Econ 101
This is system of production, distribution, and consumption of goods and services within a specific geographic area
What is the Economy?
What is the quaternary sector?
These are conditions happening within or around an area- such as proximity to trade partners- that allow for economic development
What are situation factors?
This is the process by which people move from rural areas to urban centers
What is urbanization?
A country that has more imports than exports is said to have one of these
What is a trade deficit?
This is when the GDP of a country declines for 2 consecutive quarters
What is a recession?
Real Estate Agents help home buyers find potenial homes, set up visits, and manage much of the process of buying a home. These individuals work in this economic sector.
What is the tertiary sector?
London has become incredibly wealthy due to the Thames River which has supported the easy flow of trade into and out of the city. In this way, the river system acts as this
What is a site factor?
Many cities like Atlanta have begun expanding into surrounding suburban and rural areas, causing traffic congestion due to auto dependency and poor city planning. This is known as this.
What is urban sprawl?
This agreement passed by Trump administration in 2018 expanded NAFTA with increased labor laws and protections on digital trade
What is the USMCA?
These countries have higher GDPs and betters standards of living to to their increased literacy rates and life expectancies due to access to healthcare
What are developed countries?
Agriculture makes up 76.9% of Liberia's total GDP. Economists would classify Liberia as this.
What is a Low GDP Country?
This city-state has the 4th highest GDP per capita in the world due to important situation factors like proximity to major trade partners like China, Japan, and South Korea
What is Singapore?
What are squatter settlements?
What are black markets?
These countries dominate global trade and consume 75% of all resources in the globe, despite having only 16% of the global population
What are core countries?
This stage of economic development coincides with a rise in jobs in the secondary sector
What is industrialization?
Rotterdam is an incredibly wealthy city in the Netherlands, particularly due to this site factor
What is a deep-water seaport?
What are rising property taxes?
Despite having weaker economies individually, OPEC countries hold immense economic influence due to their control of this resource
What is petroleum?
This group of semi-periphery countries seeks to challenge traditional ideas of economic power and the dominance of core countries like the United States
What is BRICS?
In addition to imports, post-industrial countries are able to maintain economic growth despite their declining primary and secondary sectors due to replacing humans in these fields with this practice
What is mechanization of labor?
This region in North Carolina has grown incredibly wealthy due to innovation fueled by the region's highly educated workforce due to situation factors like prestigious universities and research centers
What is Research Triangle Park?
This term describes the phenomenon by which urban areas retain heat and prevent evaporation, causing hotter climates within and on the leeward side of cities
What is the Urban Heat Island Effect?
What is the opioid epidemic?