CWC GRADE * FIST TEST

Reciprocity

A mutual exchange of goods, services, or privileges, often through trade agreements between nations.

Exclusive Economic Zone (EEZ)

A sea zone extending up to 200 nautical miles from a country’s coast, where it has special rights over marine resources.

GDP (Gross Domestic Product)

The total value of goods and services produced within a country over a specific time period.

Tariffs

Taxes imposed on imported goods to protect domestic industries and generate revenue.

Free Trade

International trade without restrictions such as tariffs or quotas.

Imports

Goods and services purchased from other countries.

Exports

Goods and services sold to other countries.

Multiplier Effect

When an economic activity, such as investment or job creation, leads to increased spending and further economic growth.

Globalization

The process by which businesses and economies become interconnected and interdependent on a global scale.

Sovereignty

A nation’s authority and right to govern itself without external interference.

Crown Lands

Public lands owned by the government, often used for resource development or conservation.

Transboundary Water Bodies

Rivers, lakes, and other water resources shared by multiple countries, requiring international agreements for management.

Ecological Overshoot

When the consumption of natural resources exceeds the Earth’s ability to regenerate them.

Human Resources

The labor, skills, and expertise of people used in economic production.

Natural Resources

Materials and substances such as water, forests, and minerals found in nature and used for economic gain.

Flow Resources

Natural resources that replenish continuously, such as sunlight, wind, and water currents.

Renewable Resources

Resources that can be replenished naturally over time, like forests and fish stocks.

Non-Renewable Resources

Resources that do not regenerate on a human timescale, such as fossil fuels and minerals.

Sustainable Yield Management

Managing natural resources to ensure they are not depleted faster than they can regenerate (e.g., controlled logging or fishing quotas).

Primary Resource / Primary Industry

Industries that extract raw materials directly from nature (e.g., farming, fishing, mining).

Secondary Industry

Industries that process raw materials into finished goods (e.g., manufacturing, construction).

Tertiary Industry

Industries that provide services rather than goods (e.g., healthcare, retail, tourism).

Quaternary Industry

Industries focused on knowledge-based services such as research, technology, and education.

Importance of Transportation and Distribution

The ability to move goods efficiently affects accessibility, economic feasibility, and global trade.

Alternative Energy Source

Non-fossil fuel energy sources, including solar, wind, hydro, and geothermal power.

Aquaculture

The farming of fish, shellfish, and aquatic plants in controlled environments to support food production and reduce pressure on wild fish populations.