Economic Geography Title

Essential Questions What are the basic economic systems used around the world? What are the types of industries and what do they produce? How is the level of economic development measured?

Economy A system for producing, distributing, and consuming goods and services

GOODS Products that are made to be sold Examples: cars, computers, paper

SERVICES Work done for other people Examples: doctors, computer repairman

PRODUCER A person who makes products that are used by other people

Raw Materials A material or resource in its natural state

Manufacturing The process of turning raw material into a finished product

FREE ENTERPRISE: The freedom of private businesses to operate competitively for profit with minimal government regulation.

SOCIALIST: When government owns most basic industries.

COMMUNIST: Economic decisions are made by the central government.

TRADITIONAL ECONOMY: An economy in which producing, buying, and selling goods operates by the customs, traditions, and habits of the group.

Agricultural Industry:gathers the raw materials (e.g. farming, livestock raising)

Wholesale Industry Where raw materials are manufactured into something useful (e.g. auto parts)

RETAIL INDUSTRY Places where you can sell manufactured products (e.g. clothing stores)

SERVICE INDUSTRY: when some type of service is being provided to someone else Examples: receptionist, hotel clerk

GROSS DOMESTIC PRODUCT (GDP): Refers to the market value of all final goods and services produced within a country within a given period.

GROSS DOMESTIC PRODUCT PER CAPITA:divided by population.

LIFE EXPECTANCY: The average age that a person in a given population can expect to live.

LITERACY RATE: The percentage of people in a given population with the ability to read and write.