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WG Unit 3 Part 2

Economic Geography

Economics Social science that analyzes the production, consumption and distribution of goods and services
Renewable resources Can not run out of them: soil, wood, solar
Nonrenewable resources Can run out of them: copper, gold, coal, petroleum
Human Resources Skills, education, Entrepreneurial (Business) abilities, workers
Capital Resources Manufactured goods used to make other goods. Tools, Infrastructure, Technology
Effects of Unequal Distribution Interdependence (Trade), Conflict, Imperialism, Energy Producers vs Consumers
Resource Use Priorities How to use resources, depends on a nation's culture, values, government, access to tech.
United States Resource Use Priorities High emphasis on economics
European Resource Use Priorities High emphasis on conservation
4 Levels of Economic Activity Primary, Secondary, Tertiary, Quaternary
Primary Economic Activity Dealing directly with resources: farming, mining, forestry
Secondary Economic Activity Making something with resources: factories
Tertiary Economic Activity Services: doctor, lawyer, cashier, teacher, park ranger, custodian
Quaternary Economic Activity Management, high level information processing
Causes of varying economic development Varying access to resources, varying levels of economic activity in a country, location, access to water and shipping lanes, membership in economic alliances
Economic interdependence No country has all the resources it needs, so it must trade with others
Landlocked No access to ocean or other major body of water
4 major economic alliances EU, NAFTA, ASEAN, OPEC
Traditional Economy Goods and services are traded through barter, money not involved, think Middle Ages
Command Economy Production of goods and services is decided by a central government: Communist Countries, Soviet Union
Market Economy Production of goods and services is decided by consumer demand: United States
Mixed Economy A combination of command and market economies, usually found in Western Europe, Democratic Socialism.
EU European Union
NAFTA United States, Canada, Mexico: North American Free Trade Association
ASEAN Association of Southeast Asian Nations
OPEC Controls world petroleum production, affects the price of petroleum products worldwide, including gas at the pump
Advantages of Economic Alliances lower prices, access to larger markets and resources, greater Global Influence, more efficient industries
Disadvantages of Economic Alliances Shutting of some industries, difficulty in reaching agreements, family farms out competed by commercial farms
Indicators of Economic Development Urban/rural ratio, Labor Force Characteristics, GDP Per Capita, Educational Achievement
Japan Highly developed, but limited natural resources, developed because of human and capital resources
Russia Numerous natural resources, but not economically worthwhile to develop because of location/climate (Siberia is cold!)
United States Diversified economy, abundant natural resources, specialized industry
Cote d'Ivoire Limited Natural Resources, Cash Crops for Manufactured Goods, simplified economy
Switzerland Limited Natural Resources, but developed because of banking
Economic Scarcity Not having all the resources or goods a community needs or wants
Comparative Advantage Being able to produce goods and services as a lower cost
Imperialism A stronger country takes the resources and land of a weaker country
Created by: Knighting
Popular Geography sets




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