Understanding Basic Economic Concepts and Systems
Key Concepts in Economics
Economic Scarcity:
- Scarcity is the sensation of a lack of resources in relation to the needs of individuals.
Economics Definition:
- Economics is the science that studies how to allocate scarce resources to satisfy human needs.
Opportunity Cost:
- Opportunity cost is the value (whether measured in money or not) of what you renounce when making a decision.
Capital Goods:
- Capital goods are those used to produce other goods.
Economic Activities:
- Economic activities include consumption,
Earth’s Processes: Tectonics, Weathering, and Landforms
Earth’s Internal and External Processes
Folds are produced when a material undergoes plastic deformation due to compressive forces. They can be classified as antiform or synform. Geological processes can be external or internal.
External Geological Processes
External processes include weathering, erosion, transport, and sedimentation, caused directly or indirectly by solar energy. Diagenesis is also an external process.
- Weathering: The alteration of rocks by the action of air, water, or living things.
Spain’s Diverse Landscapes: Siliceous, Limestone, Clay
Siliceous Spain
Silicea consists of ancient rocks from the Precambrian and Primary eras. Therefore, they are in the western mainland and have branches to the western part of the Cantabrian Mountains, the Central System, the Montes de Toledo, and Sierra Morena. There are outcrops in the axial zone of the Pyrenees, the Sistema Ibérico-Catalan coastal mountain range, and the Penibaetic System. In this area, the rock is predominantly granite. The modeling is determined by the characteristics of this
Read MoreArgentina’s Farm, Industrial, and Livestock Sectors
Argentina’s Key Economic Sectors
Farm Act
Farm Act: Agricultural development allowed Agropecuaria to expand significantly in 1930. Currently, agricultural production aims for self-sufficiency in the domestic food market and is a primary component of exports. Success depends on balancing commercial products with the area planted each year. Recent modernization includes incorporating new technologies, varied seed types, and fertilizers, increasing productivity and improving competitiveness. Organic
Read MoreBronze Age Wessex and Tumuli Cultures
Wessex Culture
The Wessex Culture developed in the south of the island of Great Britain during the Bronze Age. Their graves feature burial or cremation, with or without a mound, both isolated and in groups. Between 1600 and 1400 BC, the rite of cremation dominated. It is thought that its inhabitants lived in tents made of reeds and wood. Because of their abundant remains, they were probably not nomadic, but sedentary. Trade relations must have developed, given the large number of objects found that
Read MoreMaritime & Transport Glossary: Key Terms
Maritime Terms
Cabotage: Navigation near the coast. Traffic between ports of the same country.
Catamarans: Double-hulled boats, which enables them to reach higher speeds than single-hulled boats.
Container: Metallic container with a standard size and shape used for the transport of goods, allowing fast transfer between various modes of transport.
Hydrofoil: Boats that, when browsing, are able to stand on a submerged surface (hydrofoil). This allows them to reduce the area of the hull in contact with
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