Studied by 4 people
total stock
all the parts of the natural environment (energy, living organisms, non-living materials)
resource
anything in the total stock which can be used to make goods and services (raw materials, workers, money, land)
natural resources
resources that are found in the natural environment
renewable resources
resources that can be regenerated if used carefully (soil, forests, fish stocks)
non-renewable resources
resources that are limited and cannot be replaced if used up (fossil fuels, minerals)
flow resources
are replaced by natural actions and are lost if not used when and where they occur (sunlight, wind, water currents)
other resources
do not fit into the other 3 categories (Northern Lights, Rocky Mountains, Niagara Falls)
planned obsolescence
when manufacturers deliberately design a product with a limited lifespan
the materials and technology used ensure that the product won’t last as long as the consumer might want forcing the consumer to buy more of those products
3 renewable resources
farming
forestry
fishing
mining the resource
the harvest is more than the amount replenished each year
stocks are depleted
sustained yield management
the harvest is equal to or less than the amount replenished each year
stocks are maintained or increased
aridity index
a value used to show water availability
R/P ratio
the ratio between the reserves of it and its production
R stands for reserves and how much of the resource is available
P stands for production and how much is being take each year
metallic minerals
a mineral that yields a metal when melted (i.e. iron, gold copper)
typically comes from igneous and metamorphic rocks
non-metallic minerals
a mineral that does not change its form when melted (i.e. sand, gravel, diamonds)
commonly from sedimentary rocks
NIMBY
stands for “not in my backyard”
an issue for many Canadians because while they want to see progress and development they usually don’t want it in their own backyard
example: nobody wants to live near an oil sands refinery, a wind farm or a pipeline but we all want to have reliable access to gasoline and electricity
outsourcing
when a company moves its operation to another country
reasons for outsourcing
cheaper labour costs
less stringent labour and environmental controls
primary industry
industry that focuses on producing or extracting natural resources (forestry, agriculture, mining, fishing)
secondary industry
industry that focuses on making things and using the products of primary industries (manufacturing, construction, utilities)
tertiary industry
industry that focuses on providing services (wholesale, entertainment, services)
quaternary industries
intellectual activities
government, culture, libraries, scientific research
quinary industries
highest level of decision making in an economy
top executives and decision makers in large organizations
trade balance
the difference between the value/ cost of exported and imported goods
basic job
brings money into an economy
non-basic job
circulates money in an economy
multiplier effect
the increase in total wealth or income that occurs when new money is injected into an economy
Note 
Flashcard (46)