Economic Geography – The Basics
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Transcript of Economic Geography – The Basics
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ECONOMIC GEOGRAPHY – THE BASICS
World Regional Studies
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Economic Geography
Today, we will be examining economic geography by filling out an organizer
Use the PowerPoint to help with what the concept means
Then identify examples for each concept
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What is an economic system? Economic System: the organized way
people produce and exchange goods
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Types of Economic Systems
Traditional Economy: Goods and services are traded without exchanging money…also called barter(trade) Goods are produced based on ritual and
custom and what a society needs Less developed and agricultural based Examples?
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Types of Economic Systems
Command Economy: Production of goods and services is determined by a central government, which usually owns means of production (land, factories, etc.) Production does not necessarily reflect
consumer demand (what people want) Also called COMMUNISM!, SOCIALISM,
MARXISM and a planned economy Examples?
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Types of Economic Systems
Market Economy: Production of goods and services is determined by the demand from the consumers Also called capitalism,free market
economy, or Laissez-faire economics Any true market economies?
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Types of Economic Systems
Mixed Economy: Combination of command and market economies Has both privately owned
property/businesses and government control
Examples?
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Levels of Economic Activity
Primary - gathering raw materials Examples?
Secondary - change the materials to add value Examples?
Tertiary - provide professional services to sell/use materials Examples?
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Natural Resources
Materials on or in the earth that have economic value Examples?
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What is infrastructure?
Basic support systems needed to keep an economy going Includes transportation, power systems,
communication systems, etc. Examples? (Be specific)
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Types of Natural Resources
Renewable - resources that can be replaced through the earths natural processes Examples?
Non-renewable - Resources that cannot be replaced once they have been removed from the ground Examples?
Inexhaustible energy sources – primarily energy resources which never run out Examples?
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Economic Comparisons
Per capita income – average amount of money earned by each person in a political unit
Gross National Product - total value of goods and services produced by a country over a year
Gross Domestic Product – total value of goods and services produced within a country over a year
How are GDP and GNP different?
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Economic Classifications
Developing country – poor infrastructure, high crime, poverty, low standards of living, low GDP and income, lack of basics and technology, unstable Examples?
Developed country – good infrastructure, higher standards of living, high GDP, good technology, stable Examples?