This stack contains terms and definitions for economic geography.
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| economic system | the way that people exchange goods and services
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| traditional economy/subsistence economy | goods and services are exchanged without the use of money, little surplus, few markets
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| command economy/planned economy | production of goods and services is determined by the central goverment which usually owns the means of production
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| market economy/demand economy | production of goods and services is determined by consumers
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| mixed economy | combination of command and market economies so that all people will benefit
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| free enterprise | system that lets competition determine the price of products
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| capitalism | system in which businesses, industries, and resources are privately owned
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| market economy | system characterized by specialization
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| world's richest market countries | United States, Japan, Australia, and most western European countries
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| primary activities | gathering of raw materials for immediate use or to use in the making of a final product
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| secondary activities | change form of raw materials to add value
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| tertiary activities | provides business or professional services
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| quarternary activities | provide information, management, and research services by highly trained persons
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| factors affecting location of economic activities | labor, energy, land costs, access to skilled workers, transportation systems, communication systems
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| natural resources | materials in or on the earth that have econonic value, not evenly distributed around the world
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| renewable resources | resources that can be replaced through the natural process: trees, seafood
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| non-renewable resources | resources that cannot be replaced once they have been removed, examples: metals, non-metals, fossil fuels
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| inexhaustible energy resources | resources used for created power, resuslt of solar or planetary processes and are unlimited in quantity, examples; sunlight, geothermal heat, winds, and tides
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| determinant of resource value | qualities that make it useable
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| infrastructure | basic support systems needed to keep an economy going, includes power, communications, transportation, water, sanitation, education systems, and levels of available technology
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| measurements of economic development | per capita income, gross naional product [GNP] gross domestic product [GDP]
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| GNP | total value of all goods and services produced by a country over a year or some other specified period of time
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| GDP | total value of all goods and services produced within a country over a given period of time
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| developing countries | nations characterized by low GDP,limited development on all levels of economic activities, lack of industrial base
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| Examples of developed countries | western European nations, Japan, Canada, United States
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| examples of developing countries | Afghanistan, Haiti, Mali
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| developed countries | countries with a higher per capita income, varied economy, tertiary activities and especially quaternary activities
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| per capita income | average amount of money earned by each person in a political unit
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| literacy rate | percentage of people who can read and write
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| standard of living | a measurement of a country's level of development based on factors, such as personal income, levels of education, product and food consumption, life expectance, mortality rate
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| transitional countries | nations that are defined as lying between developed and devoloping countries
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| examples of transition [middle income] countries | Brazil, Mexico, thailand
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| communism | political and economic system in which the government owns or controls almost all of the means of production
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| socialism | a system in which the government may control the major means of production
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