unit 2 vocab

Communism/Communist Economy

A classless society in which all property and wealth is communally-owned, instead of by individuals. The communist ideology relies on democracy and production of capital to form a society.

Economy System

A system of production, resource allocation and distribution of goods and services within a society or a given geographic area.

Socialism/Mixed Economy

A system that combines aspects of both capitalism and socialism. A system that protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.

Primary Economic Activity

A type of operation or industry that involves extracting or refining natural resources, such as mining, agriculture, forestry, and fishing.

Capitalism/Free Market Economy

An economic system based on private ownership of the factors of production.

Traditional Economy

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

Quaternary Economic Activity

Based on pure knowledge and skill of a person. It consists of intellectual industries providing information services, such as computing and ICT , and R&D.

Subsistence Farming

Farming in which only enough food to feed one's family is produced.

Tertiary Economic Activity

The service sector; the primary economic activity is the production & sale of raw goods; the secondary economic activity refers to the purchase and sale of finished goods.

Economic Geography

The study of human's economic activities under varying sets of conditions which is associated with production, location, distribution, consumption, exchange of resources, and spatial organization of economic activities across the world.

Gross Domestic Product

The total value of goods produced and services provided in a country during one year.

Secondary Economic Activity

involve the processing of raw materials . Examples would include turning timber into furniture and turning iron-ore into steel. Any factory can be seen as a system involving inputs processes and outputs.

Per Capita

per person