| A | B |
|---|
| Free Enterprise Economy | People are free to produce and buy what they want. This may be also known as free market, market oriented, or capitalism |
| Socialist Economy | The government owns some of the basic industries (like mines and factories) but encourages private ownership of small businesses. This can be referred to as a mixed economy. |
| Communist Economy | The government sets and controls the economic goals of the country. Can also be referred to as command economy. |
| Subsistence agriculture | Producing enough to feed the farmer and his family. |
| Commercial agriculture | Is widely practiced in the more developed countries of the world.It involves the use of expensive technology and chemical fertilizers and pesticides. Crops are grown to sell and are subject to the demands of the marketplace. |
| Cottage industry | Making goods by hand from homes traditional craft items. Small-scale in rural areas and uses low level technology. |
| Primary Economic Activity | Involves the extration of resources. Ex. agriculture, mining, fishing. |
| Secondary Economic Activity | Involve the making or refining products from raw materials. Ex. manufacturing |
| Tertiary Economic Activity | Involves providing services. Ex. teachers, banking |
| Quaternary Economic Activity | Involves information processes and management. Ex.-research |
| Manufactoring | Makinng products from raw materials |
| Service | Things that people do for others such as plumbers |
| Scarcity of natural resources | The location of scare natural resources can make an area very important. For example, Oil in the Middle East or the need for water in areas such as the Aral Sea can lead to conflict. |
| Energy | Access to significant forms of energy allows countries to experience industrialization |
| Air-conditioning | Has allowed people to live in areas where they may not have before. Has contributed to shifts in populations. |
| Desalination | The process that separated the salt from saltwater to create fresh drinking water. This process is being experimented within areas where there is a lack of fresh drinking water. |
| Agriculture Technology | Advances in this area have allowed for more drought resistant types of grain.Computers and new tractors have led to increases in commercial crops. |
| GPS (Global Positioning Systems) | Utilizes satellite technolgy to help navigation devices assist drivers. |
| GIS (Geographic Information Systems) | Computers help store and manage data. We use this to better understand and interpret data. |
| Medical Advancements | With increases in medical technology people are living longer. |
| Trade Patterns(changing) | With new transportation options trade is becoming easier. The World Trade Organization (WTO) has over 150 countries. The organization has the responsibility to enforce trade agreements. |
| Globalizations | The increasing connection among people around the world as they share culture and economic activities |
| Outsourcing | Hiring companies outside of the U.S. to perform some of the work for American companies. Ex. Dell Computers using call centers in India. |
| Free Trade Zones | When countries create an association that alllows them to trade freely (no quotas or tariffs) with each other. EX. NAFTA which is between the U.S., Mexico and Canada. |
