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ECONOMIC GEOGRAPHY
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WHAT DO YOU MEAN BY ECONOMY?
Making and exchanging goods and services -like Nike shoes -or, hiring a lawn service
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BUT HOLD ON; IT’S NOT THAT SIMPLE
There are different types of “economic systems”
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TRADITIONAL ECONOMY Making enough for self and family, little surplus to sell $ rarely used, just trade stuff -“bartering”
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MARKET ECONOMY Production of goods is based on making a profit
-determined by consumer demand (supply and demand) -little government involvement (like in USA)
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COMMAND ECONOMY The government decides what is made, how much is made, & the price -not based on consumer demand Found in communist countries like Cuba
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LEVELS OF ECONOMIC DEVELOPMENT
Developing- mainly farming, few factories, weak economy, poor countries Developed- farming & industry, strong economy, high literacy and education
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MEASURING ECONOMIC DEVELOPMENT
GDP -total value of all goods made in a country Per capita income -average amount of $ per person in a country
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MEASURES, CON’T. Natural resources -type, amount, Standard of living
accessibility Standard of living -literacy rate, life expectancy, #of doctors, etc.
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THE GLOBAL ECONOMY Interdependent
-countries are closely connected and dependent on one another
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