What is economic geography?

Economic Geography studies the impact of economic activities on the landscape and investigates reasons behind the locations of economic activities.

Transport and Communication Agriculture Others Industry Economic Geography Transport and Communication International Trade Resources

A Day in the Life What might an average worker be doing on an average day in the Spring of 1553?

A Day in the Life What might an average worker be doing on an average day in the Spring of 1893?

A Day in the Life What might an average worker be doing on an average day in the Spring of 2014?

What is industrialization?

Industrialization is the process by which economic activities evolved from producing primary goods to factories that mass-produce goods.

Primary Economic Activity VS. Secondary Economic Activity Agriculture Primary Economic Activity VS. Secondary Economic Activity Industry

Primary Sector Secondary Sector Tertiary Sector Quaternary Sector

Primary Sector Secondary Sector Tertiary Sector Quaternary Sector Agriculture Animals Fishing Forestry 10,000 Years Primary Sector Petroleum Metals 18th Century Secondary Sector Services Post-Industry Late 20th Century Tertiary Sector Research Administration Quaternary Sector

Societies Pre-Industrial Industrial Post Industrial Most Countries Some Countries Few Countries

What is the difference between an LDC and MDC?

Less Developed Countries have not developed industry Less Developed Countries have not developed industry. More Developed Countries are often post-industrial countries.

B) Economic Indicators of Development

What is Gross Domestic Product?

Gross Domestic Product is the value of the total output of goods and services produced in a year.

US GDP: 16 Trillion Dollars

GDP / Total Population US Per Capita: $53,142 Per Capita GDP GDP / Total Population US Per Capita: $53,142

How MDCs and LDCs Differ: GDP $20,000 in MDC $1000 in LDC Types of Jobs MDC – Fewer Primary Sector LDC – More Primary Sector Productivity Value Added Per worker is higher in MDCs Raw Materials MDCs have greater access to Raw Materials Consumer Goods MDCs can afford Consumer goods and have more access to them. How MDCs and LDCs Differ: Economic development is often accompanied by social development.

C) Theories of Economic Development

What is the Modernization Model

The Modernization Model says that the Industrial Revolution was spurred by a combination of prosperity, trade connections, inventions, and natural resources.

Britain Industrializes Wealth became a sign of virtue instead of kinship. Western European Nations and the US followed Britain

A few key points: According to the M.M., any country can reap the benefits of modernization. Tradition is the greatest barrier to economic development.

A few key points: Culture can discourage people from adopting new technologies that would raise standards of living. High-Income countries can help poorer countries by encouraging them to control population, increase food production, and take advantage of industrial technology.