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Human Geography ch7
| Question | Answer |
|---|---|
| What is Economic Development? | - “The processes of change involving the nature and composition of the economy of a particular region as well as to increases in the overall prosperity of a region” |
| 3 types of changes: | 1. Changes in the structure of the region’s economy (ex. shift from agriculture to manufacturing) 2. Changes in forms of economic organization (ex. shift from socialism to free-market capitalism 3. Changes in the availability and use of technology |
| Gross Domestic Product | •Gross domestic product (GDP) is a measure of the income and expenditures of an economy. |
| GDP | = consumption + investment + (government spending) + (exports - imports). |
| •Measuring GDP is complicated (which is why we leave it to the economists), but at its most basic, the calculation can be done in one of two ways: | 1) either by adding up what everyone earned in a year (income approach), or 2) by adding up what everyone spent (expenditure method). •Logically, both measures should arrive at roughly the same total. |
| GNI | (Gross National Income) is one of the best single measures of economic development. |
| Several factors, including availability of key resources such as : | 1. Energy 2. Cultivatable Land 3. Industrial Resources |
| GNP | (Gross National Product or income) |
| •Major sources of energy | (i.e. oil, natural gas and coal) are unevenly distributed across the globe |
| •This unevenness makes energy a big component of world trade | •Most core countries are reasonably well off in energy production, while most periphery countries are energy poor. |
| •Sustainable development | – visions of development that seeks a balance among economic growth, environmental impacts, and social equality |
| • Ecological (carbon) footprint | – measure of the human pressures on the natural environment from the consumption of renewable resources and the production of pollution indicating how much space a population needs compared to what is available |
| Carbon Footprint | - Represents both the amount of carbon dioxide you generate each year and the lifestyle choices that contribute the most to your total. The average American’s carbon footprint is 20 tons. |
| Primary Activities | - Those activities concerned directly with natural resources of any kind (i.e. agriculture, mining, fishing, forestry) The primary sector of the economy extracts or harvests products from the earth. |
| Secondary Activities | - Activities that process, transform, fabricate, or assemble the raw materials derived from primary activities; or that reassemble, refinish or package manufactured goods The secondary sector of the economy manufactures finished goods. |
| Tertiary Activities | - Those activities involving the sale and exchange of goods and services; they include warehousing, retail stores, personal services (ex. hairdressing) and commercial services (ex. |
| Quaternary Activities - | Those activities dealing with the handling and processing of knowledge and information (ex. data processing, education, research/development) The quaternary sector of the economy consists of intellectual activities. |
| trading blocs | groups of countries with formalized systems of trading agreements |
| The fundamental structure of international trade is based on a few trading blocs – groups of countries with formalized systems of trading agreements. Most of the world’s trade takes place within four trading blocks: | Western Europe, together with some former European colonies in Africa, South Asia, the Caribbean, and Australasia,North America, together with some Latin American states,The countries of the former Soviet world empire, Japan, |
| Trade Blocs | A lot of countries exhibit a high degree of autarky from the world economy. That means they do not contribute significantly to the flows of import/exports (ex. Bolivia, Ghana, Samoa, Malawi, Tanzania) |
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