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31 terms

unit IV

anything that is of value to humans
natural resource
anything from nature that is of value to humans
capital resource
money, large buildings, expensive machines, and infrastructure
human resource
the number of people in a country and the skills they possess
renewable resource
a natural resource that can regenerate itself with proper management
nonrenewable resource
a natural resource that will run out eventually
energy resource
a resource that can be used to generate power
fossil fuels
coal, oil, and natural gas
how something looks
skilled laborers
people who must be trained over a long period of time
unskilled laborers
people who can be trained in a short period of time
entrepreneurial abilities
the ability to start and manage a business
the basic systems that help an economy run such as roads, telecommunications, schools, and transportation networks
primary economic activity
when a resource is gathered from nature such as farming, hunting, and fishing
secondary economic activity
when a resource is processed into something useful or manufactured into something
tertiary economic activity
the service sector of the economy
environmental degradation
harming the environment or causing pollution
developed nation
a country with a high standard of living
developing nation
a country with a low standard of living
a country that does not have an outlet to the ocean
integration of a national economy into an international economy through trade, foreign investment, and the spread of technology
product assembly
when the components of an item are shipped to a central location and put together
the process of replacing human power with machine power
hydroelectric power
power generated by water
large farms owned by corporations
telephone, radio, television, cell phone, and internet networks
cash crops
plants that are grown for export in exchange for money such as tobacco, sugar, and cotton
gross domestic product
the total value of all of the goods and services produced within a country in a year
purchasing power parity
the theory that identical products and services in different countries should cost the same
when a natural resource is made into something useful. some examples are mills, refineries, and canneries.