ISS Sem 2 Final

economics

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?

1. What to produce

2. how to produce

3. for whom to produce

what are the factors of production

1. land/natural resources

2. capital

3. labor

4. 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

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good

something you can use or consume

* food, shoes, car

service

something that someone does for you

* ex: haircut, oil change

demand (2 def)

1. combination of the desire, willingness, and ability to buy a good or service

2. 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

1. traditional

2. command

3. market

4. 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

1. North

2. South

3. East

4. 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

1. location

2. place

3. human-environment interaction

4. movement

5. 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?