+ Economic Geography Opening Activity: How can you tell if someone is wealthy? How can you tell if a country is wealthy?

+ Intro to Economic Geography 12 Understand the economic importance of, and issues related to, the location and management of resources. 10C Compare the ways people satisfy their basic needs through the production of goods and service such as subsistence agriculture versus commercial agriculture or cottage industries versus commercial industries.

+ Economic Scenario Candy was distributed to all students after school. The varieties of candy included Snickers, Twix, Kit Kat, Skittles, and M&M’s. You arrived later than the rest of the students, and although you got some candy, most of the good candy was already gone. You wish that you could have gotten the good candy. What course of action do you have? How could you economically solve your desire for better candy?

+ economy production and exchange of goods and services among a group of people how people in a region support themselves and how economic activities are linked across regions how people earn a living and use resources ECONOMY ECONOMIC GEOGRAPHY

+ Why do we have an economy? We have economies because we have a LIMITED amount of goods/services with UNLIMITED wants and needs. This is called scarcity—limited goods/services, unlimited wants and needs Why is there a limit on resources?

+ Resources natural resources— materials in or on the earth that have economic value What resources on this page are renewable resources? Non renewable?

+ Scale of Industry Commercial industry large scale factory-finished goods for a profit. Cottage industry small-scale production of goods carried on at home by family members using their own equipment. Which do you think provides a better quality product? Which do you think can produce more product?

+ Scale of Agricultural Production Subsistence agriculture when a family produces only the food they themselves need, maybe a small amount for profit Commercial agriculture is when food is grown on a large scale for profit Which one has higher amounts of production? Which one would you think has more fertile soil?

+ So…. Why do we have an economy? If we have a limited amount of goods, we have to decide how to distribute the goods. We will learn later about who controls the market: the government, the people, or somewhere in between.

+ Economic Geography Processing Remember, geographers ask “Why there?” You are a reporter writing about the economics in a different country. Make a list of 5 questions that you could ask to understand more about that country’s economics. Use your notes for question ideas. Example: How are goods exchanged and produced in a nation?