1. Ch 6.1 thE economy and international trade
TEXTBOOK PAGE 130

2. Market economics (an economic system in which economic decisions are made in the marketplace)
SUPPLY – THE AMOUNT OF GOODS AND SERVICES THAT PRODUCERS PROVIDE AT VARIOUS PRICES.
DEMAND – THE AMOUNT OR QUANTITY OF GOODS AND SERVICES THAT CONSUMERS ARE WILLING TO BUY AT VARIOUS PRICES.

3. COMMAND ECONOMIES AN ECONOMIC SYSTEM IN WHICH A CENTRAL AUTHORITY MAKES ALL THE KEY ECONOMIC DECISIONS

5. Mixed economy= is an economic system in which the marketplace determines some economic decisions, ad the government makes some decisions ‘ why do most countries have mixed economies?

7. Economic resources 1. renewable= raw materials found in nature that can be renewed. (agriculture) nonrenewable = resources that will not grow back. (oil, coal, diamonds, gold)

8. HUMAN RESOURCES 1. skilled labor 2. unskilled labor 3. physical labor 4. mental labor

9. LOW SKILL LEVEL REQUIRES NO POST SECONDARY EDUCATION….

10. CAPITAL = MONEY, FUNDING….USED TO START UP AND MAINTAIN A BUSINESS

11. ECONOMIC DECISIONS GROSS DOMESTIC PRODUCT COST OF LIVING INFLATION
INTEREST RATES
UNEMPLOYMENT LEVELS
PURCHASING POWER PARITY
BALANCE OF TRADE
LEVEL OF FOREIGN DEBT

12. Economic cycles
1. Recession / Depression
2. Rising
3. Peak
4. Declone

13. STAGES OF ECONOMIC DEVELOPMENT
UNDERDEVELOPED
DEVELOPING
INDUSTRIALIZED
POST INDUSTRIAL

14. ABSOLUTE ADVANTAGE= IS WHEN IT CAN PRODUCE A GOOD OR A SERVICE MORE EFFICIENTLY THAN ANY OTHER COUNTRY IN THE WORLD. coMPARATIVE ADVANTAGE=IS AN ADVANTAGE GAINED BY A PRODUCT IT MAKES MOST EFFICIENTLY ON A PERSONAL BEST LEVEL

15. SUPPLY AND DEMAND VIDEO

16. GEOGRAPHY AND INTERNATIONAL TRADE SECTION 6.2 PAGE 140

17. 3 AREAS TO CONSIDER WHEN STUDYING THE ROLE OF GEOGRAPHY IN INTERNATIONAL TRADE
1.GEOGRAPHIC FEATURES
2. GEOGRAPHIC ADVANTAGES
3. GEOGRAPHIC AND TRADE ALLIANCES BETWEEN COUNTRIES

18. GEOGRAPHIC FEATURES TOPOGRAPHY CARTOGRAPHY POPULATION DENSITY
BODIES OF WATER
CLIMATE

19. GEOGRAPHIC ADVANTAGES AND FACTORS
LOCATION TRADE ROUTES
TIME ZONES
SEASONS AROUND THE WORLD
PROXIMITY