1. ECONOMIC GEOGRAPHY

2. ECONOMICS ANSWERS 3 BASIC QUESTIONS:
WHAT AND HOW MANY GOODS AND SERVICES WILL BE PRODUCED?
HOW WILLTHESE PRODUCTS BE PRODUCED?
HOW WILL WEALTH FROM THE SALE BE DISTRIBUTED?

3. FOUR TYPES OF ECONOMIC SYSTEMS
TRADITIONAL
COMMAND
DEMAND
MIXED

4. TRADITIONAL ECONOMY TRADITIONAL ECONOMIES RELY ON BARTER, WHERE GOODS
AND SERVICES
ARE TRADED WITHOUT
EXCHANGING MONEY

6. COMMAND ECONOMY
Production of goods and services are determined by a central government
Also called a PLANNED ECONOMY or COMMUNISM
Consumers have no impact on the price or amount of goods produced
Examples: China, Cuba,
North Korea

8. DEMAND ECONOMY ALSO CALLED A MARKET ECONOMY OR CAPITALISM
PRODUCTION OF GOODS AND
SERVICES ARE DETERMINED BY
DEMAND FROM CONSUMERS
EXAMPLE: UNITED STATES

10. EXAMPLES: SWEDEN, DENMARK,
MIXED ECONOMY
COMBINATION OF
DEMAND AND
COMMAND
ECONOMIES
GOVERNMENT
CONTROLS
HEALTH CARE,
INSURANCE,
TRANSPORTATION
AND OTHER SERVICES
FOR THE
PUBLIC GOOD
EXAMPLES: SWEDEN, DENMARK,
NORWAY

11. LEVELS OF ECONOMY ACTIVITIES
PRIMARY
SECONDARY
TERTIARY
QUATERNARY

12. PRIMARY ACTIVITIES TAKE A RAW NATURAL RESOURCE
BUT DO NOT CHANGE THE FORM OF THAT RESOURCE
EXAMPLES; FISHING, FARMING, LOGGING, MINING

13. SECONDARY ACTIVITIES TAKE THE RAW MATERIALS AND TURN THEM
INTO FINISHED
PRODUCTS
EXAMPLE: MANUFACTURING

14. TERTIARY ACTIVITIES MAKE NO PRODUCT, BUT PROVIDE SERVICES
EXAMPLES: TEACHERS,
DOCTORS, SALESPERSONS,
LAWYERS

15. QUATERNARY ACTIVITIES
PROVIDE
INFORMATION,
MANAGEMENT,
RESEARCH
SERVICES
EXAMPLES:
TECHNOLOGY,
COMMUNICATIONS

16. NATURAL RESOURCES Renewable---Can be replaced trees, fish
Inexhaustible---Unlimited
solar, geothermal, wind,
tides
Non-renewable--Cannot replaced
metals, fossil fuels, gems

17. MEASURING ECONOMIC DATA
WHAT IS GNP?
WHAT IS GDP?
WHAT IS
PER CAPITA
GNP?

18. COMPARING ECONOMIC DATA
DEVELOPED NATIONS HAVE HIGH GNP AND HIGH DEVELOPMENT OF SECONDARY, TERTIARY, AND QUATERNARY ACTIVITIES
DEVELOPING NATIONS HAVE LOW GNP AND HIGH LEVELS OF PRIMARY ACTIVITY, LOWER LEVELS OF SECONDARY ACTIVITIES