Geo Econ Review

How is world trade encouraged by the access of natural resources?

• By reducing transportation costs

• By increasing production efficiency

• Uneven distribution of natural resources

• By enhancing technological advancements

What are the 3 Sectors of economic activity?

• Primary, Secondary, Tertiary

• Agriculture, Industry, Services

• Manufacturing, Services, Technology

• Primary, Industrial, Quaternary

What is the Primary sector of economic activity?

• Agriculture, forestry, and fishing

• Manufacturing and construction

• Information technology and services

• Banking and finance

What is the Secondary Sector of economic activity?

• Agriculture, forestry, and fishing

• Manufacturing and construction

• Information technology and services

• Banking and finance

What is the Tertiary Sector of economic activity?

• Agriculture, forestry, and fishing

• Manufacturing and construction

• Provides Services

• Banking and finance

What are the traits of a Mixed Market Economy?

• Private Ownership,

  Keep Profit, Consumer has choices, Competition is encouraged, Government regulation is somewhat limited but does occur.

• Government owns everything, Government makes all decisions for the 3 Questions of Economics, Consumers have very little choice, there is no competition, everyone has a job

• People mainly barter for there needs. Grow and produce most everything and then hopefully trade for what is needed. Usually one bad storm event away from losing it all

• Everything is privately owned, Profit is encouraged, Consumers have lots of choices, competition everyday, governments do not regulate anything "Laissez-faire"

What are the traits of a Traditional Market Economy?

• Private Ownership,

  Keep Profit, Consumer has choices, Competition is encouraged, Government regulation is somewhat limited but does occur.

• Government owns everything, Government makes all decisions for the 3 Questions of Economics, Consumers have very little choice, there is no competition, everyone has a job

• People mainly barter for there needs. Grow and produce most everything and then hopefully trade for what is needed. Usually one bad storm event away from losing it all

• Everything is privately owned, Profit is encouraged, Consumers have lots of choices, competition everyday, governments do not regulate anything "Laissez-faire"

What are the traits of a Command Market Economy?

• Private Ownership,

  Keep Profit, Consumer has choices, Competition is encouraged, Government regulation is somewhat limited but does occur.

• Government owns everything, Government makes all decisions for the 3 Questions of Economics, Consumers have very little choice, there is no competition, everyone has a job

• People mainly barter for there needs. Grow and produce most everything and then hopefully trade for what is needed. Usually one bad storm event away from losing it all

• Everything is privately owned, Profit is encouraged, Consumers have lots of choices, competition everyday, governments do not regulate anything "Laissez-faire"

What are the traits of a Market Economy?

• Private Ownership,

  Keep Profit, Consumer has choices, Competition is encouraged, Government regulation is somewhat limited but does occur.

• Government owns everything, Government makes all decisions for the 3 Questions of Economics, Consumers have very little choice, there is no competition, everyone has a job

• People mainly barter for there needs. Grow and produce most everything and then hopefully trade for what is needed. Usually one bad storm event away from losing it all

• Everything is privately owned, Profit is encouraged, Consumers have lots of choices, competition everyday, governments do not regulate anything "Laissez-faire"

Which economic type offers the most freedom of business?

• Market Economy

• Mixed Market Economy

• Command Economy