Economic geography Ch. 4, Sec. 5
<ul><li>Economy – production and exchange of goods and services among a group of people </li></ul><ul><li>Economic system ...
Types of Economic systems <ul><li>Traditional economy – goods and services are traded w/o using money (bartering) </li></u...
Economics of Natural Resources <ul><li>Natural resources – materials on or in the earth that have economic value </li></ul...
<ul><li>Infrastructure – basic support systems needed to keep an economy going </li></ul><ul><ul><li>Power </li></ul></ul>...
Measuring Economic Development <ul><li>Per Capita Income – average amount of money earned by each person in a political un...
Developed vs. Developing Countries <ul><li>In terms of the distribution of wealth, there are two categories of countries o...
Cottage Industry <ul><li>Home-based industries that produce on a small scale   </li></ul><ul><li>Big businesses that manuf...
4 levels of Economic Activity Primary Activities Gathering of raw materials Example: drilling for oil Secondary Activities...
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Ch. 4, sec 5

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Ch. 4, sec 5

  1. 1. Economic geography Ch. 4, Sec. 5
  2. 2. <ul><li>Economy – production and exchange of goods and services among a group of people </li></ul><ul><li>Economic system – the way people produce and exchange goods and services </li></ul>
  3. 3. Types of Economic systems <ul><li>Traditional economy – goods and services are traded w/o using money (bartering) </li></ul><ul><li>Command economy – production is determined by the central gov’t (planned economy) </li></ul><ul><li>Market economy – production determined by the demand from customers (demand economy/ capitalism) </li></ul><ul><li>Mixed economy – combination of command and market </li></ul>
  4. 4. Economics of Natural Resources <ul><li>Natural resources – materials on or in the earth that have economic value </li></ul><ul><ul><li>Not evenly distributed around the earth </li></ul></ul><ul><li>3 basic types </li></ul><ul><ul><li>Renewable – can be replaced (trees) </li></ul></ul><ul><ul><li>Non – renewable – cannot be replaced (metals, fossil fuels) </li></ul></ul><ul><ul><li>Inexhaustible energy sources – unlimited amount </li></ul></ul><ul><ul><ul><li>Sunlight, geothermal heat, and wind </li></ul></ul></ul>
  5. 5. <ul><li>Infrastructure – basic support systems needed to keep an economy going </li></ul><ul><ul><li>Power </li></ul></ul><ul><ul><li>Communication </li></ul></ul><ul><ul><li>Transportation </li></ul></ul><ul><ul><li>Water </li></ul></ul><ul><ul><li>Sanitation </li></ul></ul><ul><ul><li>Education system </li></ul></ul>
  6. 6. Measuring Economic Development <ul><li>Per Capita Income – average amount of money earned by each person in a political unit (nation, state, city, etc.) </li></ul><ul><li>Gross National Product (GNP) – total value of all goods and services produced by a country over a year </li></ul><ul><ul><li>Goods do not have to be produced in that country </li></ul></ul><ul><li>Gross Domestic Product (GDP) – total value of all goods and services produced within a country over a year </li></ul>
  7. 7. Developed vs. Developing Countries <ul><li>In terms of the distribution of wealth, there are two categories of countries on earth: developed and developing. </li></ul><ul><li>Developed countries have made major social, political, and economic progress. Their economies are based on service and mfg. industries. Have a low population growth rate, a high per capita gross domestic product, good educational opportunities, and easily available health resources. </li></ul><ul><li>Developing countries generally have economies based on agriculture, a rapid population growth rate and limited resources. Many of their residents lack the basic necessities of life. About ¾ of the world’s people live in developing countries </li></ul>
  8. 8. Cottage Industry <ul><li>Home-based industries that produce on a small scale </li></ul><ul><li>Big businesses that manufacture in mass quantity </li></ul>Commercial Industry
  9. 9. 4 levels of Economic Activity Primary Activities Gathering of raw materials Example: drilling for oil Secondary Activities Adding value to materials Example: car manufacturing Tertiary Activities Business or professional services Example: teachers, doctors Quaternary Activities Information, management, and research services by highly-trained persons
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