WG Economic Geography Exam
Questions and Answers 100% Pass
renewable resource - ✔✔A natural resource that can be replaced at the same rate at
which the resource is consumed
nonrenewable resource - ✔✔A natural resource that is not replaced in a useful time
frame.
economic system - ✔✔the method used by a society to produce and distribute goods
and services
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.
market economy - ✔✔Economic decisions are made by individuals or the open market.
command/ Planned economy - ✔✔an economy in which production, investment,
prices, and incomes are determined centrally by a government.
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, Gross Domestic Product (GDP) - ✔✔A measurement of the total goods and services
produced within a country.
standard of living - ✔✔Quality of life based on ownership of necessities and luxuries
that make life easier.
Productivity - ✔✔The value of a particular product compared to the amount of labor
needed to make it.
opportunity cost - ✔✔Cost of the next best alternative use of money, time, or resources
when one choice is made rather than another
economic activity - ✔✔any action that relates to the making, buying, and selling of
goods and services
primary activities - ✔✔Those parts of the economy involved in making natural
resources available for use or further processing; included are mining, agriculture,
forestry, fishing and hunting, and grazing.
secondary activities - ✔✔those parts of the economy involved in the processing of raw
materials derived from primary activities and in altering or combining materials to
produce commodities of enhanced utility and value; included are manufacturing
construction, and power generation
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Questions and Answers 100% Pass
renewable resource - ✔✔A natural resource that can be replaced at the same rate at
which the resource is consumed
nonrenewable resource - ✔✔A natural resource that is not replaced in a useful time
frame.
economic system - ✔✔the method used by a society to produce and distribute goods
and services
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.
market economy - ✔✔Economic decisions are made by individuals or the open market.
command/ Planned economy - ✔✔an economy in which production, investment,
prices, and incomes are determined centrally by a government.
100% Pass Guarantee Sophia Bennett, All Rights Reserved © 2025 1
, Gross Domestic Product (GDP) - ✔✔A measurement of the total goods and services
produced within a country.
standard of living - ✔✔Quality of life based on ownership of necessities and luxuries
that make life easier.
Productivity - ✔✔The value of a particular product compared to the amount of labor
needed to make it.
opportunity cost - ✔✔Cost of the next best alternative use of money, time, or resources
when one choice is made rather than another
economic activity - ✔✔any action that relates to the making, buying, and selling of
goods and services
primary activities - ✔✔Those parts of the economy involved in making natural
resources available for use or further processing; included are mining, agriculture,
forestry, fishing and hunting, and grazing.
secondary activities - ✔✔those parts of the economy involved in the processing of raw
materials derived from primary activities and in altering or combining materials to
produce commodities of enhanced utility and value; included are manufacturing
construction, and power generation
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