1. Wed/Thurs (10/31-11/1) Warm Up:
Describe several ways that countries are connected around the world.
Examples… technology (internet, phones, etc.) and trade
We call this GLOBALIZATION: the economic interdependence of countries

2. Economic Geography Test Review Test Date: Friday, Nov
Economic Geography Test Review Test Date: Friday, Nov. 2, Multiple Choice

3. Why do we have an Economy?
Economy - production and exchange of goods and services among a group of people
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

4. 3. Subsistence and Commercial Agriculture
Subsistence agriculture is when a family produces only the food they themselves need, maybe a small amount for profit
Commercial agriculture is when food grown at a large scale for profit

5. 4. Commercial and Cottage Industry
Commercial industry: large scale factory- finished goods for a profit.
Cottage industry small-scale carried on at home by family members using their own equipment.

6. 5. Standard of Living
The level of material comfort based on goods, services, and luxuries available in an area

7. Globalization: Economic interdependence (depending on each other) of countries throughout the world.
Human Development Index (HDI): used to rank countries into different groups (developed and developing countries)

8.    DEMOGRAPHIC 8. GDP per capita 9. Industrialization
More developed
Less developed
8. GDP per capita    
9. Industrialization
10. Healthcare
11. Birthrate 
12. Literacy Rate
13. Life Expectancy
14. Infant Mortality
15. Agricultural Activity
16. Service Activity

9. Stages of Development
More Developed - is a country that has a high level of development
High levels of income and technology
Many major corporations
High life expectancy
Many jobs are in services and technology (tertiary/quaternary)

10. Stages of Development
Newly Industrialized – a nation in between less developed and more developed
Increased social freedoms and civil rights.
switch from agricultural to industrial economies, (manufacturing/secondary)
Increasing free-trade
Lowered poverty rates
Less developed - is a nation with a low level of material well-being
High poverty
Economy largely based on agriculture (primary)
low production of goods
low levels of education

11. Non Renewable: an energy source, such as oil or natural gas, or a natural resource that is not replaceable after it has been used.
Renewable: a natural resource, such as solar energy, water, or wood, that is never used up or that can be replaced by new growth.
Inexhaustible: unable to be used up because existing in abundance.

12. Levels of Economic Activities
Primary - gathering natural resources or raw materials from the Earth
Ex: farming, timber, fishing, mining
Less Developed
Secondary - changing primary materials into usable products
Ex: auto factory, oil refinery, textile plant
Newly Industrialized

13. Levels of Economic Activities
Tertiary - provides services to people or to businesses
Ex: lawyers, doctors, teachers, firefighters…
More Developed
QUATERNARY - technology, information systems, research, management, administration
Ex: scientists, government, media...

14. Economic Spectrums and Systems
27. Traditional - Relies on habits, customs, or ritual to decide the basic questions.
(ex: Bushmen; There are no examples in the Modern World)
28. Free Enterprise - Economic decisions are made by the consumers (individuals) and are based on demand, exchange, or trade. (free-market)
(ex: United States, United Kingdom, South Korea)
29. Socialism - Market-based with limited government control.
(ex: France, Mexico, India)
30. Communism - The government alone decides how to answer the basic questions; government owns and controls the production of goods and services.
(ex: China, North Korea, Cuba, Venezuela)

15. 31. Economic Spectrum Free enterprise Communism Socialism
Singapore United States Denmark Cuba North Korea South Korea Japan Sweden Iran Venezuela
Hong Kong United Kingdom India China former USSR

16. Afghanistan
Argentina
Australia
China
Ethiopia
Japan
Poland
Turkey
India
Mexico