Economic Geography World Geography

Introduction Economy – the production and exchange of goods and services among a group of people How have you participated in the economy recently? Economic geography looks at how people support themselves and how activities are linked across regions

Introduction Economic systems are necessary because of scarcity Scarcity – resources are limited but people’s wants and needs are unlimited

Introduction Without an economic system how would we get what we need and want?

Economic Systems Traditional Economy – traditions and customs control all economic activity – Subsistence lifestyle – producing only what you and your family need to live

Economic Systems Command Economy - production of goods and services is determined by a central government, which usually owns the means of production

Economic Systems Market Economy - production of goods and services is determined by the demand from consumers

Economic Systems Mixed Economy – government supports and regulates enterprise through decisions that affect the market place

Economic Activities

Levels of Economic Activity – Primary Activities – involve gathering raw materials such as timber for immediate use or to use in the making of a final product

Economic Activities Levels of Economic Activity – Secondary Activities – involve adding value to materials by changing their form

Economic Activities Levels of Economic Activity – Tertiary Activities – involve providing business or professional services

Economic Activities Levels of Economic Activity – Quaternary Activities – provide information, management, and research services by highly trained people

The Economics of Natural Resources Natural Resources – materials on or in the earth – such as trees, fish, or coal – that have economic value

The Economics of Natural Resources Natural Resources – Renewable

The Economics of Natural Resources Natural Resources – Non-renewable

The Economics of Natural Resources Natural Resources – Inexhaustible

Economic Support Systems Infrastructure

Measuring Economic Development Per capita income – the average amount of money earned by each person in a political unit

Measuring Economic Development Gross national product (GNP) – the total value of all goods and services produced by a country over a year or some other specified period of time

Measuring Economic Development Gross Domestic Product (GDP) – the total value of all goods and services produced within a country in a given period of time

Global Mall

Global Mall Questions 1.How did it feel to have more or less money and options than other people? 2.Could you afford education? What would your life be like without school? 3.How would it feel to have to choose between food and health care? 4.Have you or some one you know been in the hospital? What would your life be like if you couldn’t get medical care? 5.What is the effect on people when a small group is consuming the majority of resources? 6.How do poverty and wealth afford people different options? 7.When you were choosing what to buy, did you consider the environmental impact?