industry

Answer 20

Takes natural resources from the environment.
**Extraction of natural resources must happen before production

Question 21

Secondary industry

Answer 21

Revolves around the transformation of materials. Creates finished, usable products.

Question 22

Tertiary industry

Answer 22

Industries that provide services.

Question 23

Quaternary industry

Answer 23

(Branch of tertiary) Involves intellectual services: research, development.

Question 24

Import

Answer 24

Bringing goods and services into a country from another country.

Question 25

Export

Answer 25

Goods and services produced in one country and sold to another.

Question 26

Balance of trade

Answer 26

The difference between the value of a country’s exports and imports over a certain period.

Question 27

Free trade

Answer 27

A trade policy that does not restrict imports or exports.

Question 28

Protectionism

Answer 28

Government policies that restrict international trade to help domestic industries.

Question 29

USMCA

Answer 29

United States–Mexico–Canada Agreement
(free trade agreement)

Question 30

Multinational corporations (MNCs)

Answer 30

• Headquarters in one country but produces, markets, and sells in many countries.
• Doesn’t wholly subject to the laws on any one nation.

Question 31

Availability of raw material

Answer 31

• Near perishable products
• Convenience and transportation costs

Question 32

Location of markets

Answer 32

• Closer to consumers (low delivery cost, short delivery time)
• Competitive advantage over further companies

Question 33

Labor supply

Answer 33

• Consider availability and cost

Question 34

Access to energy & water

Answer 34

• Manufacturing industries need lots of water
• Located near water bodies

Question 35

Transportation

Answer 35

• Manufacturers need quick access to efficient transportation

Question 36

Political factors

Answer 36

• Government incentives for companies that are located in a specific location
• Tax cuts and interest free loans

Question 37

Personal circumstances

Answer 37

• Person connected to a particular area
• Inherited company

Question 38

Rail

Answer 38

Good: For moving heavy cargo, low cost, no traffic
Bad: Restricted routes, no access to certain communities.

Question 39

Truck

Answer 39

Good: Flexible routes, light cargo, door-to-door delivery, cheap.
Bad: Can’t have heavy cargo, air pollution, traffic delays, driver’s fatigue.

Question 40

Ship

Answer 40

Good: Moving low value cargo, access to mills & factories on waterways, cheap.
Bad: Slow, weather delays, accidents damage ecosystems.

Question 41

Air

Answer 41

Good: Fast, good for perishable cargo.
Bad: Expensive, lightweight cargo.

Question 42

Single industry town

Answer 42

A town where the economy and employment are primarily based on one main industry or company.

Question 43

Canada’s energy usage

Answer 43

Second most in the world.