Final Review 1

A system where government officials have the most influence on what goods and services are produced.

• Free-enterprise economic system

• Communist economic system

• mixed economic system

A seasonal weather event that causes wet season in the summer and dry season in the winter in the regions of South Asia and Southeast Asia.

• Tsunami

• Typhoon

• Hurricane

• Monsoons

An economic activity generates research and new knowledge in universities and research centers.

• Primary economic activity

• Secondary economic activity

• Tertiary economic activity

• Quaternary economic activity

A big business that uses mass manufacturing in factories.

• Commercial industries

• Cottage industries

A business or manufacturing activity carried on in a person's home.

• Commercial Industries

• Cottage Industries

An economy where the majority of businesses are privately owned by citizens with limited government ownership or interference.

• Free-enterprise economic system

• Communist economic system

• Traditional economic system

• Command economic system

When you extract raw material from the earth: mining, logging, farming, hunting and gathering, fishing.

• Primary economic activity

• Secondary economic activity

• Tertiary economic activity

• Quaternary economic activity

The part of the economy that transforms the raw materials into goods for sale: factory workers or people who make things out of raw materials (a weaver would make clothing out of cotton)

• Primary economic activity

• Secondary economic activity

• Tertiary economic activity

• Quaternary economic activity

The average amount of money a person makes in a year in a country.

• GDP

• GDP per capita

• GPA

The part of the economy that provides services to others. For example, a store keeper, a nurse, a construction worker, a taxi driver- anyone who is providing a service.

• Primary economic activity

• Secondary economic activity

• Tertiary economic activity

• Quaternary economic activity