1. ECONOMIC GEOGRAPHY

2. WHAT DO YOU MEAN BY ECONOMY?  Making and exchanging goods and services -like Nike shoes -or, hiring a lawn service service

3. BUT HOLD ON; IT’S NOT THAT SIMPLE  There are different types of “economic systems”

4. TRADITIONAL ECONOMY  Making enough for self and family, little surplus to sell $ rarely used, just trade stuff $ rarely used, just trade stuff -“bartering” -“bartering”

5. MARKET ECONOMY  Production of goods is based on making a profit -determined by consumer demand (supply and demand) (supply and demand) -little government involvement (like in USA)

6. COMMAND ECONOMY  The government decides what is made, how much is made, & the price -not based on -not based on consumer demand consumer demand Found in communist countries like Cuba

7. LEVELS OF ECONOMIC DEVELOPMENT  Developing- mainly farming, few factories, weak economy, poor countries few factories, weak economy, poor countries Developed- Developed- farming & industry, farming & industry, strong economy, strong economy, high literacy high literacy and education and education

8. MEASURING ECONOMIC DEVELOPMENT  Per capita income -average amount of $ -average amount of $ per person in a country per person in a country GDP -total value of all goods made in a country

9. MEASURES, CON’T.  Natural resources -type, amount, -type, amount, accessibility accessibility Standard of living Standard of living -literacy rate, life expectancy, -literacy rate, life expectancy, #of doctors, etc. #of doctors, etc.

10. THE GLOBAL ECONOMY  Interdependent -countries are closely connected and dependent on one another -countries are closely connected and dependent on one another