Ch 6.1 thE economy and international trade

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Presentation transcript:

Ch 6.1 thE economy and international trade TEXTBOOK PAGE 130

Market economics (an economic system in which economic decisions are made in the marketplace) SUPPLY – THE AMOUNT OF GOODS AND SERVICES THAT PRODUCERS PROVIDE AT VARIOUS PRICES. DEMAND – THE AMOUNT OR QUANTITY OF GOODS AND SERVICES THAT CONSUMERS ARE WILLING TO BUY AT VARIOUS PRICES.

COMMAND ECONOMIES AN ECONOMIC SYSTEM IN WHICH A CENTRAL AUTHORITY MAKES ALL THE KEY ECONOMIC DECISIONS

Mixed economy= is an economic system in which the marketplace determines some economic decisions, ad the government makes some decisions ‘ why do most countries have mixed economies?

Economic resources 1. renewable= raw materials found in nature that can be renewed. (agriculture) 2. nonrenewable = resources that will not grow back. (oil, coal, diamonds, gold)

HUMAN RESOURCES 1. skilled labor 2. unskilled labor 3. physical labor 4. mental labor

LOW SKILL LEVEL REQUIRES NO POST SECONDARY EDUCATION….

CAPITAL = MONEY, FUNDING….USED TO START UP AND MAINTAIN A BUSINESS

ECONOMIC DECISIONS GROSS DOMESTIC PRODUCT COST OF LIVING INFLATION INTEREST RATES UNEMPLOYMENT LEVELS PURCHASING POWER PARITY BALANCE OF TRADE LEVEL OF FOREIGN DEBT

Economic cycles 1. Recession / Depression 2. Rising 3. Peak 4. Declone

STAGES OF ECONOMIC DEVELOPMENT UNDERDEVELOPED DEVELOPING INDUSTRIALIZED POST INDUSTRIAL

ABSOLUTE ADVANTAGE= IS WHEN IT CAN PRODUCE A GOOD OR A SERVICE MORE EFFICIENTLY THAN ANY OTHER COUNTRY IN THE WORLD. coMPARATIVE ADVANTAGE=IS AN ADVANTAGE GAINED BY A PRODUCT IT MAKES MOST EFFICIENTLY ON A PERSONAL BEST LEVEL

SUPPLY AND DEMAND VIDEO https://www.youtube.com/watch?v=g9aDizJpd_s

GEOGRAPHY AND INTERNATIONAL TRADE SECTION 6.2 PAGE 140

3 AREAS TO CONSIDER WHEN STUDYING THE ROLE OF GEOGRAPHY IN INTERNATIONAL TRADE 1.GEOGRAPHIC FEATURES 2. GEOGRAPHIC ADVANTAGES 3. GEOGRAPHIC AND TRADE ALLIANCES BETWEEN COUNTRIES

GEOGRAPHIC FEATURES TOPOGRAPHY CARTOGRAPHY POPULATION DENSITY BODIES OF WATER CLIMATE

GEOGRAPHIC ADVANTAGES AND FACTORS LOCATION TRADE ROUTES TIME ZONES SEASONS AROUND THE WORLD PROXIMITY