World Economic Activities

Primary Economic Activities Economic activities that rely directly upon natural resources.

Subsistence Farming Growing enough food for family or village needs.

Commercial Farming Production of crops or other agricultural products for use in markets.

Secondary Economic Activities Use of raw materials to produce or manufacture new products of greater value.

Cottage Industries Industry that usually involves production by hand.

Commercial Industries Industries able to turn out large quantities of manufactured goods.

Tertiary Economic Activities Economic activities where workers are involved in a service related job.

Quaternary Economic Activities In modern economies these jobs focus on the acquisition, processing, and sharing of information.

Exports Goods sent out of country to be sold in foreign markets.

Imports Goods brought into a country.

Gross Domestic Product GDP - The total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

GDP - Per Capita GDP Per Capita - Total GDP divided by the population of the country.

Trade Routes Routes determined by geography and technology for the sale of goods.

Economic Status of World Countries

Definitions of Economic Status Countries designated by the International Monetary Fund (IMF) in the April 2009 World Economic Outlook –blue: DEVELOPED (advanced) economies [1st World - old definitions] –orange (YELLOW): countries designated as DEVELOPING economies [2nd World] –red (PINK): countries designated as least developed economies (UNDERDEVELOPED) [3rd World] –gray: not classed by the IMF. Countries designated by the International Monetary Fund (IMF) in the April 2009 World Economic Outlook –blue: DEVELOPED (advanced) economies [1st World - old definitions] –orange (YELLOW): countries designated as DEVELOPING economies [2nd World] –red (PINK): countries designated as least developed economies (UNDERDEVELOPED) [3rd World] –gray: not classed by the IMF.

Developed Nations Modern, Industrial Societies High Standard of living Higher level of Education Better health care Infrastructure (communications, transportation systems) Consume more Longer life expectancy Modern, Industrial Societies High Standard of living Higher level of Education Better health care Infrastructure (communications, transportation systems) Consume more Longer life expectancy

Developing Nations Sometimes called “in transition” Portions of the country are developed Many people do not have access to adequate services still Lower standard of living Lower life expectancy Sometimes called “in transition” Portions of the country are developed Many people do not have access to adequate services still Lower standard of living Lower life expectancy

Underdeveloped Nations Very little infrastructure (communication, transportation networks) Poor/inadequate health care Lower life expectancy still Political instability Dependent on other nations for aid ($, food, basic needs, etc.) Very little infrastructure (communication, transportation networks) Poor/inadequate health care Lower life expectancy still Political instability Dependent on other nations for aid ($, food, basic needs, etc.)