Economic Activities
Define a primary economic activity and give one clear example.
Primary: extracting raw materials (example: timber).
Name the four main economic systems listed in the presentation.
Traditional, Free enterprise (market/capitalism), Mixed, Command (planned).
Define a renewable resource and give one classroom example from the presentation.
Renewable: replaced naturally (example: trees).
List two types of infrastructure that help move goods from farms to markets.
Roads and ports (also warehouses).
What does GDP measure?
GDP measures the total value of final goods and services produced in a country in one year.
Explain how a secondary activity differs from a tertiary activity; give one example of each.
Secondary: transforms raw materials (example: automobile manufacturing). Tertiary: provides services (example: teacher).
In a command economy, who decides what is produced? Give one downside of this system.
Government/planners decide; downside: production may ignore consumer preferences.
What is a nonrenewable resource? Provide one example.
Nonrenewable: cannot be replaced on human timescales (example: coal, most metals).
Explain the role of trade networks in connecting buyers and sellers.
They link producers and consumers across regions, enabling exchange and specialization.
Define GDP per capita and explain why it is useful.
GDP per capita = total GDP divided by population; useful for comparing average economic output per person.
Describe a quaternary activity and explain why it’s important in modern economies.
Quaternary: information and knowledge services (example: management, research); important for innovation and high-value jobs.
Describe one way a mixed economy combines market and government roles.
Mixed economies allow private markets while government provides regulations or public services (example: environmental law or public education).
Explain why coffee farms cannot be placed anywhere, referring to resource distribution.
Soil, climate, water determine suitability for coffee; location depends on these physical conditions.
Describe how financial systems support global trade (one clear mechanism).
Financial systems provide credit, insurance, and payment services that allow firms to invest in production and handle cross-border transactions.
Name one thing besides money that shows how people are doing (example: health or school).
Life expectancy
A region has abundant timber and a growing sawmill industry. Identify which economic levels are present and explain how they interact.
Primary (timber harvest), Secondary (sawmill processing), Tertiary (logistics/retail); they create supply chains: raw material → processing → services.
Compare how the questions “what, how, and for whom” are answered differently in a traditional economy versus a free enterprise economy.
(Daily Double) Traditional: customs/tradition decide production and distribution (often community/heritage-based). Free enterprise: consumers and firms decide via market signals (prices); allocation authority = custom vs. market incentives.
Distinguish inexhaustible energy sources from renewable resources and give one example of each.
Inexhaustible energy (sunlight, wind) are practically unlimited; renewable (trees) can be replenished but are not limitless.
Explain how transportation infrastructure and storage (roads, ports, warehouses) together reduce transaction costs for exporters.
Roads move goods inland to ports; ports handle international shipping; warehouses allow timing of supply to meet demand—together they lower delays and spoilage, reducing costs.
Explain why GDP alone is not enough to measure living standards; include one specific example from the presentation.
GDP can be high while many citizens lack healthcare or education; e.g., high GDP from resource extraction does not guarantee broad access to services.
Given a coastal country that exports fish and imports electronics, analyze how its mix of economic activities influences its development choices.
Coastal country: primary (fishing) and possibly tertiary/quaternary (trade/management of imports); reliance on exports = need for supportive infrastructure and diversification strategies.
Evaluate how government regulation in a mixed economy can both support and limit market efficiency; give one specific example.
Regulation can correct market failures (e.g., pollution controls) but may add compliance costs reducing efficiency; example: strict tariffs protect local industry but raise consumer prices.
Analyze how uneven natural resource distribution shapes the location of primary industries and one implication for global trade.
Natural resources cluster primary industries where conditions suit extraction; consequence: trade routes form between resource-rich exporters and manufacturing/importing regions; unequal distribution can drive specialization and dependency.
Assess how weak infrastructure can limit a country’s ability to benefit from its comparative advantage; include one concrete consequence.
Weak infrastructure raises transport costs, makes exports less competitive, discourages foreign investment; e.g., perishable exports may fail to reach markets in time.
Briefly explain how life expectancy and literacy change the picture when compared with GDP per capita.
Life expectancy and literacy show health and education outcomes; a country with moderate GDP but high life expectancy and literacy may have better overall human development than a richer country with low health or education.