Human Geo Unit 5 Test Vocab

Study Guide for the 9th grade class of Human Geography and their Unit 5 including Economy.

Less Developed Countries (LDC)

low-income nations facing severe structural impediments to sustainable development

Newly Industrialized Countries (NIC)

nations whose economies have transitioned from agriculture to manufacturing and rapid industrialization

Most Developed Countries (MDC)

a sovereign state with a highly developed economy, advanced technological infrastructure, and a high standard of living compared to other nations

Gross Domestic Product (GDP)

the total market value of all finished goods and services produced within a country's borders during a specific time period, usually a quarter or a year

Subsistence Farming

a self-sufficient agricultural system where farmers grow crops and raise livestock primarily to feed themselves and their families, with little to no surplus for trade

Commercial Farming

a large-scale agricultural business model focused on producing crops and livestock specifically for sale and maximum profit

Standard of Living

the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area

Market

a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities

Incentive

a thing that motivates or encourages one to do something

Absolute Advantage

the ability of an individual, company, or country to produce a greater quantity of a good or service than competitors using the same amount of resources

Economic Interdependence

a condition where countries or entities rely on each other for goods, services, and resources to drive economic growth, rather than being self-sufficient

GDP Per Capita

a key economic metric that calculates the average economic output or income per person in a country

Scarcity

the state of being in short supply or having a very small, limited amount of a resource compared to demand

Natural Resource

materials and energy sources found in nature that are used by humans to survive and create products

Renewable Resource

natural energy sources that replenish themselves naturally at a rate faster than they are consumed

Non-renewable Resource

natural materials that exist in finite amounts and cannot be replenished on a human timescale

Communism

a political and economic ideology aiming for a classless, stateless society based on common ownership of the means of production and the absence of private property

Socialism

economic and political system based on public or collective ownership of the means of production, aiming for equitable wealth distribution and reduced class inequality

Capitalism (Market Economy)

an economic system in which individuals and firms privately own the factors of production, and resources are allocated through decentralized decision-making based on market prices

Primary Sector

the portion of the economy involved in the extraction, harvesting, and production of raw materials and natural resources

Traditional Economy

a system where economic decisions—production, distribution, and consumption—are based on customs, beliefs, and traditions

Profit

a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something

Import

bring (goods or services) into a country from abroad for sale

Comparative Advantage

an economic principle stating that an entity (country, company, or individual) should specialize in producing goods or services that it can create at a lower opportunity cost than its competitors

Trade Bloc

an intergovernmental agreement, often regional, where participating countries reduce or eliminate trade barriers like tariffs and quotas among themselves to encourage economic integration

Outsource

obtain (goods or a service) from an outside or foreign supplier, especially in place of an internal source

Secondary Sector

the part of the economy that transforms raw materials produced by the primary sector into finished, usable goods

Tertiary Sector

the segment of the economy that provides intangible services rather than producing physical goods

Command Economy

a system where a central government authority makes all major decisions regarding the production, distribution, and pricing of goods and services

Mixed Economy

an economic system that blends elements of market-based capitalism (private ownership and freedom) with government intervention (socialism/regulation)

Tariff

a tax imposed by a government on imported goods and services from other countries

Currency

a system of money in general use in a particular country

Crypto Currency

a digital or virtual currency secured by cryptography, making it nearly impossible to counterfeit

Private Good

a product or service that is both rivalrous (consumption by one person prevents use by another) and excludable (people can be prevented from using it if they don't pay)

Public Good

a product or service that is both non-excludable (available to all) and non-rivalrous (consumption by one does not reduce availability for others)

Monopoly

the exclusive possession or control of the supply of or trade in a commodity or service.

Quaternary Sector

the knowledge-based part of the economy focused on intellectual activities, information technology, research and development (R&D), and specialized services

Export

send (goods or services) to another country for sale

Protectionism

an economic policy designed to shield domestic industries from foreign competition by implementing trade barriers, such as tariffs, quotas, and subsidies