1. What is economic geography?

2. Economic Geography studies the impact of economic activities on the landscape and investigates reasons behind the locations of economic activities.

3. Transport and Communication
Agriculture
Others
Industry
Economic Geography
Transport and Communication
International Trade
Resources

4. A Day in the Life
What might an average worker be doing on an average day in the Spring of 1553?

5. A Day in the Life
What might an average worker be doing on an average day in the Spring of 1893?

6. A Day in the Life
What might an average worker be doing on an average day in the Spring of 2014?

7. What is industrialization?

8. Industrialization is the process by which economic activities evolved from producing primary goods to factories that mass-produce goods.

9. Primary Economic Activity VS. Secondary Economic Activity
Agriculture
Primary Economic Activity VS. Secondary Economic Activity
Industry

10. Primary Sector
Secondary Sector
Tertiary Sector
Quaternary Sector

11. Primary Sector Secondary Sector Tertiary Sector Quaternary Sector
Agriculture
Animals
Fishing
Forestry
10,000 Years
Primary Sector
Petroleum
Metals
18th Century
Secondary Sector
Services
Post-Industry
Late 20th Century
Tertiary Sector
Research
Administration
Quaternary Sector

12. Societies Pre-Industrial Industrial Post Industrial Most Countries
Some Countries
Few Countries

13. What is the difference between an LDC and MDC?

14. Less Developed Countries have not developed industry
Less Developed Countries have not developed industry. More Developed Countries are often post-industrial countries.

16. B) Economic Indicators of Development

17. What is Gross Domestic Product?

18. Gross Domestic Product is the value of the total output of goods and services produced in a year.

19. US GDP: 16 Trillion Dollars

20. GDP / Total Population US Per Capita: $53,142
Per Capita GDP
GDP / Total Population US Per Capita: $53,142

21. How MDCs and LDCs Differ:
GDP
$20,000 in MDC
$1000 in LDC
Types of Jobs
MDC – Fewer Primary Sector
LDC – More Primary Sector
Productivity
Value Added Per worker is higher in MDCs
Raw Materials
MDCs have greater access to Raw Materials
Consumer Goods
MDCs can afford Consumer goods and have more access to them.
How MDCs and LDCs Differ:
Economic development is often accompanied by social development.

22. C) Theories of Economic Development

23. What is the Modernization Model

24. The Modernization Model says that the Industrial Revolution was spurred by a combination of prosperity, trade connections, inventions, and natural resources.

25. Britain Industrializes
Wealth became a sign of virtue instead of kinship.
Western European Nations and the US followed Britain

26. A few key points:
According to the M.M., any country can reap the benefits of modernization.
Tradition is the greatest barrier to economic development.

27. A few key points:
Culture can discourage people from adopting new technologies that would raise standards of living.
High-Income countries can help poorer countries by encouraging them to control population, increase food production, and take advantage of industrial technology.