Economics Terminology

Economics

• Gross Domestic Product (GDP) measures the total value of goods and services produced within a period.
• Consumer Spending refers to money spent on new goods or services.
• Investments involve distributing money to sectors to increase growth.
• Government Spending is money spent on goods and services by the government.
• Value of Total Goods includes money spent on imported or exported goods.

Geography

• Longitude measures distance East or West of the Prime Meridian.
• Latitude measures distance North or South of the Equator, with lines 111km apart.
• The Prime Meridian is an imaginary point that runs through Greenwich, England, at 0°.
• Population Distribution types include:
  • Dispersed: Spread evenly across the land, often in agricultural areas.
  • Concentrated: Focused on patches near resources, such as gold, minerals, or water sources.
  • Linear: Settled along a line, often along highways or coastlines.

Remote Sensing and Climate

• Remote Sensing is the study of the Earth using images taken from above.
• Aircraft remote sensing covers small areas with high detail.
• Satellite remote sensing covers larger areas with less detail.
• Climate vs Weather:
  • Climate is the long-term average weather condition of a place.
  • Weather refers to short-term atmospheric conditions.

Trade and Plate Tectonics

• Foreign Trade involves selling goods to other countries, often through agreements.
• Continental Drift/Plate Tectonics refers to the movement of continents due to tectonic plate motion.
• Tectonic plates float on a layer of hot rock (magma) hundreds of km below the Earth's surface.

Demography and Forests

• Compounding refers to the way populations grow, by multiplying the population rather than adding to it.
• Coniferous forests (softwood) make up 66% of Canada's forests, including fir, pine, and spruce.
• Deciduous forests (hardwood) make up 12% of Canada's forests, including oak, walnut, maple, and beech.

International Trade and Industry

• Import vs Export:
  • Imports are goods and services brought in from other countries.
  • Exports are goods and services sold or traded to other countries.
• Dependency Load refers to the part of the population that needs to be supported, including 0-14 and 65+ age groups.
• Rural areas have low population density, large open spaces, and focus on agriculture and forestry.
• Urban areas have high population density and infrastructure.
• Basic Industry sells goods or services outside the local community, bringing in new money.
• Non-Basic Industry sells goods or services within the local community, recycling existing money.

Demography and Resources

• Replacement Rate (RR) is the TFR that results in a stable population, approximately 2.1 children/woman.
• Life Expectancy is the average lifespan of a population of people living in a sq km area.
• NIMBY stands for Not In My Back Yard.
• Primary Industries (4.1%) involve extracting raw materials from the ground or water.
• Secondary Industries (20.7%) involve manufacturing products by putting things together.
• Tertiary Industries (75.2%) involve providing services.
• Natural Resources are things found in nature that people find useful.
• Renewable Resources regenerate themselves naturally if used carefully, such as fish, animals, trees, and soil.
• Non-renewable Resources take millions of years to regenerate themselves, such as minerals and fossil fuels.
• Flow Resources are constantly being reproduced by nature, with their supply unaffected by humans.

This quiz covers key terms in economics, including population density, GDP, consumer spending, investments, government spending, and the value of total goods.