Unit 4 Economic Growth Flashcards
Natural Resources
Materials or substances that exist in nature and can be used for economic gain, such as minerals, forests, water, and air.
TNCs
Transnational corporations, which are companies that operate in multiple countries and have a global presence.
Primary, Secondary, and Tertiary Economic Activity
Primary: Economic activities that involve the extraction of natural resources, such as mining, fishing, and agriculture.
Secondary: Economic activities that involve the production of goods, such as manufacturing, construction, and energy production.
Tertiary: Economic activities that involve the provision of services, such as retail, transportation, and healthcare.
Linear vs Circular Economy
Linear Economy: A traditional economic model in which resources are extracted, processed into goods, and then disposed of as waste after use.
Circular Economy: An economic model that aims to minimize waste and promote sustainability by using resources in a closed-loop system, where materials are reused, recycled, or repurposed after use.
Extraction
The process of removing natural resources from the environment, such as mining or drilling for oil.
Production
The process of creating goods or services, typically through the use of machinery and labor.
Distribution
The process of transporting goods or services from the producer to the consumer, such as through shipping, trucking, or retail.
Consumption
The act of using goods or services, typically by the end consumer.
Disposal
The process of getting rid of waste materials or products after use, such as through landfilling, incineration, or recycling.
The positive and negative impacts of each of the five stages (Extraction, Production, Distribution, Consumption, Disposal)
Positive and Negative Impacts of the Five Stages:
- Extraction: Positive - provides raw materials for production; Negative - can lead to habitat destruction, pollution, and land degradation.
- Production: Positive - creates jobs and goods; Negative - can lead to energy consumption, waste generation, and pollution.
- Distribution: Positive - allows for global trade and access to goods; Negative - can lead to emissions from transportation and energy consumption.
- Consumption: Positive - provides for human needs and wants; Negative - can lead to overconsumption, waste generation, and pollution.
- Disposal: Positive - allows for waste management and resource recovery; Negative - can lead to pollution, landfilling, and environmental degradation.
How can resources be used more sustainably?
Resources can be used more sustainably through practices such as recycling, reducing waste and energy consumption, using renewable resources, and promoting conservation and efficiency.
How has globalization changed resource consumption?
Globalization has increased resource consumption by promoting international trade and increasing access to resources, but it has also led to increased awareness of the impacts of resource use and the need for sustainability.
How has technology impacted resource consumption?
Technology has led to increased efficiency and reduced waste in resource consumption, but it has also increased the demand for energy and rare resources and led to negative impacts such as e-waste.
What are TNCs? Advantages? Disadvantages?
Transnational corporations are large companies that operate in multiple countries and have a significant impact on the global economy. Advantages include job creation, innovation, and economic growth, but disadvantages include environmental degradation, exploitation of workers, and concentration of power.
Impacts of TNCs in home country vs LEDCs
TNCs have different impacts on their home countries versus LEDCs. In-home countries, TNCs can provide jobs and boost the economy, but they can also lead to environmental degradation and concentration of power. In LEDCs, TNCs can provide jobs and economic growth, but they can also lead to exploitation of workers and resources, as well as economic dependence.
