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WG Unit 3 Part 2
Economic Geography
| Term | Definition |
|---|---|
| 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, 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
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