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Economic Geography

Economic Geography. Question: How are economic activity and level of development interrelated?. Levels of Economic Activity. Primary – involve gathering raw materials (ex. cutting lumber) Secondary – involve adding value to materials by changing their form (ex. manufacturing cars)

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Economic Geography

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  1. Economic Geography Question: How are economic activity and level of development interrelated?

  2. Levels of Economic Activity • Primary – involve gathering raw materials (ex. cutting lumber) • Secondary – involve adding value to materials by changing their form (ex. manufacturing cars) • Tertiary – involve providing business or professional services (ex. accountant) • Quaternary – involve providing information, management, and research services by highly trained persons (ex. physicist)

  3. Traditional Economy: • Goods and serviced traded without money • bartering

  4. Communistic Economy: • Production of goods and services are determined by a central government You will only make blue chairs! We will sell them for $20 each.

  5. Market Economy: determined by supply and demand We want rolling chairs! We will make rolling chairs! And make $$$$

  6. Levels of Development • More developed • Post industrial • US • Western Europe • Newly industrialized • Mostly industrial or manufacturing • Latin America • Less developed • Mainly agricultural • India • Africa

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  8. Economic support system • Infrastructure: • Basic support system to keep an economy running. • Includes power, communication, transportation, water, sanitation, and education systems • Per capita income: • Average amount of money earned by each person in a political unit • GNP • Gross National Product • Total value of all good and services producedby a country (per year) • Example: an American company which makes its product in India • GDP • Gross Domestic Product • Total value of all goods and services produced within a country (per year) • Example: an American country that makes is product IN America

  9. Natural Resources and the Economy • Levels of activity also depend on resources available. Natural resources may be divided into: • Renewable – Can be replaced through natural processes (ex. trees) • Non-renewable – Cannot be replaced (ex. metal) • Inexhaustible – Cannot be used up (ex. solar energy)

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