Studied by 3 peopleeconomics
the study of how we make decisions in a world with limited resource
What is the fundamental economic problem?
scarcity
what is scarcity?
the fact that there are limited quantities of resources to meet unlimited wants
what is TINSTAAFL
there is no such thing as a free lunch
what are the three basic economic questions?
What to produce
how to produce
for whom to produce
what are the factors of production
land/natural resources
capital
labor
entrepreneur
what is(are) land(natural resources)?
gifts of nature; not made by humans
examples of capital
tools, equipment, and factories used to produce (not just money)
what is labor?
people with efforts, abilities, and skills to produce
what is an entrepreneur?
risk-taker in search of profits (uses other three factors)
trade offs
exchanging one thing for the use of another
opportunity cost
what you can’t buy or do when you choose to do or buy one thing rather than another; cost of trade off
production possibilities graph
good
something you can use or consume
food, shoes, car
service
something that someone does for you
ex: haircut, oil change
demand (2 def)
combination of the desire, willingness, and ability to buy a good or service
the amount of goods and services consumers are willing to buy at various prices at a particular time
law of demand
consumers will buy more of a product at lover prices and less at higher prices
shortage
when quantity demanded exceeds quantity supply
surplus
when quantity supplied exceeds quantity demanded
Law of diminishing marginal utility
the more of an item that you use or consume, the less satisfaction you get from each additional unit consumed or used
ex: eating a pizza
demand scheduele
table that lists the various quantities of a product or service that someone is willing to buy over a range of possible prices
demand curve
curve that shows the quantities demanded at all possible prices
change in quantity demanded
only a change in price can cause a change
when price ↑ quantity demand ↓
when price ↓ quantity demand ↑
change in demand
A change in consumer demand for a specific product or service that is not influenced by the price of the product or service
law of supply
principle that more will be offered for sale at higher prices than at lower prices
supply
the amount of a product offered for sale at all possible prices
supply scheduele
listing of the various quantities of a particular product supplied at all possible prices in the market
supply curve
graph showing the different amounts of a product supplied over a range of possible prices
equilibrium
quantity demanded = quantity supplied
economy systems
traditional
command
market
mixed
traditional system
decisions made according to long-established ways of behaving
command system
government controls the economy
market system
private individuals own the factors of production and are free to make their own choices about production, distribution, and consumption
mixed system
capitalism dominates with varying degrees of gov. regulation and manipulation
cardinal directions
North
South
East
West
absolute location
the description of where something is located using some system of giving an exact spot
which way do latitude lines go?
horizontal
which way do longitude lines go?
vertical
5 themes of geography
location
place
human-environment interaction
movement
region
place
tells what the physical features and humans features of the place
What is it like?
human-environment interaction
the interaction between human society and the ecosystem and physical environment
How are humans and the environment shaping each other?
movement
why/where/how do people, objects, and information move?
what are push and pull factors?
what makes people want to leave or go to a certain place
push = emigrate
pull = immigrate
What are some examples of push factors?
loss of job
political or religious persecution
war
disease
etc.
what are some examples of pull factors?
safety
peace
resources
work
culture and ideals
region
an area defined by similar characteristics
What does GPS stand for?
global positioning system
how does GPS work?
listens to the signals of multiple satellites to get an accurate location
how many satellites have to be visible for GPS to work?
4
what is a biome?
a large region with a certain climate and certain types of living things
what biomes are found in South America?
Amazon Rainforest
Andes Mountains
Atacama Desert
Brazilian Highlands
Gran Chaco
Patagonian Desert.
why are rainforests located where they are?
there’s a lot of direct sunlight at the equator which causes a lot of evaporation → rainforests
why are deserts located at 30° N+S latitude?
the circulation patterns of air put all the hot dry air at these places and the intense sunlight adds to that
describe the desert biome
very dry with little water
describe the taiga biome
characterized by it’s long, cold winters and short summers
describe the savanna biome
characterized by grasslands with scattered trees and shrubs and has a dry and wet season.
describe the deciduous forest biome
characterized by trees that lose their leaves seasonally, and have moderate temperatures that vary throughout the year
characteristics of grass
spread their pollen by wind
grow very fast
leaves grow from the base, not the top
why has grass been important in human history?
it has supported cattle and other resources needed for survival
why is grass important to us today?
it includes some of our most important crops
describe the jungle biome
densely forested area with high levels of precipitation and humidity
characterized by tall trees, thick vegetation, and a diverse range of plant and animal species
how does plate tectonics work?
plates under the Earth that can move and cause changes in Earth’s surface
what drives the process of plate movement?
convection currents
what are the two types of plates?
continental plates and oceanic plates
what do convergent plates form?
mountains and volcanoes
what do divergent plates form
mountain valleys and rifts
what’s the ring of fire?
a region around the Pacific Ocean where a lot of earthquakes and volcanic eruptions occur because of the movement of tectonic plates
why do we study tectonic plates?
to better understand processes and outcomes like mountains, earthquakes, and volcanoes and their effect on people’s lives and culture
African slave trade
“pawnship”
slaves were often accepted into the new tribe
Where is Guatemala on a map?
Where is Venezuela on a map?
Where is Brazil on a map?
Where is Argentina on a map?
Where is Nigeria on a map?
Where is Egypt on a map?
Where is Libya on a map?
Where is Ethiopia on a map?
Where is India on a map?
Where is North Korea on a map?
Where is Japan on a map?
Where is Vietnam on a map?
Where is the Panama Canal?
Where is the Amazon River?
Where is the Nile River?
Where are the Himalayas?
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Flashcard (100)